JPMorgan Ultra-Short Municipal Income

JMST • BATS

JPMorgan Ultra-Short Municipal Income is an exchange-traded fund on BATS. As of Q3 2025, 490 institutional investors hold shares in this ETF, with total holdings valued at $3.1B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $193.3M.

Overview

Overview of institutional ownership in JMST as of Q3 2025

All Institutions

Institutions: 490
Value Held: $3.1B
Shares Held: 59.9M
Avg Position: $6.2M
Median Position: $1.3M

Hedge Funds

Hedge Funds: 2
Value Held: $14.5M
Shares Held: 284.0K
Avg Position: $7.2M
Median Position: $7.2M

Biggest Investors

Institutions with the largest positions in JMST as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$193.3M 0.01% of portfolio	3.8M shares	Q1 2019 Held for 6y 8m	$1.33T
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$193.0M 0.13% of portfolio	3.8M shares	Q2 2021 Held for 4y 5m	$149.83B
L LPL Financial LLC Institution	-	$151.6M 0.04% of portfolio	3.0M shares	Q1 2019 Held for 6y 8m	$340.07B
H HB Wealth Management, LLC Institution	-	$88.5M 0.60% of portfolio	1.7M shares	Q4 2021 Held for 3y 11m	$14.7B
Resonant Capital Advisors, LLC RIA/Wealth	Benjamin Nathan Dickey CEO	$72.5M 4.22% of portfolio	1.4M shares	Q4 2020 Held for 4y 11m	$1.7B
FMR LLC Institution	-	$70.5M 0.00% of portfolio	1.4M shares	Q1 2022 Held for 3y 8m	$1.92T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$68.7M 0.01% of portfolio	1.3M shares	Q3 2021 Held for 4y 2m	$488.50B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$61.3M 0.00% of portfolio	1.2M shares	Q1 2022 Held for 3y 8m	$1.56T
S Salomon & Ludwin, LLC Institution	-	$58.6M 5.29% of portfolio	1.2M shares	Q1 2024 Held for 1y 8m	$1.1B
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$54.5M 0.08% of portfolio	1.1M shares	Q1 2023 Held for 2y 8m	$65.5B

Net Capital Flow

Institutional buying and selling activity for JMST in Q3 2025

Traded: +$113.4M
Buyers: 287
Sellers: 186
Total Bought: +$364.7M
Total Sold: −$251.3M
Avg Position: $5.8M

Biggest Buyers

Institution	Net Bought	Current Position
H HB Wealth Management, LLC Institution	+$56.1M +1.1M shares	$88.5M 1.7M shares
BANK OF AMERICA CORP /DE/ Institution	+$23.5M +460.2K shares	$193.3M 3.8M shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$14.6M +287.7K shares	$54.5M 1.1M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$9.8M +192.1K shares	$46.3M 906.6K shares
JPMORGAN CHASE & CO Institution	+$9.6M +188.5K shares	$61.3M 1.2M shares
P PUTNAM FL INVESTMENT MANAGEMENT CO Institution	+$9.1M +179.2K shares	$29.3M 573.4K shares
Integrated Wealth Concepts LLC RIA/Wealth	+$8.9M +173.8K shares	$30.6M 600.0K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$8.6M +168.1K shares	$193.0M 3.8M shares
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	+$8.1M +159.2K shares	$12.6M 247.2K shares
O One Capital Management, LLC RIA/Wealth	+$7.2M +140.5K shares	$8.7M 171.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$41.4M −813.9K shares	Sold Off 0 shares
C CI Private Wealth, LLC RIA/Wealth	−$26.6M −520.9K shares	$19.0M 372.3K shares
MJP ASSOCIATES INC /ADV RIA/Wealth	−$23.3M −457.4K shares	Sold Off 0 shares
Advisor OS, LLC Fund of Funds	−$23.2M −454.8K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$10.9M −213.3K shares	Sold Off 0 shares
Goss Wealth Management LLC RIA/Wealth	−$10.1M −197.9K shares	$11.7M 229.3K shares
Streettalk Advisors, LLC RIA/Wealth	−$8.7M −169.5K shares	$13.1M 255.9K shares
L LPL Financial LLC Institution	−$8.3M −162.4K shares	$151.6M 3.0M shares
Mariner Wealth Advisors, LLC RIA/Wealth	−$6.7M −131.9K shares	$40.4M 791.0K shares
WELLS FARGO & COMPANY/MN Institution	−$6.6M −130.3K shares	$68.7M 1.3M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited JMST in Q3 2025

