ETF Evaluator:
JPMorgan Ultra-Short Municipal Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Short Over the Last Year
| 5.4% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 3.2% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 3.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 3.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 3.2% | PGIM Ultra Short Municipal Bond ETF (PUSH) |
Risk
Index
Risk
Index
ETF Details
JPMorgan Ultra-Short Municipal Inc ETF Overview
JPMorgan Ultra-Short Municipal Inc ETF (JMST) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). JPMorgan launched the ETF in 2018.
The investment seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
Under normal circumstances, the fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. For purposes of this policy, "Assets" means net assets, plus the amount of borrowings for investment purposes. Up to 100% of the fund's assets may be invested in short-term municipal instruments such as variable rate demand notes, short-term municipal notes and tax-exempt commercial paper.
About JPMorgan Ultra-Short Municipal Inc ETF (JMST)
There are 2 members of the management team with an average tenure of 7.79 years: Josh Brunner (2018) and Curtis White (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. JPMorgan Ultra-Short Municipal Inc ETF has 1627 securities in its portfolio. The top 10 holdings constitute 13.4% 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 Municipal Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JPMorgan Ultra-Short Municipal Inc ETF has 0.0% 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 84.2% (84.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Ultra-Short Municipal Inc ETF has 15.8% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $1 billion average for the Muni National Short 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.
JMST 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 Municipal Inc ETF expense ratio is low compared to funds in the Muni National Short category. JPMorgan Ultra-Short Municipal Inc ETF has an expense ratio of 0.18%, which is 14% lower than its category average, making the fund expense ratio grade a B. 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 Municipal Inc ETF has a portfolio turnover rate of 53%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.
Recently, in the month of July 2026, JPMorgan Ultra-Short Municipal Inc ETF returned 0.0%, which earned it a grade of B, as the Muni National Short category had an average return of -0.2%. 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 Municipal Inc ETF has a trailing yield of 2.62%, which is below the 2.91% 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 Municipal Inc ETF Grades
Year to date, the ETF has returned 1.2%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 2.4% over the past year (grade of D), 3.2% over the past three years (grade of C) and 2.3% per year over the past five years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about JPMorgan Ultra-Short Municipal Inc ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
JMST Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JMST Return (NAV) | 0.0% | 0.5% | 2.4% | 3.2% | 2.3% | na |
| JMST Return (Price) | 0.0% | 0.5% | 2.5% | 3.3% | 2.3% | na |
| NAV +/- Price Return | -0.000% | -0.025% | -0.058% | -0.033% | -0.008% | na |
| Muni National Short Avg | -0.2% | 0.4% | 2.8% | 3.2% | 1.7% | 1.5% |
| JMST Grade (NAV) | B | B | D | C | A | na |
| +/- Category (NAV) | 0.3% | 0.1% | -0.3% | 0.0% | 0.6% | na |
| JMST Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
JMST Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMST Return (NAV) | 1.2% | 3.3% | 3.3% | 3.5% | 0.1% | 0.3% | 2.0% | 2.1% | na | na | na |
| JMST Return (Price) | 1.2% | 3.3% | 3.3% | 3.6% | 0.1% | 0.3% | 2.0% | 2.1% | na | na | na |
| NAV +/- Price Ret | 0.000% | 0.011% | -0.002% | 0.009% | -0.529% | 0.105% | -0.004% | -2.9% | na | na | na |
| Muni National Short Avg | 1.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| JMST Grade (NAV) | B | F | A | C | B | C | C | D | na | na | na |
| +/- Category | 0.1% | -0.5% | 0.6% | -0.3% | 2.3% | -0.2% | -0.1% | -0.8% | na | na | na |
| Risk Measures | |
| Beta: | 0.08 |
| R-Squared: | 70% |
| Standard Deviation: | 0.6% |
| Category Risk Index: | 0.32 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.05 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 2.6% |
| Total Assets: | $ 7,105 Mil |
| Share Class Assets: | $ 7,105 Mil |
| Turnover: | 53.0% |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 7.8 years | |||
| Managers (Year): Brunner Josh (2018), White Curtis (2018) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1627 |
| % in Top 10 Holdings: | 13.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 84.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 15.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | October 16, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.21% |
