JMST

The JPMorgan Ultra‑Short Municipal Income ETF (JMST) invests almost entirely in U.S. investment‑grade municipal securities, including fixed‑rate, variable‑rate and floating‑rate bonds as well as tax‑exempt commercial paper, with a weighted average maturity of roughly one year or less. It is actively managed, using JPMorgan’s municipal credit research and liquidity teams to adjust credit quality, duration and sector exposure while emphasizing risk control and preservation of principal. The fund’s focus on ultra‑short, federally tax‑exempt debt makes it a suitable option for investors seeking a low‑volatility, tax‑efficient source of current income and a step up from money‑market instruments, particularly those with short‑term horizons or high marginal tax rates.