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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
Northwestern Mutual Wealth Management
1
Northwestern Mutual Wealth Management
Wisconsin
$160M +$38M +748,311 +31%
Bank of America
2
Bank of America
North Carolina
$156M +$6.8M +133,795 +5%
LPL Financial
3
LPL Financial
California
$138M +$19.4M +382,544 +16%
Fidelity Investments
4
Fidelity Investments
Massachusetts
$86.2M -$7.21M -141,848 -8%
Wells Fargo
5
Wells Fargo
California
$67.3M +$20.6M +405,158 +44%
RCA
6
Resonant Capital Advisors
Wisconsin
$65.1M +$5.5M +108,157 +9%
B
7
Bailard
California
$52.7M +$9.08M +178,723 +21%
SL
8
Salomon & Ludwin
Virginia
$51.7M -$523K -10,300 -1%
Corient Private Wealth
9
Corient Private Wealth
Florida
$46.7M +$11.3M +222,840 +32%
Renaissance Technologies
10
Renaissance Technologies
New York
$45.9M +$6.83M +134,493 +18%
JP Morgan Chase
11
JP Morgan Chase
New York
$43.8M -$2.66M -52,411 -6%
NP
12
NorthRock Partners
Minnesota
$41.8M +$6.97M +137,178 +20%
Bank of New York Mellon
13
Bank of New York Mellon
New York
$36.5M +$267K +5,259 +0.7%
UBS Group
14
UBS Group
Switzerland
$33.8M +$2.51M +49,460 +8%
Thrivent Financial for Lutherans
15
Thrivent Financial for Lutherans
Minnesota
$32.7M +$2.03M +40,004 +7%
HWM
16
HB Wealth Management
Georgia
$32.5M +$3.02M +59,415 +10%
WAM
17
Weatherly Asset Management
California
$30.9M +$1.15M +22,590 +4%
FWA
18
FSM Wealth Advisors
Ohio
$30.3M +$31.6K +621 +0.1%
AWE
19
Avidian Wealth Enterprises
Texas
$29.8M +$27M +531,517 +982%
Raymond James Financial
20
Raymond James Financial
Florida
$27.9M +$5.57M +109,667 +25%
Osaic Holdings
21
Osaic Holdings
Arizona
$27.8M +$6.31M +124,123 +29%
Cerity Partners
22
Cerity Partners
New York
$27.4M +$755K +14,854 +3%
GWM
23
Global Wealth Management
New Jersey
$26.3M +$6.17M +121,460 +31%
BA
24
Bridgewater Advisors
New York
$25M +$40K +788 +0.2%
Cambridge Investment Research Advisors
25
Cambridge Investment Research Advisors
Iowa
$24.9M +$9.38M +184,559 +61%
1
2 3 4 5

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.