# Product Facts - JPMorgan Ultra-Short Municipal Income ETF > Audience: country=us, language=en, role=adv. > Generated: 2026-10-01T20:08:55.169063618Z. ## Identity - **Fund Name**: JPMorgan Ultra-Short Municipal Income ETF - **Share Class Name**: JPMorgan Ultra-Short Municipal Income ETF - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-ultra-short-municipal-income-etf-etf-shares-46641q654) - **Ticker**: JMST - **CUSIP**: 46641Q654 - **Fund Type**: ETF - **Asset Class**: Fixed Income Tax Exempt - **Fund Inception Date**: 10/16/2018 - **Investment Objective**: The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal. ## Fund Facts - **Ticker**: JMST - **CUSIP**: 46641Q654 - **Asset Class**: Fixed Income Tax Exempt - **Fund Inception Date**: 10/16/2018 - **Exchange**: NYSE-Arca - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 09/30/2026**: $50.56 - **NAV Change ($) As of 09/30/2026**: $0.07 - **NAV Change (%) As of 09/30/2026**: 0.13% - **Closing Price As of 09/30/2026**: $50.56 - **Closing Price Change ($) As of 09/30/2026**: $0.01 - **Closing Price Change (%) As of 09/30/2026**: 0.02% - **Discount/Premium As of 09/30/2026**: 0.00% - **Median Bid/Ask Spread As of 09/30/2026**: 0.02% [Disclosure 2] - **Daily High As of 09/30/2026**: $50.58 - **Daily Low As of 09/30/2026**: $50.54 - **30 Day SEC Yield As of 08/31/2026**: 2.52% - **30 Day SEC Yield Unsubsidized As of 08/31/2026**: 2.51% - **Dividend Yield As of 08/31/2026**: 2.46% - **12-Month Rolling Dividend Yield As of 09/30/2026**: 2.58% - **Daily - 30 Day SEC Yield As of 09/29/2026**: 2.88% - **Daily - 30 Day SEC Yield Unsubsidized As of 09/29/2026**: 2.87% - **Fund Assets As of 09/30/2026**: $7.61bn - **Shares Outstanding As of 09/30/2026**: 150,700,000 - **Exchange Volume As of 09/30/2026**: 4069389 [Disclosure 3] - **Number of Holdings As of 09/30/2026**: 1,735 - **YTD As of 09/30/2026**: 1.04% - **Market Price Returns As of 09/30/2026**: 0.94% ## Portfolio Managers ### Curtis White - **In the industry**: 33 years - **With J.P. Morgan**: 29 years - **Managing this fund**: 8 years ### Josh Brunner - **In the industry**: 29 years - **With J.P. Morgan**: 25 years - **Managing this fund**: 8 years ## Commentary **As of **: 06/30/2026 ### Topline Benchmark Bloomberg 1 Year Municipal Bond Index Markets Spurred by the attractive rate environment, municipal bonds have delivered solid results for fixed income so far this year. With strong seasonal technicals expected in July and early August, we anticipate continued outperformance through the summer. Municipal yields were lower in the second quarter, while Treasury yields moved higher. Helped Overweight 2- to 5-year bonds Hurt Shorter overall duration Outlook We expect the Middle East conflict to continue influencing the rates market. Though favorable seasonal factors in July and early August may keep valuations rich, volatility in rates could persist. Sustained strong flows are critical to maintaining current valuations. There may be opportunities to add value over the summer, September could present a more attractive entry point if supply remains elevated. ### Quarter in Review JPMorgan Ultra-Short Municipal Income ETF (JMST) underperformed the benchmark, the Bloomberg 1 Year Municipal Bond Index, for the quarter ended June 30, 2026. The ETF’s shorter effective duration relative to the index took from performance as rates rallied on the quarter. Being underweight A-rated and BBB-rated bonds detracted from performance in the second quarter. The overweight to out of index, 2- to 5-year bonds added to performance as they outperformed for the quarter. The ETF’s underweight to AA-rated bonds boosted performance as this bucket underperformed in the second quarter. ### Looking Ahead Municipal credit quality continues to look solid. Strong revenue growth persists; reserves remain at historically high levels. This supports favorable credit conditions and helps dampen the impact of less generous federal aid. We are monitoring statehouse budget proposals, as policies to address affordability concerns may have potential credit implications. The education sector, ranging from local school districts to charter schools and universities, is experiencing greater variability due to demographic shifts. Health care credit remains stable for now, even as Medicaid changes under the One Big Beautiful Bill Act introduce new risks. ## Documents - [Factsheet: JPMorgan Ultra-Short Municipal Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/FS-JMST.PDF) - [Fund Story: Ultra-Short Municipal Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-JMST.pdf) - [Commentary: Ultra-Short Municipal Income ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-JMST.PDF) - [JPMorgan Tax Exempt ETF Commentary](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/fund-announcement/jpmorgan-tax-exempt-etf-commentary.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) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/46641Q654/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. 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.