JPMorgan Ultra-Short Municipal Income ETF
Active ETF
JMST
Price as of:
$50.84
+ $0.02
+ 0.04%
Primary Theme
fund company
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
3.0%
1 yr return
3.7%
3 Yr Avg Return
2.3%
5 Yr Avg Return
1.8%
Net Assets
$2.61 B
Holdings in Top 10
21.4%
52 WEEK LOW AND HIGH
$50.8
$50.57
$50.96
Expenses
OPERATING FEES
Expense Ratio 0.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/22/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
JMST - Profile
Distributions
- YTD Total Return 3.0%
- 3 Yr Annualized Total Return 2.3%
- 5 Yr Annualized Total Return 1.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.26%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameJPMorgan Ultra-Short Municipal Income ETF
-
Fund Family NameJPMorgan Funds
-
Inception DateOct 16, 2018
-
Shares Outstanding68200036
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Taormina
Fund Description
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. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. Up to 25% of the Fund’s Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals.Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue anticipation notes or other short term notes, private placements and participations in pools of municipal securities. At times, the Fund may invest a significant amount of its assets in municipal securities that may be subject to the federal alternative minimum tax for individuals.Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities.The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual securities in the Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect.The securities in which the Fund invests may have fixed rates of return or floating or variable rates.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. Their yields will vary as interests rates change.The Fund may invest more than 25% of its total assets in municipal obligations, the interest upon which is paid from revenues of projects within a single sector, such as housing or healthcare.The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as auction rate securities and restricted securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion.As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or the unrated equivalent. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Corporation (S&P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 10% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.The Fund may also invest in zero-coupon securities.Up to 20% of the Fund may be invested in money market funds, including affiliated money market funds, or cash.There may be times when there are not enough municipal securities available to meet the Fund’s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax.The Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. The adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across sectors to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.
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JMST - Performance
Return Ranking - Trailing
| Period | JMST Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.0% | -4.6% | 33.0% | 22.39% |
| 1 Yr | 3.7% | -0.1% | 38.0% | 92.54% |
| 3 Yr | 2.3%* | -10.8% | 3.4% | 0.95% |
| 5 Yr | 1.8%* | -6.7% | 1104.0% | 6.00% |
| 10 Yr | N/A* | -0.9% | 248.8% | 13.60% |
* Annualized
Return Ranking - Calendar
| Period | JMST Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.4% | -1.4% | 41.0% | 98.33% |
| 2022 | -1.0% | -39.7% | 0.3% | 1.08% |
| 2021 | 0.0% | -5.6% | 6.9% | 27.22% |
| 2020 | 1.1% | -2.6% | 310.0% | 78.32% |
| 2019 | 0.4% | 0.0% | 26.0% | 98.36% |
Total Return Ranking - Trailing
| Period | JMST Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.0% | -4.6% | 33.0% | 22.39% |
| 1 Yr | 3.7% | -0.1% | 38.0% | 92.54% |
| 3 Yr | 2.3%* | -10.8% | 3.4% | 0.95% |
| 5 Yr | 1.8%* | -6.7% | 1104.0% | 6.00% |
| 10 Yr | N/A* | -0.9% | 248.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JMST Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.6% | -1.3% | 41.0% | 91.25% |
