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JMST vs SHM: Differences, Returns & Fees

JMST's duration was 0.9 years on May 31, 2026 and SHM's 2.1 on Jun 30, 2026; JMST charges 0.18% to SHM's 0.20%. Net assets: $7.9bn on Oct 9, 2026 for JPMorgan Ultra-Short Municipal Income ETF, and $3.5bn on Oct 8, 2026 for State Street SPDR Nuveen ICE Short Term Municipal Bond ETF.

JMST costs 0.02 points a year less; their one-year returns differ by 1.9 points; JMST is 2.3 times larger.

JMSTSHM
Expense ratio0.18%0.20%
Net assets, as of Oct 8, 2026$7.8bn$3.5bn
Total return, 1 year+1.9%0.0%
What it tracksNo index, actively managedICE 1-5 Year AMT-Free Broad Municipal Index ?
Holdings in common2%

Holdings in common uses holdings dated May 31, 2026 and Jun 30, 2026.

+1.9%
JMST total return, 1 year
0.0%
SHM total return, 1 year
0.18%
JMST expense ratio
0.20%
SHM expense ratio

What they hold in common

By the books each fund has filed, JMST and SHM hold 2% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Jun 30, 2026.

half

2% in common

Positions both hold, largest shared weight first
Holding JMST SHM
Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A, due Jan 1, 2054 0.36% 0.21%
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025B, due Nov 15, 2064 0.33% 0.15%
State of Texas, Transportation Commission Mobility Fund, Series 2024, due Oct 1, 2028 0.14% 0.23%
University of Massachusetts Building Authority, Series 2026-2, due Nov 1, 2030 0.13% 0.13%
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1, due May 1, 2028 0.08% 0.08%
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series 2018B-3, due Aug 15, 2054 0.07% 0.11%
Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B-2, due Oct 1, 2060 0.07% 0.09%
State of Illinois, Series 2017D, due Nov 1, 2028 0.06% 0.23%
North Texas Tollway Authority, First Tier, Series 2024A, due Jan 1, 2029 0.08% 0.06%
Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2025, due Feb 15, 2029 0.18% 0.06%
Health and Educational Facilities Authority of the State of Missouri, Series 2021C, due May 1, 2052 0.30% 0.06%
State of Illinois, Series 2017C, due Nov 1, 2029 0.06% 0.06%
Only in JMST
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2021, Series 2021, Subseries EE2, due Jun 15, 2045 1.02%
State of Washington, Various Purpose, Series R-2026A, due Jul 1, 2029 0.90%
Alaska Housing Finance Corp., Home Mortgage, Series 2007A, due Dec 1, 2041 0.86%
State of Minnesota, Various Purpose, Series 2025D, due Aug 1, 2027 0.78%
Township of Woodbridge, due Oct 9, 2026 0.71%
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2025C-1, due Jul 1, 2055 0.71%
Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2026A, due May 19, 2027 0.68%
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series 2012B, due Nov 15, 2047 0.67%
Only in SHM
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE, due Oct 1, 2030 0.92%
CALIFORNIA ST, due Oct 1, 2027 0.69%
NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE, due Mar 15, 2029 0.61%
CALIFORNIA ST, due Mar 1, 2029 0.52%
CALIFORNIA ST, due Sep 1, 2028 0.49%
CALIFORNIA ST, due Sep 1, 2028 0.46%
NEW YORK NY, due Aug 1, 2027 0.44%
UNIV OF CALIFORNIA CA REVENUES, due May 15, 2027 0.41%

Check overlap with more funds →

On the same fields

JMST
JPMorgan Ultra-Short Municipal Income ETF
SHM
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF
Where it sits Bond ETF Bond ETF
Issuer JPMorgan State Street
What it is Actively managed Tracks an index
Total return, 1 year +1.9% 0.0%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −15.3 pts −17.3 pts
Expense ratio 0.18% 0.20%
Holdings 1851 1107
Net assets, JMST as of Oct 9, 2026 and SHM as of Oct 8, 2026 $7.9bn $3.5bn

JMST and SHM on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

JMST in plain words

JMST is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +1.9% with distributions reinvested. The prospectus expense ratio is 0.18% a year.

SHM in plain words

SHM tracks an index. Over the year to Oct 9, 2026 it returned 0.0% with distributions reinvested. The prospectus expense ratio is 0.20% a year.

Questions people ask

Which returned more over the last year, JMST or SHM?
In the year to Oct 9, 2026, with distributions reinvested, JMST returned +1.9% and SHM 0.0%.
Which is cheaper, JMST or SHM?
JMST is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
JMST vs MEARJMST vs SUBJMST vs VTESJMST vs TAFISHM vs SUBSHM vs VTESSHM vs SMMUMEAR vs SHM
JMST on its own →SHM on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
JMST filings on SEC EDGAR ↗JMST prospectus with the expense ratio (SEC) ↗JPMorgan website ↗SHM filings on SEC EDGAR ↗SHM prospectus with the expense ratio (SEC) ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, JMST against SHM, data as of Oct 9, 2026. https://etfiq.com/compare/any/jmst-vs-shm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.