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Trending ETFs

Name

As of 05/24/2024

Price

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

$50.69

$2.61 B

3.67%

$1.86

0.18%

Vitals

YTD Return

1.0%

1 yr return

3.7%

3 Yr Avg Return

1.6%

5 Yr Avg Return

1.5%

Net Assets

$2.61 B

Holdings in Top 10

19.7%

52 WEEK LOW AND HIGH

$50.7
$50.29
$50.88

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 05/24/2024

Price

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

$50.69

$2.61 B

3.67%

$1.86

0.18%

JMST - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.26%
DIVIDENDS
  • Dividend Yield 3.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    JPMorgan Ultra-Short Municipal Income ETF
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Oct 16, 2018
  • Shares Outstanding
    68200036
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Richard 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.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 1.0% -4.8% 14.5% 3.44%
1 Yr 3.7% -1.5% 30.1% 54.16%
3 Yr 1.6%* -11.4% 2.8% 1.00%
5 Yr 1.5%* -6.6% 1100.8% 6.69%
10 Yr N/A* -0.7% 248.1% 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% 98.31%
2022 -1.0% -39.7% 0.3% 1.12%
2021 0.0% -5.6% 6.9% 26.99%
2020 1.1% -2.6% 310.0% 78.52%
2019 0.4% 0.0% 26.0% 98.39%

Total Return Ranking - Trailing

Period JMST Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -4.8% 14.5% 3.44%
1 Yr 3.7% -1.5% 30.1% 54.16%
3 Yr 1.6%* -11.4% 2.8% 1.00%
5 Yr 1.5%* -6.6% 1100.8% 6.69%
10 Yr N/A* -0.7% 248.1% 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% 90.75%
2022 0.1% -39.7% 1.1% 0.92%
2021 0.3% -4.8% 23761504.0% 80.19%
2020 2.0% -1.5% 17057.9% 89.80%
2019 1.3% 0.2% 3514.6% 99.37%

JMST - Holdings

Concentration Analysis

JMST Category Low Category High JMST % Rank
Net Assets 2.61 B 3.22 M 71.9 B 13.39%
Number of Holdings 1982 2 13067 3.25%
Net Assets in Top 10 520 M -317 M 3.56 B 4.68%
Weighting of Top 10 19.71% 2.0% 100.2% 40.77%

Top 10 Holdings

  1. JPMorgan Institutional Tax Free Money Market Fund, Class IM 7.09%
  2. Alabama Federal Aid Highway Finance Authority, Series 2015 1.78%
  3. County of St. Lucie, Power and Light Co. Project 1.74%
  4. Delaware County Industrial Development Authority, United Parcel Service Project 1.52%
  5. Pennsylvania Turnpike Commission 1.44%
  6. Minnesota Municipal Gas Agency, Series 2022B 1.32%
  7. Jersey City Municipal Utilities Authority, Sewer Project Notes, Series 2023A 1.30%
  8. State of Louisiana Gasoline and Fuels Tax, Series A 1.21%
  9. Salt River Project Agricultural Improvement and Power District, Series 2015A 1.16%
  10. Rib Floater Trust Various States, Series 46 1.14%

Asset Allocation

Weighting Return Low Return High JMST % Rank
Bonds
60.56% 0.00% 150.86% 98.96%
Cash
39.44% -50.86% 46.80% 0.19%
Stocks
0.00% 0.00% 99.81% 51.82%
Preferred Stocks
0.00% 0.00% 0.56% 45.68%
Other
0.00% -3.18% 33.35% 49.06%
Convertible Bonds
0.00% 0.00% 0.93% 45.53%

Bond Sector Breakdown

Weighting Return Low Return High JMST % Rank
Municipal
80.18% 44.39% 100.00% 98.70%
Cash & Equivalents
39.13% 0.00% 46.24% 0.19%
Derivative
0.00% -3.18% 19.67% 46.72%
Securitized
0.00% 0.00% 5.93% 46.90%
Corporate
0.00% 0.00% 9.41% 56.16%
Government
0.00% 0.00% 52.02% 49.97%

Bond Geographic Breakdown

Weighting Return Low Return High JMST % Rank
US
60.56% 0.00% 142.23% 98.96%
Non US
0.00% 0.00% 23.89% 50.49%

JMST - Expenses

Operational Fees

JMST Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.18% 0.01% 20.65% 97.59%
Management Fee 0.18% 0.00% 1.20% 4.74%
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 3.67% 0.00% 14.51% 19.29%

Dividend Distribution Analysis

JMST Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

JMST Category Low Category High JMST % Rank
Net Income Ratio 0.26% -0.53% 5.33% 97.96%

Capital Gain Distribution Analysis

JMST Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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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 7.36 1.58