JPMorgan Ultra-Short Municipal Income ETF

Frequently Asked Questions About JMST

What does JMST invest in?

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. For purposes of this policy, "Assets" means net assets, plus the amount of borrowings for investment purposes. 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.

What is the expense ratio of JMST?

JPMorgan Ultra-Short Municipal Income ETF (JMST) charges an expense ratio of 0.18%. This is the annual fee deducted from fund assets to cover management and operations.

What is JMST's dividend yield?

JMST's trailing-twelve-month yield is 2.61%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of JMST?

Effective duration measures JMST's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. JMST's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of JMST?

JMST's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of JMST?

Yield to maturity (YTM) is the total return you'd earn from JMST if every bond in the portfolio is held to maturity at the current price. JMST's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.