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JPMorgan Ultra-Short Municipal Income ETF
JMST

491 hedge funds and large institutions have $2.67B invested in JPMorgan Ultra-Short Municipal Income ETF in 2025 Q1 according to their latest regulatory filings, with 65 funds opening new positions, 239 increasing their positions, 143 reducing their positions, and 26 closing their positions.

New
Increased
Maintained
Reduced
Closed

150% more first-time investments, than exits

New positions opened: 65 | Existing positions closed: 26

67% more repeat investments, than reductions

Existing positions increased: 239 | Existing positions reduced: 143

17% more funds holding in top 10

Funds holding in top 10: 18 → 21 (+3)

14% more capital invested

Capital invested by funds: $2.35B → $2.67B (+$323M)

7% more funds holding

Funds holding: 459 → 491 (+32)

1.45% less ownership

Funds ownership: 76.74% → 75.29% (-1.4%)

Holders
491
Holders Change
+32
Holders Change %
+6.97%
% of All Funds
6.58%
Holding in Top 10
21
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+16.67%
% of All Funds
0.28%
New
65
Increased
239
Reduced
143
Closed
26
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Northwestern Mutual Wealth Management
Northwestern Mutual Wealth Management
Wisconsin
+$38M
2
AWE
Avidian Wealth Enterprises
Texas
+$27M
3
Wells Fargo
Wells Fargo
California
+$20.6M
4
LPL Financial
LPL Financial
California
+$19.4M
5
Jane Street
Jane Street
New York
+$15.8M

Top Sellers

1
TW
Transform Wealth
Colorado
-$10.4M
2
FT
Fiduciary Trust
Massachusetts
-$10.3M
3
Fidelity Investments
Fidelity Investments
Massachusetts
-$7.21M
4
CG
CFO4Life Group
Texas
-$6.77M
5
IAA
Independent Advisor Alliance
North Carolina
-$6.44M
Name Holding Trade Value Shares
Change 		Change in
Stake
FA
426
Flagstar Advisors
New York
$250K +$250K +4,923 New
TCWM
427
Total Clarity Wealth Management
Illinois
$244K – – –
JMFC
428
J.M. Forbes & Co
Massachusetts
$243K -$762 -15 -0.3%
MF
429
Meridian Financial
Massachusetts
$240K -$15.2K -299 -6%
Kovitz Investment Group Partners
430
Kovitz Investment Group Partners
Illinois
$240K +$240K +4,716 New
IFG
431
Independent Financial Group
California
$236K +$236K +4,640 New
SAM
432
Smartleaf Asset Management
Massachusetts
$235K +$40.5K +797 +21%
CFP
433
Curran Financial Partners
South Carolina
$234K +$234K +4,609 New
SPA
434
Shore Point Advisors
New Jersey
$234K +$1.68K +33 +0.7%
HFW
435
Horizon Family Wealth
Illinois
$232K +$15.7K +309 +7%
RFP
436
Root Financial Partners
California
$231K -$11K -216 -5%
GAA
437
Guardian Asset Advisors
Pennsylvania
$231K +$3.25K +64 +1%
CPIG
438
Chicago Partners Investment Group
Illinois
$229K +$229K +4,511 New
DWT
439
Dorsey & Whitney Trust
South Dakota
$227K -$10.9K -214 -5%
AssetMark Inc
440
AssetMark Inc
California
$226K +$170K +3,338 +302%
HCM
441
Hutchinson Capital Management
California
$226K – – –
GIA
442
Gladstone Institutional Advisory
Florida
$225K +$225K +4,429 New
SIM
443
Stratos Investment Management
Ohio
$225K +$225K +4,421 New
SWP
444
Semus Wealth Partners
Florida
$224K +$1.63K +32 +0.7%
CA
445
Continuum Advisory
Idaho
$218K – – –
HSWM
446
Hubbell Strickland Wealth Management
Louisiana
$211K – – –
BNP Paribas Financial Markets
447
BNP Paribas Financial Markets
France
$208K -$2.41M -47,423 -92%
PFA
448
Pathway Financial Advisors
Vermont
$202K -$8.13K -160 -4%
SFC
449
Strategic Financial Concepts
Texas
$200K +$200K +3,938 New
CFO
450
CVA Family Office
Colorado
$196K +$120K +2,365 +160%
16 17
18
19 20

JMST Hedge Fund Activity: Q1 2025 in Review

491 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in JPMorgan Ultra-Short Municipal Income ETF (JMST) for Q1 2025, worth a combined $2.67B — up 14% from $2.35B a quarter earlier.

Buyers outnumbered sellers: 65 funds opened new JMST positions and 26 closed out — a net gain of 39 holders — while 239 added to existing stakes and 143 trimmed.

The largest buyer was Northwestern Mutual Wealth Management, adding an estimated $38M. The largest seller was Transform Wealth, cutting an estimated $10.4M.

  • 491 institutional investors held JPMorgan Ultra-Short Municipal Income ETF (JMST) as of Q1 2025, up from 459 in Q4 2024.
  • Funds reported $2.67B of JPMorgan Ultra-Short Municipal Income ETF stock for Q1 2025, up 14% quarter-over-quarter.
  • 65 funds opened new JPMorgan Ultra-Short Municipal Income ETF positions in Q1 2025 and 26 closed out, a net change of +39 holders.
  • The largest JPMorgan Ultra-Short Municipal Income ETF buyer in Q1 2025 was Northwestern Mutual Wealth Management, an estimated $38M added.
  • The largest JPMorgan Ultra-Short Municipal Income ETF seller in Q1 2025 was Transform Wealth, an estimated $10.4M sold.

Based on aggregated 13F filings for Q1 2025.