| 2022 | 0.1% | -39.7% | 1.1% | 0.88% |
| 2021 | 0.3% | -4.8% | 23761504.0% | 80.35% |
| 2020 | 2.0% | -1.5% | 17057.9% | 89.65% |
| 2019 | 1.3% | 0.2% | 3514.6% | 99.36% |
JMST - Holdings
Concentration Analysis
| JMST | Category Low | Category High | JMST % Rank | |
|---|---|---|---|---|
| Net Assets | 2.61 B | 3.22 M | 71.9 B | 13.80% |
| Number of Holdings | 2461 | 4 | 13418 | 2.73% |
| Net Assets in Top 10 | 589 M | -317 M | 3.09 B | 3.00% |
| Weighting of Top 10 | 21.38% | 1.8% | 100.3% | 33.07% |
Top 10 Holdings
- JPMorgan Institutional Tax Free Money Market Fund, Class IM 10.04%
- Alabama Federal Aid Highway Finance Authority, Series 2015 1.70%
- Delaware County Industrial Development Authority, United Parcel Service Project 1.45%
- Pennsylvania Turnpike Commission 1.38%
- County of St. Lucie, Power and Light Co., Project 1.30%
- State of Louisiana Gasoline and Fuels Tax, Series A 1.16%
- Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2015A 1.11%
- Eastport-South Manor Central School District 1.10%
- RIB Floater Trust Various States, Series 46 1.09%
- Alaska Housing Finance Corp., Home Mortgage, Series 2007A 1.07%
Asset Allocation
| Weighting | Return Low | Return High | JMST % Rank | |
|---|---|---|---|---|
| Bonds | 64.28% | 0.00% | 150.86% | 98.87% |
| Cash | 35.74% | -50.86% | 44.62% | 0.27% |
| Stocks | 0.00% | 0.00% | 99.78% | 43.74% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 33.98% |
| Other | 0.00% | -3.69% | 51.88% | 43.17% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 32.71% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | JMST % Rank | |
|---|---|---|---|---|
| Municipal | 80.18% | 44.39% | 100.00% | 98.73% |
| Cash & Equivalents | 35.74% | 0.00% | 44.41% | 0.27% |
| Derivative | 0.00% | -3.69% | 51.88% | 18.59% |
| Securitized | 0.00% | 0.00% | 5.93% | 9.70% |
| Corporate | 0.00% | 0.00% | 9.41% | 24.95% |
| Government | 0.00% | 0.00% | 52.02% | 38.73% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | JMST % Rank | |
|---|---|---|---|---|
| US | 64.28% | 0.00% | 142.23% | 98.73% |
| Non US | 0.00% | 0.00% | 23.89% | 38.51% |
JMST - Expenses
Operational Fees
| JMST Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.18% | 0.01% | 8.02% | 97.47% |
| Management Fee | 0.18% | 0.00% | 1.20% | 4.66% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | 17.46% |
Sales Fees
| JMST Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| JMST Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| JMST Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 283.00% | 99.12% |
JMST - Distributions
Dividend Yield Analysis
| JMST | Category Low | Category High | JMST % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.19% | 0.00% | 14.51% | 19.71% |
Dividend Distribution Analysis
| JMST | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| JMST | Category Low | Category High | JMST % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.26% | -0.53% | 5.33% | 97.98% |
Capital Gain Distribution Analysis
| JMST | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 01, 2024 | $0.135 | OrdinaryDividend |
| Oct 01, 2024 | $0.142 | OrdinaryDividend |
| Sep 03, 2024 | $0.145 | OrdinaryDividend |
| Aug 01, 2024 | $0.137 | OrdinaryDividend |
| Jul 01, 2024 | $0.141 | OrdinaryDividend |
| Jun 03, 2024 | $0.144 | OrdinaryDividend |
| May 01, 2024 | $0.155 | OrdinaryDividend |
| Apr 01, 2024 | $0.140 | OrdinaryDividend |
| Mar 01, 2024 | $0.145 | OrdinaryDividend |
| Feb 01, 2024 | $0.140 | OrdinaryDividend |
| Dec 28, 2023 | $0.139 | OrdinaryDividend |
| Dec 01, 2023 | $0.139 | OrdinaryDividend |
| Nov 01, 2023 | $0.146 | OrdinaryDividend |
| Oct 02, 2023 | $0.144 | OrdinaryDividend |
| Sep 01, 2023 | $0.145 | OrdinaryDividend |
| Aug 01, 2023 | $0.126 | OrdinaryDividend |
| Jul 03, 2023 | $0.135 | OrdinaryDividend |
| Jun 01, 2023 | $0.129 | OrdinaryDividend |
| May 01, 2023 | $0.123 | OrdinaryDividend |
