# Portfolio overlap — JMST vs VTES Comparing **JPMorgan Ultra-Short Municipal Income ETF** (2026-02-28) and **VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF** (2026-02-28). - Shared positions: 252 - JPMorgan Ultra-Short Municipal Income ETF covered by VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF: 0.02808239197178717820077013839 - VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF covered by JPMorgan Ultra-Short Municipal Income ETF: 0.02808239197178717820077013837 ## JPMorgan Ultra-Short Municipal Income ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | JPMorgan Institutional Tax Free Money Market Fund, Class IM | 0.134331 | | | NYC MUNI WTR FIN AUTH | 0.010635 | | | WASHINGTON ST-R-2026A | 0.009574 | | | State of Minnesota, Various Purpose, Series 2025D | 0.008230 | | | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES | 0.007787 | | | Township of Woodbridge | 0.007425 | | | Maryland Health & Higher Educational Facilities Authority, Series 2025 C-1 | 0.007363 | | | Tarrant County Cultural Education Facilities Finance Corp., Series 2012, RB | 0.007023 | | | County of Hamilton Sales Tax | 0.006970 | | | NYC TRANSTNL-C6-VAR | 0.006545 | | | HOUSTON TX UTILITY SYS REVENUE CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE | 0.006545 | | | NYC GEN OBLIG-A-4 | 0.006545 | | | MASSACHUSETTS ST DEV FIN AGY REVENUE | 0.006545 | | | City of Bristol | 0.006225 | | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Variable Rate Series 2020 | 0.006218 | | | Township of Hamilton | 0.006116 | | | Township of Parsippany-Troy Hills | 0.005990 | | | Township of Livingston | 0.005910 | | | City of Hudson, Limited Tax | 0.005855 | | | SAINT LUCIE CNTY FL POLL CONTR COUNTY OF ST LUCIE FL | 0.005849 | | | NYC WTR-AA-2 | 0.005727 | | | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2025A | 0.005665 | ✓ | | State of Louisiana, Series 2023 A-2 | 0.005547 | | | San Antonio Water System, Subordinate Lien, Series 2024A | 0.005449 | | | MICHIGAN ST BLDG AUTH REVENUE | 0.005400 | | | Maine School Administrative District No. 51, Series 2025B | 0.005386 | | | COLORADO SPRINGS CO UTILITIES REVENUE | 0.005301 | | | Township of Teaneck | 0.005205 | | | Clark County School District, Series 2025B | 0.005170 | ✓ | | Spartanburg County School District No. 7 | 0.005126 | | | Township of Cherry Hill | 0.004950 | | | City of Albany | 0.004913 | | | VALDEZ AK MARINE TERMINAL REVE VALTRN 05/31 ADJUSTABLE VAR | 0.004909 | | | DELAWARE VLY REG-B | 0.004909 | | | TNDR OPT-FLTR-046 | 0.004909 | | | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE | 0.004660 | | | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 2.65000000 | 0.004598 | | | JERSEY CITY NJ | 0.004398 | | | Township of Edison | 0.004282 | | | Township of West Windsor | 0.004249 | | | BLACK BELT ENERGY GAS FRN | 0.004208 | | | Town of South Kingstown, Series 2025-1 | 0.004111 | | | Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024, RB | 0.004091 | | | Alaska Housing Finance Corp., Home Mortgage, Series 2007A | 0.004091 | | | University of Colorado Hospital Authority, Series 2018, RB | 0.004091 | | | City of Jacksonville, Health Care Facilities, Baptist Health | 0.004091 | | | City of Sea Isle City | 0.004079 | | | Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series 2025, Subseries C-3 | 0.004038 | | | MONMOUTH COUNTY IMPROVEMENT AUTHORITY/THE | 0.004018 | | | City of Houston | 0.003846 | | ## VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Vanguard Municipal Cash Management Fund | 0.021044 | | | NYC TRANSITIONAL-G-1 | 0.003163 | | | CALIFORNIA ST-REF | 0.002916 | | | NEW JERSEY ST ECON DEV AUTH REVENUE | 0.002674 | | | Dallas Independent School District, Series 2026B | 0.002671 | | | State of Illinois, Series D | 0.002608 | ✓ | | State of New Jersey, Series 2020A | 0.002551 | ✓ | | New Jersey Transportation Trust Fund Authority, Series 2016A1 | 0.002468 | | | Wyandotte County Unified School District No. 500, Series A | 0.002303 | | | E CO AWP JT PWRS-A-1 | 0.002274 | | | CA REGENTS UNIV-CD | 0.002141 | | | OH WTR DEV AUTH | 0.002138 | | | LOS ANGELES UNIF SD-A | 0.002017 | | | State of New Jersey, Series A | 0.001950 | ✓ | | NEW YORK-G-G-1 | 0.001902 | | | State of New Jersey, Series 2020A | 0.001871 | | | Los Angeles Department of Water & Power, Series 2025A | 0.001852 | | | OHIO WTR DEV AUTH-A | 0.001835 | | | Bay Area Toll Authority, Series 2026A | 0.001826 | | | State of New Jersey, Series 2020A | 0.001824 | | | State of New Jersey, Series 2020A | 0.001800 | ✓ | | LOS ANGELES DEPT-C | 0.001769 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.001768 | | | UNIV OF TEXAS UNIV-A | 0.001724 | | | NJ TPK AUTH-B | 0.001711 | | | MASSACHUSETTS ST | 0.001667 | | | State of California, Series 2025, GO Bonds | 0.001661 | | | State of New Jersey, Series 2020A | 0.001636 | | | Virginia Public Building Authority, Series 2021A-1 | 0.001600 | | | UNIV OF PITTSBURGH PA OF THE C REGD B/E 5.00000000 | 0.001599 | | | State of California, Series 2023 | 0.001598 | | | WI ST GF APP 5% 5/1/2026Q | 0.001569 | | | NEW YORK CITY-C-REF | 0.001561 | | | KY ST PROP 5% 11/1/2027 | 0.001536 | ✓ | | State of California, Series 2007 | 0.001534 | | | WASHINGTON ST WAS 07/26 FIXED 4 | 0.001512 | | | State of North Carolina, Series 2019 | 0.001481 | | | SOUTH CAROLINA ST ASSN OF GOVTL ORGANIZATIONS COPS | 0.001474 | | | CT HLTH & EDUCTNL-B-2 | 0.001467 | | | DE VLY FIN -A | 0.001437 | | | NJ TRANSPRTN TRUST-A | 0.001436 | | | GREAT LAKES WTR AUTH- | 0.001436 | ✓ | | E CO AWP JT PWRS-A-2 | 0.001428 | | | State of California | 0.001425 | | | State of Maryland | 0.001421 | | | NEW YORK MUNI WTR-AA2 | 0.001413 | | | STATE OF CALIFORNIA 5.0% 04-01-29 | 0.001402 | | | Washington Metropolitan Area Transit Authority, Series 2021A | 0.001343 | ✓ | | State of California, Series 2017 | 0.001342 | | | GUILFORD CO | 0.001340 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-009312` (as of 2026-02-28) - N-PORT (fund B) — accession `0000105563-26-000162` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _