JMSTvsAAAETF Comparison
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JPMorgan Ultra-Short Municipal Income ETF (JMST) belongs to the Municipal Bonds segment. AXS First Priority CLO Bond ETF (AAA) is part of the US Corporate IG Bonds segment. JMST's top 2 sector exposures are Municipal and Sovereign. In contrast, AAA's top sector exposures are Industrials and Finance. JMST is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.25% for AAA. JMST is up 1.89% year-to-date (YTD) with +$1.85B in YTD flows. AAA performs better with 3.8% YTD performance, and +$30M in YTD flows. Run a side-by-side ETF comparison of JMST and AAA 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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JMST vs AAA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/26/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JMST AAA | +0.96%+0.28% | +0.65%+1.11% | +1.89%+3.80% | +2.44%+4.78% | +10.20%+18.61% | +12.83%+26.75% |
| Flows | JMST AAA | +$597M+$3M | +$1.14B+$27M | +$1.85B+$30M | +$3.09B+$30M | +$5.73B+$65M | +$6.00B+$63M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JMST AAA | +0.78%+0.34% | +0.49%+0.46% | +0.44%+1.12% | +0.46%+1.42% |
| Max drawdown | JMST AAA | -0.60%-0.04% | -0.60%-0.06% | -0.60%-0.86% | -0.92%-2.37% |
| Max drawdown duration | JMST AAA | 45d4d | 45d3d | 45d26d | 337d375d |
Trading data
JMST | AAA | |
Last sale 10/27/2026 at 1:30 PM | $24.92 | |
| Previous close 10/26/2026 | $24.77 | |
| Consolidated volume 10/26/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/27/2026 at 1:30 PM
Live
Closed
JMST | AAA | |
|---|---|---|
| Last price | – | $24.92 |
| 1D performance | – | +0.61% |
| AuM | $8.24 B | $72.59 M |
| E/R | 0.18% | 0.25% |
Characteristics
JMST | AAA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | J.P. Morgan Asset Management | AXS Investments |
| Benchmark | - | - |
| N° of holdings | 483 | 8 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 16, 2018 | September 9, 2020 |
| ESG | No | No |
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Exposure
Countries
JMST
USA
25.31%
Other
74.69%
AAA
USA
22.83%
Other
77.17%
Sectors
JMST
Municipal
24.23%
Other
75.77%
AAA
Industrials
18.19%
Other
81.81%
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Diversification
JMST
Total weight of top 15 holdings out of 15
11.08%
AAA
Total weight of top 15 holdings out of 15
60.18%
Top 15 holdings
Data as of August 31, 2026
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%
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%
Frequently asked questions about JMST and AAA
How have the JMST and AAA ETFs performed in 2026?
As of October 26, 2026, JMST is up 1.89% year-to-date (YTD), while AAA has returned 3.8%. That puts AAA better performer ahead so far this year.
Which ETF is attracting more investor money: JMST or AAA?
Year-to-date, the JMST ETF saw +$1.85B in flows, compared to +$30M for AAA.
Which ETF is more volatile: JMST or AAA?
Over the past year, JMST had a volatility of 0.49%, while AAA experienced 0.46%.
Which ETF is bigger: JMST or AAA?
As of October 26, 2026, JMST holds $8.24 B in assets under management (AUM), while AAA manages $72.59 M.
What sectors do the JMST and AAA ETFs invest in?
JMST leans toward sectors like Municipal. Meanwhile, AAA focuses on Industrials.
What are the top holdings of the JMST ETF and AAA ETF?
JMST top holdings include USA, Bills 0% 10sep2026, USD (182D), US64972GZB30 and US93974FDR10. AAA holds in its top three: Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A), LCM 38A, FRN 4nov2038, USD (ABS, AR2) and US482937AJ80.
Which ETF is more diversified: JMST or AAA?
JMST holds 1542 securities with 11.08% of its assets in the top 15. AAA has 35 securities and a top 15 weight of 60.18%.
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Latest news about JMST & AAA
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