At a glance
JPST charges 0.18% a year, above the 0.17% average of the 7 funds most like it (the 4th cheapest of 8). It has $41.13B in assets, the largest of that group; it paid 4.12% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.1% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.8% a year. At its worst it fell 3.2% in the 2020 crash (S&P 500: 33.7%) and 0.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low. Its ten largest positions make up 7.2% of the fund, out of 707 in all.
The short version
JPMorgan Ultra-Short Income ETF (JPST) is an actively managed fund holding mostly short-term, higher-quality corporate and bank debt, aiming for income with little price movement. Unlike a money market fund, its price can dip, and it normally holds more than 25% in banking-industry debt. At $41.1 billion as of August 31, 2026, it is the largest of eight similar funds, but its 0.18% fee is more than double the 0.08% of iShares' ICSH.
Price history
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JPST +3.1% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JPST official prospectus, to Dec 31, 2025 | — | +4.97% | — | +3.37% | — | +2.97% |
| JPST price data to Nov 2, 2026 | +2.4% | +3.1% | +4.8% | +3.8% | — | +3.0% |
- Over the year to Nov 2, 2026, JPST returned +3.1%, 6th of 8 among similar funds.
- Its 5-year annualized return was +3.8%.
- In the 2020 COVID crash it fell 3.2% and regained its old high 2 months after the low.
- Its worst full calendar year was 2021 (+0.1%); its best was 2024 (+5.6%).
- The deepest fall in its price history was 3.3% (Mar 5, 2020 to Mar 25, 2020), recovered by May 20, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.4% | — |
| 2025 | +5.0% | +4.97% |
| 2024 | +5.6% | +5.60% |
| 2023 | +5.1% | +5.17% |
| 2022 | +1.1% | +1.06% |
| 2021 | +0.1% | +0.17% |
| 2020 | +2.2% | +2.18% |
| 2019 | +3.3% | +3.36% |
| 2018 | +2.3% | +2.19% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 2.8% over that stretch · deepest drop along the way 3.2%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.1% over that stretch · deepest drop along the way 0.6% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5300 | |
| 2025 | $2.2400 | -14.2% |
| 2024 | $2.6100 | +8.3% |
| 2023 | $2.4100 | +164.8% |
| 2022 | $0.9100 | +145.9% |
| 2021 | $0.3700 | -49.6% |
| 2020 | $0.7340 | -45.6% |
| 2019 | $1.3500 | +28.6% |
| 2018 | $1.0500 |
Living on JPST: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 707 securities; the ten largest made up 7.16% of assets, and 24.04% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 2.15% | |
| Wells Fargo Securities LLC RA | 1.07% | |
| United States of America Bonds and notes | 0.65% | |
| Capital One Financial Corp. Bonds and notes | 0.55% | |
| AbbVie, Inc. Bonds and notes | 0.48% | |
| FHLMC Mortgage-backed securities | 0.47% | |
| Federation des Caisses Desjardins du Quebec Bonds and notes | 0.46% | |
| T-Mobile USA, Inc. Bonds and notes | 0.44% | |
| Deutsche Bank AG Bonds and notes | 0.44% | |
| AT&T, Inc. Bonds and notes | 0.44% | |
| Honda Auto Receivables Owner Trust Other asset-backed | 0.42% | |
| ABN AMRO Bank NV Bonds and notes | 0.41% | |
| BMW US Capital LLC Bonds and notes | 0.41% | |
| Bank of Montreal Bonds and notes | 0.41% | |
| BNP Paribas SA Bonds and notes | 0.40% |
By country
United States 48.58%Canada 6.89%Cayman Islands 4.91%United Kingdom 3.19%France 2.47%By issuer
Companies 70.97%US Treasury 3.78%US government-sponsored enterprises 0.54%US government agencies 0.12%Foreign governments 0.03%The bonds mature in 2 years on average (weighted by size), with an average coupon of 4.3%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $2.77B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +0.28%, +0.34%.
How it works
JPST does not track an index. Its adviser, J.P. Morgan Investment Management, runs it without a benchmark. It shifts money among sectors as conditions change and weighs each security's income against its interest-rate risk, credit risk and legal structure. It also assesses environmental, social and governance (ESG) issues.
The core is investment-grade (higher-quality) debt, rated at least BBB– (or A-2 for short-term paper) when bought. The fund may also hold junk bonds and sub-prime asset-backed debt, and more than 25% normally sits in banking-industry debt. As of August 31, 2026, 62% was in bonds and notes and 7% in asset-backed securities (debt repaid from pools of loans, such as Honda car loans). Another 4% was in CLOs and CDOs (bundles of loans or bonds), and 24% was in cash. The 10 largest positions totaled 7.2%, led by a U.S. Treasury note (2.2%), a Wells Fargo Securities repurchase agreement (a collateralized short loan) and Capital One bonds.
It targets a duration of one year or less. Duration measures rate sensitivity: one year means roughly a 1% price drop if rates rise one percentage point. JPST is not a money market fund, so it lacks those funds' maturity and credit limits and has no stable share price. It may use futures to hedge but held none as of August 31, 2026.
