# Product Facts - JPMorgan Ultra-Short Income ETF > Audience: country=us, language=en, role=adv. > Generated: 2026-09-30T23:52:14.076491619Z. ## Identity - **Fund Name**: JPMorgan Ultra-Short Income ETF - **Share Class Name**: JPMorgan Ultra-Short Income ETF - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-ultra-short-income-etf-etf-shares-46641q837) - **Ticker**: JPST - **CUSIP**: 46641Q837 - **Fund Type**: ETF - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 05/17/2017 - **Investment Objective**: The Fund seeks to provide current income while seeking to maintain a low volatility of principal. ## Fund Facts - **Ticker**: JPST - **CUSIP**: 46641Q837 - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 05/17/2017 - **Exchange**: NYSE-Arca - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 09/29/2026**: $50.35 - **NAV Change ($) As of 09/29/2026**: $0.01 - **NAV Change (%) As of 09/29/2026**: 0.03% - **Closing Price As of 09/29/2026**: $50.38 - **Closing Price Change ($) As of 09/29/2026**: $0.03 - **Closing Price Change (%) As of 09/29/2026**: 0.06% - **Discount/Premium As of 09/29/2026**: 0.05% - **Median Bid/Ask Spread As of 09/29/2026**: 0.02% [Disclosure 2] - **Daily High As of 09/29/2026**: $50.38 - **Daily Low As of 09/29/2026**: $50.34 - **30 Day SEC Yield As of 08/31/2026**: 4.11% - **30 Day SEC Yield Unsubsidized As of 08/31/2026**: 4.10% - **Dividend Yield As of 08/31/2026**: 3.95% - **12-Month Rolling Dividend Yield As of 09/29/2026**: 4.15% - **Daily - 30 Day SEC Yield As of 09/29/2026**: 4.46% - **Daily - 30 Day SEC Yield Unsubsidized As of 09/29/2026**: 4.45% - **Yield to Maturity Gross As of 09/29/2026**: 4.75% [Disclosure 3] - **Yield to Maturity Net As of 09/29/2026**: 4.57% [Disclosure 3] - **Fund Assets As of 09/29/2026**: $41.77bn - **Shares Outstanding As of 09/29/2026**: 829,750,000 - **Exchange Volume As of 09/29/2026**: 25299012 [Disclosure 4] - **Number of Holdings As of 09/29/2026**: 817 - **YTD As of 09/29/2026**: 2.29% - **Market Price Returns As of 09/29/2026**: 2.31% ## Portfolio Managers ### James McNerny - **In the industry**: 26 years - **With J.P. Morgan**: 25 years - **Managing this fund**: 9 years ### David Martucci - **In the industry**: 26 years - **With J.P. Morgan**: 26 years - **Managing this fund**: 9 years ### Cecilia Junker - **In the industry**: 39 years - **With J.P. Morgan**: 39 years - **Managing this fund**: 9 years ### Kyongsoo Noh - **In the industry**: 28 years - **With J.P. Morgan**: 26 years - **Managing this fund**: 9 years ## Commentary **As of **: 06/30/2026 ### Topline Benchmark ICE BofA 3-Month Treasury Bill Index Markets Q2 2026 saw a reversal of the market sentiment from Q1. Despite the Iran conflict, the market turned back to domestic developments, as Q1 earnings pointed to healthy corporate fundamentals and a resilient consumer. This eased concerns over rising oil prices, which many feared could drag GDP growth lower. AI-driven CapEx and low unemployment are supporting U.S. GDP growth near its long-term trend, though new job creation remains limited and volatility persists. Hurt Long duration, amid a material backup in interest rates, detracted from performance. Helped Active management, strategic credit duration positioning (and carry) and securitized exposure aided returns. Majority of the portfolio was positioned in maturities of one year or less, avoiding the volatility further out the curve. Outlook The Fed remains cautious amid oil-driven inflation and labor strength. AI investment and resilient consumer spending support growth, while fiscal tailwinds and productivity gains should aid risk assets. The conflict's on-and-off nature appears to be reducing the market's price sensitivity to headline news. ### Quarter in Review The JPMorgan Ultra-Short Income ETF delivered NAV returns of 0.93% in Q2, 1.66% for the first half and 4.09% for the trailing 12 months. June Federal Open Market Committee minutes indicated that all participants supported keeping the fed funds rate unchanged in June, although a few saw a case for a hike. Almost all participants who discussed scenarios in which inflation dissipated soon would support holding or lowering the rate, while almost all who discussed scenarios of persistently elevated inflation would favor some policy firming. While we see some risk of hikes this year, our base case remains that the FOMC holds the policy rate unchanged in 2026. Credit spreads, as measured by the ICE BofA 1–3 Year U.S. Corporate Index, tightened aggressively in Q2, more than reversing the widening seen in Q1 following the Iran conflict. We are once again trading in the 40–50 basis-point range, similar to pre-Q1 levels. The tightening was driven by strong Q1 earnings, which pointed to robust fundamentals for investment-grade companies (IG). Solid demand easily absorbed heavy supply from hyperscalers, an IPO bonanza and recovering M&A activity. We trimmed duration to 0.81 years (from 0.83) and spread duration to 0.97 years (from 0.99). ### Looking Ahead Rates: Under Warsh's leadership, the Fed has signaled a shift