Fund Evaluator:
JPMorgan Ultra-Short Municipal A (USMSX)
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Fund Details
JPMorgan Ultra-Short Municipal A Overview
JPMorgan Ultra-Short Municipal A (USMSX) is an actively managed Municipal Bond Muni National Short fund. JPMorgan launched the fund in 2016.
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 net assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. The fund invests in a portfolio of municipal bonds with an average weighted maturity of one to five years.
About JPMorgan Ultra-Short Municipal A (USMSX)
There are 2 members of the management team with an average tenure of 3.45 years: Josh Brunner (2023), Curtis White (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund 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 A has 1038 securities in its portfolio. The top 10 holdings constitute 12.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JPMorgan Ultra-Short Municipal A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. JPMorgan Ultra-Short Municipal A 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 85.9% (85.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Ultra-Short Municipal A has 14.1% of the portfolio in cash.
Assets Under Management
The fund has $121 million in total assets, which is below the $642 million 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.
USMSX 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 A expense ratio is below average compared to funds in the Muni National Short category. JPMorgan Ultra-Short Municipal A has an expense ratio of 0.38%, which is 35% 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 A has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of August 2026, JPMorgan Ultra-Short Municipal A returned 0.3%, which earned it a grade of C, as the Muni National Short 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 funds in that category.
JPMorgan Ultra-Short Municipal A has a trailing yield of 2.47%, which is below the 2.78% 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 A Grades
Year to date, the fund has returned 1.3%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 2.1% over the past year (grade of D), 3.0% over the past three years (grade of F) and 1.9% per year over the past five years (grade of B) and 1.4% per year over the past 10 years (grade of D).
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USMSX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| USMSX Return (NAV) | 0.3% | 0.5% | 2.1% | 3.0% | 1.9% | 1.4% |
| USMSX Grade | C | A | D | F | B | D |
| +/- Category | 0.0% | 0.4% | -0.3% | -0.4% | 0.4% | -0.2% |
| Muni National Short Avg | 0.3% | 0.1% | 2.4% | 3.4% | 1.6% | 1.6% |
| USMSX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
USMSX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| USMSX Return (NAV) | 1.3% | 3.1% | 3.1% | 3.2% | -0.9% | -0.1% | 0.8% | 1.9% | 1.0% | 0.7% | na |
| USMSX Grade | B | F | B | F | A | D | F | F | D | F | na |
| +/- Category | 0.2% | -0.9% | 0.5% | -0.6% | 2.3% | -0.5% | -1.7% | -1.5% | -0.1% | -1.2% | na |
| Muni National Short Avg | 1.1% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 0.6% |
| Total Risk Index: | 0.05 - Low |
| Category Risk Index: | 0.27 - Low |
| Category Risk Grade: | A (9% Rank) |
| Beta: | 0.07 |
| R-Squared: | 59% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2630 Mil |
| Fund Total Assets: | $ 122 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Brunner Josh (2023), White Curtis (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1038 |
| % in Top 10 Holdings: | 12.8% |
| 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: | 85.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 14.1% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Closed |
| Inception Date: | May 31, 2016 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.38% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | JPMorgan Ultra-Short Municipal I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
