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JMST vs SMMU: Differences, Returns & Fees

JMST's duration was 0.9 years on May 31, 2026 and SMMU's 1.7 on Jun 30, 2026; JMST charges 0.18% to SMMU's 0.35%. Net assets: $7.9bn on Oct 9, 2026 for JPMorgan Ultra-Short Municipal Income ETF, and $1.1bn on Jun 30, 2026 for PIMCO Short Term Municipal Bond Active Exchange-Traded Fund.

JMST costs 0.17 points a year less; their one-year returns differ by 0.8 points.

JMSTSMMU
Expense ratio0.18%0.35%
Net assets, JMST as of Oct 9, 2026 and SMMU as of Jun 30, 2026$7.9bn$1.1bn
Total return, 1 year+1.9%+1.1%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common1%

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

+1.9%
JMST total return, 1 year
+1.1%
SMMU total return, 1 year
0.18%
JMST expense ratio
0.35%
SMMU expense ratio

What they hold in common

By the books each fund has filed, JMST and SMMU hold 1% 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

1% in common

Positions both hold, largest shared weight first
Holding JMST SMMU
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2024C, due Jul 1, 2054 0.17% 0.18%
Michigan State Building Authority, Multi Modal Program, Series III, due Oct 15, 2042 0.14% 0.09%
Capital Area Housing Finance Corp., Redwood Apartments, Series 2020, due Jan 1, 2041 0.07% 0.28%
Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1, due Oct 1, 2062 0.06% 0.18%
Arkansas Development Finance Authority, Single Family Mortgage-Backed Securities Loan Program, Series 2026B, due Jul 1, 2057 0.05% 0.56%
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2019B-3, due Jul 1, 2049 0.05% 0.22%
University of Massachusetts Building Authority, Series 2026-2, due Nov 1, 2031 0.04% 0.24%
Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-2, due Aug 1, 2049 0.03% 0.15%
Michigan State Housing Development Authority, Clark Road Family Apartments, Series 2023, due Dec 1, 2042 0.02% 0.14%
Indiana Finance Authority, Ascension Senior Credit Group, Series 2025A-1, due Nov 15, 2028 0.02% 0.40%
Energy Northwest, Project 1, Series 2024B, due Jul 1, 2027 0.02% 0.45%
Colorado Health Facilities Authority, Adventist Health System, Series A-1, due Nov 15, 2058 0.02% 0.09%
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 SMMU
U.S. Treasury Notes, due Feb 29, 2028 2.24%
U.S. Treasury Notes, due Feb 28, 2031 1.81%
Connecticut State Health & Educational Facilities Authority, due Jul 1, 2057 1.75%
Federal Home Loan Bank Discount Notes, due Sep 4, 2026 1.68%
New York City Municipal Water Finance Authority, due Jun 15, 2050 1.34%
Fort Bend Independent School District, due Aug 1, 2055 1.25%
Tarrant County Cultural Education Facilities Finance Corp., due Nov 15, 2063 1.22%
U.S. Treasury Notes, due Apr 30, 2031 1.19%

Check overlap with more funds →

On the same fields

JMST
JPMorgan Ultra-Short Municipal Income ETF
SMMU
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund
Where it sits Bond ETF Bond ETF
Issuer JPMorgan PIMCO
What it is Actively managed Actively managed
Total return, 1 year +1.9% +1.1%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −15.3 pts −16.1 pts
Expense ratio 0.18% 0.35%
Holdings 1851 348
Net assets, JMST as of Oct 9, 2026 and SMMU as of Jun 30, 2026 $7.9bn $1.1bn

JMST and SMMU 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.

SMMU in plain words

SMMU is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +1.1% with distributions reinvested. The prospectus expense ratio is 0.35% a year.

Questions people ask

Which returned more over the last year, JMST or SMMU?
In the year to Oct 9, 2026, with distributions reinvested, JMST returned +1.9% and SMMU +1.1%.
Which is cheaper, JMST or SMMU?
JMST is cheaper, by 0.17 percentage points a year. That is about $17 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
JMST vs MEARJMST vs SHMJMST vs SUBJMST vs TAFISMMU vs SUBSMMU vs VTESSHM vs SMMUMEAR vs SMMU
JMST on its own →SMMU 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 ↗SMMU filings on SEC EDGAR ↗SMMU prospectus with the expense ratio (SEC) ↗PIMCO 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 SMMU, data as of Oct 9, 2026. https://etfiq.com/compare/any/jmst-vs-smmu

Open data

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