toward a more selective communication regime, while holding an inflation-focused, data-driven stance. With inflation expectations still elevated, cuts remain off the table, and a hike is possible in late 2026 or early 2027 if price pressures re-accelerate. Offsetting this, lower oil prices following de-escalation in Iran should let headline inflation cool gradually, and June's labor market — softer than expected but resilient — does not force a near-term move. With growth modestly above trend, the Fed can stay on hold while it awaits clearer evidence that inflation is returning sustainably to target. We expect an extended pause rather than a renewed hiking cycle and are watching capital expenditures for signs of a meaningful shift in the growth outlook. We favor the 12- to 18-month curve for its carry relative to risk, given our expectation for elevated rate volatility. Corporates: IG credit remains strong coming off a healthy Q1, with solid fundamental backdrop bolstered by strong technicals. However, dispersion is meaningful. Sectors exposed to private-credit concerns trade wider than the market, reinforcing the need to prioritize underwriting over beta. Balance sheets are healthy, supported by improving revenue and earnings momentum, solid margins and stable leverage and interest coverage. This constructive backdrop should persist near term, as tensions in Iran ease, and oil prices decline toward pre-conflict levels. We stay selective: adding front-end carry where compensation is apt; participating in new issues when concessions are attractive; and favoring carry over spread compression, while monitoring liquidity and leverage for signs of strain. ABS: AAA-rated ABS spreads remain attractive relative to select IG corporates, offering high-quality carry and diversification. We prefer well-structured prime auto, lease and equipment exposures. Outlook: We keep duration overweight, and while we expect the Fed to remain on hold through 2026, ongoing rate volatility leaves less cushion and makes new-issue pricing and liquidity more consequential. Accordingly, we watch sector dispersion and issuer quality closely. ## Documents - [Factsheet: JPMorgan Ultra-Short Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/FS-JPST.PDF) - [Fund Story: Ultra-Short Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-JPST.pdf) - [Commentary: Ultra-Short Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-JPST.PDF) - [ETF Dividend Calendar 2026](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/income-distribution-rates/jpmorgan-etfs-2026-distribution-notice.pdf) - [JPST Supplemental Information](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/qii/jpst-supplemental-information.pdf) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/46641Q837/NPX?site=JPMorganv3) ## Disclosures 1. This Fund considers financially material environmental, social and governance ("ESG") factors as part of the Fund's investment process. In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically assess financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy's investment objective, exclude specific types of companies or constrain a strategy's investable universe. 2. The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days, or since the listing date of each Fund if shorter, and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day. 3. Yield to maturity (YTM): is the estimated total return anticipated on a bond or other obligation if the obligation is held until maturity and if all payments are made as scheduled. Gross YTM is calculated by averaging the YTM of each obligation held in the portfolio (including, if any, convertible bonds, preferred securities and derivatives) on a market weighted basis without the deduction of fees and expenses. Unlike SEC Yield, Gross YTM is a representation of the estimated total return of the bonds and other obligations held in the portfolio as of the month-end shown, whereas SEC Yield approximates the current income generated by the obligations held in the portfolio over a historical 30-day period after the deduction of fees and expenses. Unlike SEC Yield, Gross YTM takes into account derivatives. Gross YTM and SEC Yield are not a guarantee nor necessarily indicative of future performance or income generation. Net YTM is calculated in the same way as Gross YTM except that Net YTM reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTM is not a guarantee nor necessarily indicative of future performance or income generation. Certain other funds may calculate YTM differently (e.g., certain other funds may include only certain types of derivatives in the calculation of YTM, whereas the YTM calculation for this fund includes all types of derivatives), and such differences could significantly impact the calculation of YTM, and therefore decrease comparability between YTM for this fund and YTM for other funds. 4. The number of shares or contracts traded in a security or an entire market during a given period of time. Each transaction between a buyer and seller contributes to the count of total volume.