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JMST vs VTES: Differences, Returns & Fees

On May 31, 2026 JMST's duration was 0.9 years and VTES's 2.8; VTES charges 0.05% to JMST's 0.18%. Net assets: $7.9bn on Oct 9, 2026 for JPMorgan Ultra-Short Municipal Income ETF, and $3.6bn on Sep 30, 2026 for Vanguard Short-Term Tax-Exempt Bond ETF.

VTES costs 0.13 points a year less; their one-year returns differ by 1.9 points; JMST is 3.2 times larger.

JMSTVTES
Expense ratio0.18%0.05%
Net assets, as of May 31, 2026$6.4bn$2.0bn
Total return, 1 year+1.9%0.0%
What it tracksNo index, actively managedS&P 0-7 Year National AMT-Free Municipal Bond Index
Holdings in common4%

Holdings in common uses holdings dated May 31, 2026.

+1.9%
JMST total return, 1 year
0.0%
VTES total return, 1 year
0.18%
JMST expense ratio
0.05%
VTES expense ratio

What they hold in common

By the books each fund has filed, JMST and VTES hold 4% 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.

half

4% in common

Positions both hold, largest shared weight first
Holding JMST VTES
New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2025C, due Mar 15, 2031 0.15% 0.14%
Houston Independent School District, Limited Tax, Series 2025B, due Feb 15, 2027 0.11% 0.10%
State of Connecticut, Series 2025D, due Aug 15, 2027 0.38% 0.10%
State of Illinois, Series 2017D, due Nov 1, 2026 0.31% 0.09%
State of Washington, Various Purpose, Series R-2022C, due Jul 1, 2027 0.24% 0.07%
Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2025, due Feb 15, 2029 0.18% 0.07%
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien, Series 2021A, due Jul 1, 2026 0.32% 0.07%
State of Illinois, Series 2017D, due Nov 1, 2028 0.06% 0.08%
State of Illinois, Series 2017C, due Nov 1, 2029 0.06% 0.08%
Missouri Highway and Transportation Commission, State Appropriations Mega Projects State Road, Series 2025A, due May 1, 2028 0.34% 0.06%
City of San Antonio Electric and Gas Systems, Series 2025B, due Feb 1, 2029 0.07% 0.05%
Cypress-Fairbanks Independent School District, Unlimited Tax, Series 2026, due Feb 15, 2028 0.11% 0.05%
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 VTES
NYC TRANSITIONAL-G-1, due Nov 1, 2029 0.27%
CALIFORNIA ST-REF, due Aug 1, 2030 0.25%
NEW JERSEY ST ECON DE, due Jun 15, 2042 0.23%
DALLAS ISD-B, due Feb 15, 2056 0.23%
NEW JERSEY ST TRANSPR, due Jun 15, 2028 0.22%
LOS ANGELES UNIF SD-A, due Jul 1, 2032 0.21%
WYANDOTTE CO SD#500-A, due Sep 1, 2042 0.20%
E CO AWP JT PWRS-A-1, due Sep 1, 2026 0.20%

Check overlap with more funds →

On the same fields

JMST
JPMorgan Ultra-Short Municipal Income ETF
VTES
Vanguard Short-Term Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer JPMorgan Vanguard
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 −17.2 pts
Expense ratio 0.18% 0.05%
Holdings 1851 3443
Net assets, JMST as of Oct 9, 2026 and VTES as of Sep 30, 2026 $7.9bn $3.6bn

JMST and VTES 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.

VTES in plain words

VTES tracks an index. Over the year to Oct 9, 2026 it returned 0.0% with distributions reinvested. The prospectus expense ratio is 0.05% a year.

Questions people ask

Which returned more over the last year, JMST or VTES?
In the year to Oct 9, 2026, with distributions reinvested, JMST returned +1.9% and VTES 0.0%.
Which is cheaper, JMST or VTES?
VTES is cheaper, by 0.13 percentage points a year. That is about $13 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
JMST vs SHMJMST vs TAFIJMST vs SMMUJMST vs SUBSUB vs VTESSHM vs VTESMEAR vs VTESTAFI vs VTES
JMST on its own →VTES 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 ↗VTES filings on SEC EDGAR ↗VTES prospectus with the expense ratio (SEC) ↗Vanguard page for VTES ↗

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 VTES, data as of Oct 9, 2026. https://etfiq.com/compare/any/jmst-vs-vtes

Open data

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