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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
GWS
476
Greykasell Wealth Strategies
California
$22.4K +$22.4K +440 New
NEWAS
477
N.E.W. Advisory Services
Wisconsin
$21.6K +$21.5K +424 New
US Bancorp
478
US Bancorp
Minnesota
$19.8K – – –
TSMHT
479
Thurston Springer Miller Herd & Titak
Indiana
$19.1K +$19.1K +375 New
SRCM
480
Signature Resources Capital Management
California
$18.6K – – –
FGAM
481
Financial Gravity Asset Management
Texas
$13.7K +$13.7K +270 New
MFS
482
Mattson Financial Services
Michigan
$11.8K +$11.8K +233 New
GSWM
483
Golden State Wealth Management
California
$10.7K +$51 +1 +0.5%
T
484
Tidemark
California
$9.81K – – –
EPW
485
Evergreen Private Wealth
Colorado
$8.29K – – –
CFP
486
Comprehensive Financial Planning
Pennsylvania
$7.82K – – –
RFG
487
REAP Financial Group
Texas
$5.34K – – –
CFD
488
Creative Financial Designs
Indiana
$5.08K +$5.08K +100 New
AWM
489
AE Wealth Management
Kansas
$4.17K +$3.46K +68 +486%
FNWA
490
Financial Network Wealth Advisors
Utah
$2.34K +$1.27K +25 +119%
CWP
491
Concord Wealth Partners
Virginia
$966 +$966 +19 New
IAA
492
Independent Advisor Alliance
North Carolina
– -$6.44M -126,903 Closed
AAS
493
Ameritas Advisory Services
Nebraska
– -$5.02M -99,029 Closed
MWM
494
Modera Wealth Management
New Jersey
– -$1.15M -22,581 Closed
MA
495
MONECO Advisors
Connecticut
– -$555K -10,939 Closed
IDA
496
Intelligence Driven Advisers
California
– -$511K -10,078 Closed
AAS
497
Annex Advisory Services
Wisconsin
– -$487K -9,608 Closed
SWM
498
SFG Wealth Management
Maryland
– -$478K -9,422 Closed
RHP
499
Royal Harbor Partners
Texas
– -$451K -8,886 Closed
CWM
500
Connecticut Wealth Management
Connecticut
– -$444K -8,765 Closed
17 18 19
20
21

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.