AAAvsJMSTETF Comparison
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AXS First Priority CLO Bond ETF (AAA) belongs to the US Corporate IG Bonds segment. JPMorgan Ultra-Short Municipal Income ETF (JMST) is part of the Municipal Bonds segment. AAA's top 2 sector exposures are Industrials and Finance. In contrast, JMST's top sector exposures are Municipal and Sovereign. AAA is more expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.18% for JMST. AAA is up 3.67% year-to-date (YTD) with +$30M in YTD flows. JMST performs worse with 1.53% YTD performance, and +$1.67B in YTD flows. Run a side-by-side ETF comparison of AAA and JMST below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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AAA vs JMST performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | AAA JMST | +0.28%+0.18% | +1.15%+0.29% | +3.67%+1.53% | +4.84%+2.11% | +18.61%+9.84% | +26.62%+12.39% |
| Flows | AAA JMST | +$5M+$592M | +$27M+$940M | +$30M+$1.67B | +$30M+$3.02B | +$65M+$5.55B | +$63M+$5.84B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | AAA JMST | +0.34%+0.73% | +0.46%+0.46% | +1.12%+0.44% | +1.42%+0.45% |
| Max drawdown | AAA JMST | -0.04%-0.60% | -0.06%-0.60% | -0.86%-0.60% | -2.37%-0.92% |
| Max drawdown duration | AAA JMST | 4d45d | 3d45d | 26d45d | 375d337d |
Trading data
AAA | JMST | |
Last sale 10/16/2026 at 1:30 PM | $24.78 | |
| Previous close 10/15/2026 | $24.83 | |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
AAA | JMST | |
|---|---|---|
| Last price | $24.78 | – |
| 1D performance | -0.21% | – |
| AuM | $72.50 M | $8.02 B |
| E/R | 0.25% | 0.18% |
Characteristics
AAA | JMST | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | AXS Investments | J.P. Morgan Asset Management |
| Benchmark | - | - |
| N° of holdings | 8 | 483 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 9, 2020 | October 16, 2018 |
| ESG | No | No |
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Exposure
Countries
AAA
USA
22.83%
Other
77.17%
JMST
USA
25.31%
Other
74.69%
Sectors
AAA
Industrials
18.19%
Other
81.81%
JMST
Municipal
24.23%
Other
75.77%
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Diversification
AAA
Total weight of top 15 holdings out of 15
60.18%
JMST
Total weight of top 15 holdings out of 15
11.08%
Top 15 holdings
Data as of August 31, 2026
AAA
Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A)
4.64%
LCM 38A, FRN 4nov2038, USD (ABS, AR2)
4.64%
US482937AJ80
4.63%
US55819MBC91
4.63%
Carlyle US CLO 2019-4A, FRN 22jun2039, USD (ABS, A12)
4.63%
US03768UAG40
4.63%
US73052VAN55
4.63%
US83013NAC48
4.62%
US64130TBJ34
4.62%
US03766HAQ39
3.09%
Fortress Credit BSL 2024-4A, FRN 15jan2038, USD (ABS, A)
3.09%
US03166GAA67
3.09%
US15032EAY59
3.09%
US149791BG90
3.09%
US92919AAN46
3.08%
JMST
USA, Bills 0% 10sep2026, USD (182D)
1.08%
US64972GZB30
0.97%
US93974FDR10
0.85%
US01170PBW59
0.80%
US60412A2K82
0.74%
US424092HZ03
0.71%
US644894QC44
0.68%
US6492284K61
0.68%
US57421CHW73
0.67%
US9788624C19
0.67%
US650860AZ26
0.66%
US543077YT22
0.66%
US083773EE76
0.64%
US87638TEH23
0.64%
District of Columbia, FRN 1jun2051, USD (2026C)
0.63%
Frequently asked questions about AAA and JMST
How have the AAA and JMST ETFs performed in 2026?
As of October 15, 2026, AAA is up 3.67% year-to-date (YTD), while JMST has returned 1.53%. That puts AAA better performer ahead so far this year.
Which ETF is attracting more investor money: AAA or JMST?
Year-to-date, the AAA ETF saw +$30M in flows, compared to +$1.67B for JMST.
Which ETF is more volatile: AAA or JMST?
Over the past year, AAA had a volatility of 0.46%, while JMST experienced 0.46%.
Which ETF is bigger: AAA or JMST?
As of October 15, 2026, AAA holds $72.50 M in assets under management (AUM), while JMST manages $8.02 B.
What sectors do the AAA and JMST ETFs invest in?
AAA leans toward sectors like Industrials. Meanwhile, JMST focuses on Municipal.
What are the top holdings of the AAA ETF and JMST ETF?
AAA top holdings include Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A), LCM 38A, FRN 4nov2038, USD (ABS, AR2) and US482937AJ80. JMST holds in its top three: USA, Bills 0% 10sep2026, USD (182D), US64972GZB30 and US93974FDR10.
Which ETF is more diversified: AAA or JMST?
AAA holds 35 securities with 60.18% of its assets in the top 15. JMST has 1542 securities and a top 15 weight of 11.08%.
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Latest news about AAA & JMST
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