- ISIN
- US46641Q6540
- CUSIP
- 46641Q654
- Issuer
- JPMorgan
- Inception Date
- Oct 16, 2018
- Category
- Ultrashort Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $7B
Share Price Chart
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Performance
JMST Performance Chart
JPMorgan Ultra-Short Municipal Income ETF (JMST) is up 1.1% since the beginning of the year. JMST is currently trading at $51 per share. Investors who bought $1,000 worth of JMST shares 5 years ago would now be looking at an investment worth $1,120.
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Returns By Period
JPMorgan Ultra-Short Municipal Income ETF (JMST) has returned 1.11% so far this year and 2.93% over the past 12 months.
JPMorgan Ultra-Short Municipal Income ETF
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.11%
- 6M
- 1.21%
- 1Y
- 2.93%
- 3Y*
- 3.34%
- 5Y*
- 2.30%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
JMST Monthly Returns History
Based on dividend-adjusted daily data since Oct 18, 2018, JMST's average daily return is +0.01%, while the average monthly return is +0.18%. At this rate, an investment would double in approximately 32.1 years.
Historically, 80% of months were positive and 20% were negative. The best month was Nov 2023 with a return of +0.8%, while the worst month was Jan 2022 at -0.4%. The longest winning streak lasted 24 consecutive months, and the longest losing streak was 4 months.
On a daily basis, JMST closed higher 52% of trading days. The best single day was Mar 23, 2020 with a return of +1.1%, while the worst single day was Mar 19, 2020 at -1.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.37% | 0.19% | -0.07% | 0.20% | 0.20% | 0.20% | 1.11% | ||||||
| 2025 | 0.37% | 0.27% | 0.12% | 0.20% | 0.35% | 0.36% | 0.38% | 0.36% | 0.19% | -0.10% | 0.43% | 0.36% | 3.35% |
| 2024 | 0.20% | 0.22% | 0.15% | 0.17% | 0.32% | 0.39% | 0.56% | 0.37% | 0.29% | 0.01% | 0.45% | 0.14% | 3.31% |
| 2023 | 0.50% | -0.21% | 0.66% | 0.10% | -0.01% | 0.35% | 0.27% | 0.17% | -0.03% | 0.33% | 0.83% | 0.55% | 3.56% |
| 2022 | -0.43% | -0.16% | -0.19% | -0.19% | 0.23% | 0.12% | 0.17% | -0.39% | -0.19% | 0.22% | 0.65% | 0.22% | 0.07% |
| 2021 | 0.06% | -0.06% | 0.06% | 0.06% | 0.05% | -0.02% | 0.11% | 0.00% | -0.02% | -0.04% | -0.06% | 0.15% | 0.31% |
Benchmark Metrics
JPMorgan Ultra-Short Municipal Income ETF has an annualized alpha of 2.11%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 18, 2018.
- This ETF captured 4.82% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1.68%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.11%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 4.82%
- Downside Capture
- -1.68%
Expense Ratio
JMST has an expense ratio of 0.18%, which is considered low.
Return for Risk
Risk / Return Rank
JMST ranks 98 for risk / return — in the top 98% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for JPMorgan Ultra-Short Municipal Income ETF (JMST) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JMST | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.87 | ||
| Sortino ratioReturn per unit of downside risk | +5.27 | ||
| Omega ratioGain probability vs. loss probability | 2.44 | 1.37 | +1.07 |
| Calmar ratioReturn relative to maximum drawdown | 11.54 | 2.78 | +8.76 |
| Martin ratioReturn relative to average drawdown | 62.70 | 12.44 | +50.26 |
Dividends
Dividend History
JPMorgan Ultra-Short Municipal Income ETF provided a 2.65% dividend yield over the last twelve months, with an annual payout of $1.35 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.35 | $1.45 | $1.68 | $1.57 | $0.56 | $0.14 | $0.44 | $0.82 | $0.14 |
Dividend yield | 2.65% | 2.84% | 3.32% | 3.09% | 1.10% | 0.27% | 0.87% | 1.63% | 0.28% |
Monthly Dividends
The table displays the monthly dividend distributions for JPMorgan Ultra-Short Municipal Income ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.10 | $0.12 | $0.10 | $0.12 | $0.10 | $0.54 | ||||||
| 2025 | $0.00 | $0.12 | $0.13 | $0.13 | $0.14 | $0.12 | $0.12 | $0.11 | $0.12 | $0.12 | $0.11 | $0.22 | $1.45 |
| 2024 | $0.00 | $0.14 | $0.15 | $0.14 | $0.16 | $0.14 | $0.14 | $0.14 | $0.15 | $0.14 | $0.14 | $0.26 | $1.68 |
| 2023 | $0.00 | $0.11 | $0.12 | $0.11 | $0.12 | $0.13 | $0.14 | $0.13 | $0.15 | $0.14 | $0.15 | $0.28 | $1.57 |
| 2022 | $0.00 | $0.01 | $0.02 | $0.01 | $0.03 | $0.03 | $0.04 | $0.04 | $0.06 | $0.06 | $0.09 | $0.17 | $0.56 |
| 2021 | $0.00 | $0.01 | $0.02 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.03 | $0.14 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the JPMorgan Ultra-Short Municipal Income ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the JPMorgan Ultra-Short Municipal Income ETF was 2.41%, occurring on Mar 20, 2020. Recovery took 20 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -2.41%Mar 2020 | 10d | 1mo 1d | 1mo 11dMar 2020 - Apr 2020 |
Bear market2022 | -1.15%Apr 2022 | 3mo 14d | 8mo 4d | 11mo 18dDec 2021 - Dec 2022 |
2025 selloff2025 | -0.71%Apr 2025 | 9d | 1mo 4d | 1mo 13dApr 2025 - May 2025 |
2023 pullback2023 | -0.32%May 2023 | 8d | 12d | 20dMay 2023 - Jun 2023 |
2023 pullback2023 | -0.26%Feb 2023 | 20d | 17d | 1mo 7dFeb 2023 - Mar 2023 |
Drawdown Indicators
| JMST | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.41% | -56.78% | +54.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -9.10% | +8.85% |
Max Drawdown (3Y)Largest decline over 3 years | -0.71% | -18.90% | +18.19% |
Max Drawdown (5Y)Largest decline over 5 years | -1.15% | -25.43% | +24.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -0.12% | -10.71% | +10.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 2.03% | -1.98% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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