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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
FT
26
Fiduciary Trust
Massachusetts
$24.5M -$10.3M -201,767 -30%
CAMG
27
CWA Asset Management Group
Florida
$24.3M +$2.13M +41,931 +10%
GVAG
28
Great Valley Advisor Group
Delaware
$24.2M +$3.37M +66,338 +16%
Envestnet Asset Management
29
Envestnet Asset Management
Illinois
$22.6M +$11.4M +224,977 +103%
IWC
30
Integrated Wealth Concepts
Massachusetts
$22.2M -$2.59M -51,018 -10%
HighTower Advisors
31
HighTower Advisors
Illinois
$22M +$1.83M +35,927 +9%
Focus Partners Wealth
32
Focus Partners Wealth
Massachusetts
$21.9M -$3.1M -61,074 -12%
Carson Wealth (CWM LLC)
33
Carson Wealth (CWM LLC)
Nebraska
$21.3M +$1.12M +22,024 +6%
GSIS
34
Global Strategic Investment Solutions
Arizona
$20.6M +$1.5M +29,485 +8%
Royal Bank of Canada
35
Royal Bank of Canada
Ontario, Canada
$20.4M +$1.91M +37,544 +10%
TC
36
Trust Company
Kansas
$20.1M +$10.5M +205,905 +108%
Commonwealth Equity Services
37
Commonwealth Equity Services
Massachusetts
$19.7M +$8.14M +160,109 +71%
AO
38
Advisor OS
Illinois
$18.9M +$749K +14,730 +4%
MA
39
MJP Associates
Connecticut
$18.9M +$861K +16,949 +5%
CCWA
40
CLA (CliftonLarsonAllen) Wealth Advisors
Minnesota
$18.9M -$921K -18,120 -5%
Mariner
41
Mariner
Kansas
$18.8M -$77.2K -1,519 -0.4%
Jane Street
42
Jane Street
New York
$15.8M +$15.8M +310,375 New
Wealth Enhancement Advisory Services
43
Wealth Enhancement Advisory Services
Minnesota
$15.4M -$684K -13,456 -4%
CAPTRUST Financial Advisors
44
CAPTRUST Financial Advisors
North Carolina
$14.8M +$3.48M +68,542 +31%
Lido Advisors
45
Lido Advisors
California
$14.8M +$9.08M +178,678 +160%
NA
46
NewEdge Advisors
Louisiana
$13.3M +$1.38M +27,192 +12%
Cetera Investment Advisers
47
Cetera Investment Advisers
Illinois
$12.7M +$5.24M +103,155 +70%
TCM
48
TD Capital Management
Tennessee
$12.6M +$57.4K +1,129 +0.5%
MWC
49
MBM Wealth Consultants
Missouri
$12.4M -$428K -8,429 -3%
ICP
50
Interchange Capital Partners
Pennsylvania
$12.4M +$4.01M +78,877 +48%
1
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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.