What it really costs
- JPST charges 0.18% a year, versus an average of 0.17% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JPST | $18 | $58 | $101 | $230 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its short-term, mostly investment-grade debt has kept price swings small, with no losing calendar year from 2018 through 2025.
JPST could serve as a spending reserve that swings far less than stocks. It launched in 2017, so it has no 2008 record. Its deepest drop was 3.3% in March 2020, and it regained that ground by May 20, about two months later. Across the 2022 bear market it gained 0.1%, dipping just 0.6% along the way. Its weakest calendar year, 2021, still returned 0.17%. A retiree drawing cash in a bad year would have faced only small, brief losses.
In the year to October 30, 2026, it yielded 4.1%, paid monthly, and its payouts move with short-term rates. The 0.18% fee totals $230 over 10 years on $10,000 in the SEC's standard example. Risks to watch: more than 25% normally sits in bank debt, and it may hold junk and sub-prime debt. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees holding a spending reserve who can accept small, brief dips, like the 3.3% drop in March 2020 that it recovered by May.
- Investors wanting monthly income that tracks short-term rates; it yielded 4.1% in the year to October 30, 2026.
- Those wanting an active manager free to mix corporate, bank, asset-backed and Treasury debt in a large fund: $41.1 billion as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: iShares' ICSH charges 0.08% and Vanguard's VUSB 0.10%, versus 0.18% here, with similar one- and three-year returns through late October 2026.
- Anyone who cannot accept any loss of principal; JPST is not a money market fund, and its share price moves every day.
- Investors wary of bank risk: it normally holds more than 25% in banking-industry debt and may own junk bonds and sub-prime asset-backed securities.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JPST this fund | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
| ICSH iShares Ultra Short-Term Bond Active ETF | 1.8 yrs | 0.08% | $8.14B | +3.5% | +4.9% |
| BKUI BNY Mellon Ultra Short Income ETF | 1.6 yrs | 0.12% | $574.7M | +3.5% | +4.9% |
| VUSB Vanguard Ultra-Short Bond ETF | 2.8 yrs | 0.1% | $8.94B | +3.5% | +5.1% |
| ULST SPDR SSgA Ultra Short Term Bond ETF | 1.3 yrs | 0.2% | $532.7M | +3.1% | +4.7% |
| RAVI FlexShares Ultra-Short Income Fund | 3.4 yrs | 0.25% | $1.49B | +3.7% | +4.9% |
| GSY Invesco Ultra Short Duration ETF | 3.5 yrs | 0.22% | $3.92B | +3.7% | +5.2% |
| YEAR AB Ultra Short Income ETF | 1.2 yrs | 0.25% | $1.54B | +3.0% | +4.7% |
Questions investors ask
Can JPST lose money?
Yes, though its losses since its 2017 launch have been small and brief. JPST is not a money market fund, so its share price moves daily. Its deepest drop was 3.3%, from March 5 to March 25, 2020, and it recovered by May 20, 2020. In the 2022 bear market it dipped 0.6%. Every calendar year from 2018 through 2025 ended with a gain, and the weakest was 2021 at 0.17%. Key risks include rising rates, credit defaults and its tilt toward bank debt.
Does JPST pay monthly dividends?
Yes. JPST pays income monthly. In the year to October 30, 2026, it paid $2.07 per share, a yield of 4.1%. Because it holds short-term and floating-rate debt, its payouts follow short-term interest rates fairly closely. They would likely shrink if rates fall and rise if rates climb. The payments come mostly from interest on bonds and other debt, not company dividends. The prospectus says "Income" in the name describes the fund's goal, not a type of security.
What's the difference between JPST and ICSH?
Cost is the biggest difference. iShares Ultra Short-Term Bond Active ETF (ICSH) charges 0.08% a year, versus 0.18% for JPST. Both are actively managed ultra-short bond funds with similar average maturities: about 1.8 years for ICSH and 2 for JPST. As of late October 2026, both had returned 3.5% over one year and 4.9% a year over three years. JPST is much larger, at $41.1 billion as of August 31, 2026, versus about $8.1 billion for ICSH as of July 31, 2026.
Is JPST a money market fund?
No. JPST is an actively managed ultra-short bond ETF. It isn't bound by the maturity and credit-quality rules that help money market funds keep a stable share price. Its price moves daily, and it may hold debt a money market fund could not, such as junk bonds, sub-prime asset-backed securities and collateralized loan obligations (bundles of business loans). It targets a duration of one year or less, so interest-rate swings still move its price, though only modestly.
What is JPST's expense ratio?
JPST's expense ratio, the annual fee taken from fund assets, is 0.18%, according to its prospectus filed June 23, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs add up to about $18 after one year, $58 after three, $101 after five and $230 after 10. The average among similar funds is 0.17%, and several charge less, including ICSH at 0.08%, Vanguard's VUSB at 0.10% and BNY Mellon's BKUI at 0.12%.