# Portfolio overlap — JMUB vs USMSX Comparing **JPMorgan Municipal ETF** (2026-02-28) and **JPMorgan Ultra-Short Municipal Fund** (2026-02-28). - Shared positions: 48 - JPMorgan Municipal ETF covered by JPMorgan Ultra-Short Municipal Fund: 0.1172502081334607859136261121 - JPMorgan Ultra-Short Municipal Fund covered by JPMorgan Municipal ETF: 0.1172502081334607859136261121 ## JPMorgan Municipal ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | JPMorgan Institutional Tax Free Money Market Fund, Class IM | 0.097030 | ✓ | | CA CCEDEV 5 03/01/2036 | 0.009795 | | | OH BUCGEN 5 06/01/2055 | 0.006160 | | | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.005559 | | | CALIFORNIA COMMUNITY VAR | 0.005521 | | | County of Utah UT | 0.004864 | | | BLACK BELT ENERGY GAS DISTRICT (MPT) 5.0% 03-01-55 | 0.004780 | | | PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 | 0.004722 | | | LONG ISLAND PWR-B | 0.004716 | | | MAIN STR NAT GA 5% 12/1/2052 MT | 0.004454 | | | ILLINOIS ST FIN AUTH REVENUE | 0.004077 | | | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE | 0.003961 | | | CALIFORNIA COMMUNITY VAR | 0.003850 | | | TX SANUTL 02/01/2055 | 0.003786 | | | TX DALAPT 11/01/2050 | 0.003727 | | | WY CAMUTL 3.62 07/15/2039 | 0.003686 | | | MONTGOMERY INDL 0% 10/1/2053 MT | 0.003614 | | | MD HLTH & HGR EDU-B | 0.003474 | | | FRANKLIN HOSP-VAR-REF | 0.003474 | | | District of Columbia, Series 2025A | 0.003453 | | | SALES TAX SECURTZTN-C | 0.003429 | | | LOWER AL GAS DT-A-REF | 0.003418 | | | Harris County Cultural Education Facilities Finance Corp., Series 2024F | 0.003352 | | | ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.75000000 | 0.003099 | | | Salt River Project Agricultural Improvement & Power District, Series 2025, RB | 0.002951 | | | TX TAREDU 11/15/2064 | 0.002867 | | | TX TXSUTL 01/01/2055 | 0.002816 | | | MAIN STR NAT GA 5% 5/1/2055 MT | 0.002782 | | | OHIO ST UNIV REGD V/R B/E 2.35000000 | 0.002779 | | | State of Illinois, Series 2025D | 0.002772 | | | MAIN STR NAT GA 5% MT | 0.002753 | | | Grossmont-Cuyamaca Community College District, Election of 2002, Series 2008C | 0.002696 | | | NY TRNSPRTN DEV-AMT | 0.002690 | | | Main Street Natural Gas, Inc., Series 2025B | 0.002651 | | | TN TNSUTL 5 11/01/2034 | 0.002540 | | | NEW YORK MUNI WTR-AA2 | 0.002539 | | | MUNIBOND | 0.002506 | | | NOVELIS CORP (MPT) 5.0% 06-01-55 | 0.002473 | | | OHIO WTR DEV AUTH-A | 0.002470 | | | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE | 0.002394 | | | State of Washington, Various Purpose, Series 2026C | 0.002373 | | | Bergen County Improvement Authority (The), Series 2025 A | 0.002371 | ✓ | | RESTRUCTURED-SER A-2 | 0.002367 | | | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5 | 0.002342 | | | State of Washington, Series 2026C | 0.002323 | | | State of North Carolina, Series 2019 | 0.002292 | | | MUNIBOND | 0.002286 | | | AL BBEUTL 5 07/01/2033 | 0.002260 | | | Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2015, VRD RB | 0.002258 | | | STRN UT INDN CO 5% 4/1/2035 | 0.002257 | | ## JPMorgan Ultra-Short Municipal Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | JPMorgan Institutional Tax Free Money Market Fund, Class IM | 0.150399 | ✓ | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Variable Rate Series 2020 | 0.013856 | | | TNDR OPT-FLTR-046 | 0.012435 | | | BLACK BELT ENERGY GAS FRN | 0.010132 | | | OHIO ST UNIV REGD V/R B/E 2.15000000 | 0.009897 | | | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Series 2024B | 0.009897 | | | NY NYCGEN 08/01/2042 | 0.009897 | | | NEW YORK-I-3 | 0.009897 | | | Township of Woodbridge | 0.008799 | | | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES | 0.008720 | | | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project, Series 2018C | 0.008710 | | | Croton-Harmon Union Free School District, Series 2025A | 0.007960 | | | Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Thedacare Health Inc.), Series 2025, RB | 0.007918 | | | VALDEZ AK MARINE TERMINAL REVE VALTRN 05/31 ADJUSTABLE VAR | 0.007918 | | | WI ST-B-REF | 0.007918 | | | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE | 0.007918 | | | County of Hamilton Sales Tax | 0.007343 | ✓ | | Township of Hamilton | 0.007199 | | | City of Bristol | 0.006970 | | | MICHIGAN ST BLDG AUTH REVENUE | 0.006730 | | | NYC MUNI WTR FIN-BB4 | 0.006730 | | | Spartanburg County School District No. 7 | 0.006401 | | | MONMOUTH COUNTY IMPROVEMENT AUTHORITY/THE | 0.006149 | | | City of Hudson, Limited Tax | 0.006140 | | | Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project | 0.006018 | | | Town of South Kingstown, Series 2025-1 | 0.005969 | | | State of Ohio, Series 2019, RB | 0.005938 | | | Lynchburg Economic Development Authority, Series 2017 B | 0.005938 | | | MISSISSIPPI ST BUSINESS FIN COMMISSION GULF OPPORTUNITY ZONE | 0.005938 | | | Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Series 2008-A | 0.005938 | | | MO HLTH & EDU FACS-F | 0.005820 | | | Bergen County Improvement Authority (The), Series 2025 A | 0.005563 | ✓ | | JERSEY CITY NJ | 0.005360 | | | TX TMGUTL 01/01/2054 | 0.005222 | ✓ | | Township of Parsippany-Troy Hills | 0.004806 | | | City of Shenandoah, Iowa Sewer Capital Loan Project | 0.004730 | | | City of Houston | 0.004673 | | | PENNSYLVANIA CMWLTH-A | 0.004653 | | | Somerville, Massachusetts, General Obligation Bonds, Bond Anticipation Notes Series 2025B | 0.004593 | | | Town of Westford | 0.004368 | | | Gouverneur Central School District | 0.004297 | ✓ | | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 05/53 FLOATING VAR | 0.004020 | | | Township of Piscataway | 0.004006 | | | City of Utica | 0.004005 | | | Township of Edison | 0.004005 | | | Township of West Windsor | 0.004005 | | | Altmar-Parish-Williamstown Central School District, Series 2025B | 0.003979 | | | Hudson County Improvement Authority, Local Unit Loan Program, Series B-1 | 0.003979 | | | West Seneca Central School District | 0.003979 | | | Burlington County Bridge Commission, Government Leasing Program, Series 2025D | 0.003963 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-009323` (as of 2026-02-28) - N-PORT (fund B) — accession `0002071691-26-009325` (as of 2026-02-28) --- _Informational only — not investment advice. 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