New Positions: 22
New Value: $19.7M
Exited Positions: 34
Exited Value: $115.4M

New Positions

Institution	Position Value
Summit Financial, LLC RIA/Wealth	$6.8M 134.1K shares
Integrated Investment Consultants, LLC RIA/Wealth	$2.8M 55.0K shares
San Luis Wealth Advisors LLC RIA/Wealth	$2.6M 50.0K shares
Circle Wealth Management, LLC RIA/Wealth	$2.0M 39.5K shares
P Paragon Advisors, LLC Institution	$763.2K 15.0K shares
Wright Fund Managment, LLC Long Only Manager	$740.1K 14.5K shares
Brookwood Investment Group LLC RIA/Wealth	$425.7K 8.3K shares
Procyon Private Wealth Partners, LLC RIA/Wealth	$400.9K 7.9K shares
Stony Point Wealth Management Inc. RIA/Wealth	$400.7K 7.9K shares
T Triad Wealth Partners, LLC RIA/Wealth	$373.3K 7.3K shares

Exited Positions

Institution	Previous Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$41.4M 813.9K shares
MJP ASSOCIATES INC /ADV RIA/Wealth	$23.3M 457.4K shares
Advisor OS, LLC Fund of Funds	$23.2M 454.8K shares
J JANE STREET GROUP, LLC Institution	$10.9M 213.3K shares
Divergent Planning, LLC RIA/Wealth	$4.5M 88.2K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.6M 50.1K shares
Abacus Planning Group, Inc. RIA/Wealth	$1.5M 29.2K shares
Legacy CG, LLC RIA/Wealth	$1.2M 23.2K shares
Financial Advocates Investment Management RIA/Wealth	$1.1M 20.6K shares
U U S GLOBAL INVESTORS INC Institution	$763.8K 15.0K shares

Options Activity

Institutions with the largest Call and Put options positions in JMST as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with JMST as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
G Global Wealth Management, LLC RIA/Wealth	Sripat Pandey President	14.24% $27.1M	531.6K shares	Q3 2024 Held for 1y 2m	$190.5M
MY Wealth Management Inc. RIA/Wealth	Jeffrey Wayne Yeakle President	11.14% $12.7M	248.8K shares	Q1 2025 Held for 8 months	$114.0M
Interchange Capital Partners, LLC RIA/Wealth	Brian David Baum CEO	7.54% $38.4M	752.4K shares	Q4 2023 Held for 1y 11m	$509.0M
S Salomon & Ludwin, LLC Institution	-	5.29% $58.6M	1.2M shares	Q1 2024 Held for 1y 8m	$1.1B
Apex Wealth Management, LLC RIA/Wealth	Jacob Douglas Schisler Managing Partner	5.14% $7.2M	140.5K shares	Q4 2024 Held for 11 months	$139.6M
B Boothe Investment Group, Inc. RIA/Wealth	David Franklin Boothe President	4.81% $13.1M	257.4K shares	Q1 2023 Held for 2y 8m	$273.0M
F FSM Wealth Advisors, LLC Institution	-	4.35% $30.6M	599.4K shares	Q2 2022 Held for 3y 5m	$703.8M
Resonant Capital Advisors, LLC RIA/Wealth	Benjamin Nathan Dickey CEO	4.22% $72.5M	1.4M shares	Q4 2020 Held for 4y 11m	$1.7B
B Boulder Wealth Advisors, LLC RIA/Wealth	Michael William Hake Managing Partner	3.78% $8.1M	159.3K shares	Q3 2025 Held for 2 months	$215.1M
Phoenix Wealth Advisors RIA/Wealth	Mark Joseph Rhoades Managing Partner	3.64% $9.4M	184.7K shares	Q3 2024 Held for 1y 2m	$259.2M

Hedge Fund Spotlight

Discover hedge funds investing in JMST

ELEQUIN CAPITAL LP

Hedge Fund • Multi-Strategy

Portfolio ManagerPeter German Gutierrez

Portfolio Value: $864.9M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in JPMorgan Ultra-Short Municipal Income

Market Value: $12.6M
Shares Held: 247.2K
Portfolio Weight: 1.46%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$204.2M	23.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$77.7M	8.98%
3 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$56.6M	6.54%