| Apr 03, 2023 | $0.110 | OrdinaryDividend |
| Mar 01, 2023 | $0.120 | OrdinaryDividend |
| Feb 01, 2023 | $0.110 | OrdinaryDividend |
| Dec 29, 2022 | $0.091 | OrdinaryDividend |
| Dec 01, 2022 | $0.078 | OrdinaryDividend |
| Nov 01, 2022 | $0.088 | OrdinaryDividend |
| Oct 03, 2022 | $0.061 | OrdinaryDividend |
| Sep 01, 2022 | $0.064 | OrdinaryDividend |
| Aug 01, 2022 | $0.043 | OrdinaryDividend |
| Jul 01, 2022 | $0.038 | OrdinaryDividend |
| Jun 01, 2022 | $0.030 | OrdinaryDividend |
| May 02, 2022 | $0.029 | OrdinaryDividend |
| Apr 01, 2022 | $0.012 | OrdinaryDividend |
| Mar 01, 2022 | $0.016 | OrdinaryDividend |
| Feb 01, 2022 | $0.010 | OrdinaryDividend |
| Dec 30, 2021 | $0.014 | OrdinaryDividend |
| Dec 01, 2021 | $0.011 | OrdinaryDividend |
| Nov 01, 2021 | $0.007 | OrdinaryDividend |
| Oct 01, 2021 | $0.008 | OrdinaryDividend |
| Sep 01, 2021 | $0.006 | OrdinaryDividend |
| Aug 02, 2021 | $0.008 | OrdinaryDividend |
| Jul 01, 2021 | $0.013 | OrdinaryDividend |
| Jun 01, 2021 | $0.011 | OrdinaryDividend |
| May 03, 2021 | $0.015 | OrdinaryDividend |
| Apr 01, 2021 | $0.011 | OrdinaryDividend |
| Mar 01, 2021 | $0.021 | OrdinaryDividend |
| Feb 01, 2021 | $0.012 | OrdinaryDividend |
| Dec 30, 2020 | $0.018 | OrdinaryDividend |
| Dec 01, 2020 | $0.022 | OrdinaryDividend |
| Nov 02, 2020 | $0.020 | OrdinaryDividend |
| Oct 01, 2020 | $0.023 | OrdinaryDividend |
| Sep 01, 2020 | $0.029 | OrdinaryDividend |
| Aug 03, 2020 | $0.031 | OrdinaryDividend |
| Jul 01, 2020 | $0.038 | OrdinaryDividend |
| Jun 01, 2020 | $0.038 | OrdinaryDividend |
| May 01, 2020 | $0.046 | OrdinaryDividend |
| Apr 01, 2020 | $0.081 | OrdinaryDividend |
| Feb 28, 2020 | $0.052 | OrdinaryDividend |
| Jan 31, 2020 | $0.048 | OrdinaryDividend |
| Dec 30, 2019 | $0.000 | OrdinaryDividend |
| Nov 29, 2019 | $0.000 | OrdinaryDividend |
| Oct 31, 2019 | $0.000 | OrdinaryDividend |
| Sep 30, 2019 | $0.000 | OrdinaryDividend |
| Aug 30, 2019 | $0.000 | OrdinaryDividend |
| Jul 31, 2019 | $0.000 | OrdinaryDividend |
| Jun 28, 2019 | $0.069 | OrdinaryDividend |
| May 31, 2019 | $0.069 | OrdinaryDividend |
| Apr 30, 2019 | $0.075 | OrdinaryDividend |
| Mar 29, 2019 | $0.069 | OrdinaryDividend |
| Feb 28, 2019 | $0.076 | OrdinaryDividend |
| Jan 31, 2019 | $0.073 | OrdinaryDividend |
| Dec 28, 2018 | $0.071 | OrdinaryDividend |
| Nov 30, 2018 | $0.068 | OrdinaryDividend |
| Oct 31, 2018 | $0.033 | OrdinaryDividend |
JMST - Fund Manager Analysis
Managers
Richard Taormina
Start Date
Tenure
Tenure Rank
Oct 16, 2018
3.62
3.6%
Richard Taormina, Managing Director, has been an employee of JPMIM and/or its affiliates since 1997. Mr. Taormina is responsible for managing municipal mutual funds, institutional fixed income accounts and quantitative analysis. Previously, Mr. Taormina was a Certified Financial Planner for the Financial Advisory Group, where he was an investment analyst. Prior to joining the firm, Rick was a senior trader for national, high-yield, and state-specific funds at the Vanguard Group, where the team consistently performed in the top-quartile. He has been a municipal bond manager since 1990. Ricks holds a B.A. in economics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is a Certified Financial Planner (CFP).
Josh Brunner
Start Date
Tenure
Tenure Rank
Oct 16, 2018
3.62
3.6%
Brunner, Executive Director and a CFA charterholder, has been an employee at JPMIM since 2001. Mr. Brunner is responsible for managing tax free managed income portfolios including credit customized portfolios.
Curtis White
Start Date
Tenure
Tenure Rank
Oct 16, 2018
3.62
3.6%
White is an Executive Director on the Municipal Strategies team within GFICC. An employee since 1997, Mr. White is responsible for managing mutual funds and separately managed accounts. Previously, Mr. White was responsible for managing municipal money market funds and separately managed accounts within the JPMorgan Global Liquidity team.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.35 | 1.58 |