JPMorgan Ultra-Short Municipal Fund Class A (USMSX)

Fund Assets	2.69B
Expense Ratio	0.391%
Min. Investment	$1,000
Turnover	58.00%
Dividend (ttm)	0.24
Dividend Yield	2.45%
Dividend Growth	-8.78%
Payout Frequency	Monthly
Ex-Dividend Date	Sep 28, 2026

Previous Close	9.97
YTD Return	0.81%
1-Year Return	1.35%
5-Year Return	9.36%
52-Week Low	9.93
52-Week High	10.07
Beta (5Y)	0.01
Holdings	983
Inception Date	Aug 31, 2016

About USMSX

JPMorgan Ultra-Short Municipal Fund Class A is a mutual fund that focuses primarily on providing a high level of current income exempt from federal income tax, while maintaining relative stability of principal. The fund invests at least 80% of its assets in short-duration municipal securities issued by state and local governments to fund public projects, resulting in an average weighted maturity of two years or less. This strategy positions the fund to capture stable, tax-exempt yields with minimized interest rate risk, making it particularly relevant for investors seeking tax efficiency and capital preservation. The fund distributes income monthly and offers a competitive dividend yield, with recent figures around 2.65% to 2.76%. It maintains a large, diversified portfolio—holding more than 1,200 instruments as of the latest data—reducing issuer-specific risk and enhancing credit stability. With total assets exceeding $2 billion, the fund is a significant player in the short-term municipal fixed income segment. The fund’s consistent, conservative approach to municipal bond investing supports its role as a defensive holding for individuals, institutions, and organizations managing liquidity while seeking tax-advantaged income.

• Fund Family: JPMorgan
• Category: Muni National Short
• Performance Rating: Below Average
• Risk Rating: Below Average
• Stock Exchange: Nasdaq
• Ticker Symbol: USMSX
• Share Class: Class A
• Index: Bloomberg Municipal Bond 1 Y TR

Performance

USMSX had a total return of 1.35% in the past year, including dividends. Since the fund's inception, the average annual return has been 1.35%.

Equivalent Funds

These are funds that follow the same index from the other major fund companies.

Symbol	Provider	Name	Expense Ratio
FMNHX	Fidelity	Fidelity Advisor Cnsv Inc Muni Bd Z	0.21%
VWSTX	Vanguard	Vanguard Ultra Short-Term Tax-Exempt Fund	0.17%
FMNGX	Fidelity	Fidelity Advisor Cnsv Inc Muni Bd I	0.24%
FMNFX	Fidelity	Fidelity Advisor Cnsv Inc Muni Bd A	0.46%

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
USMTX	Class I	0.18%

Top 10 Holdings

15.89% of assets

Name	Symbol	Weight
JPMorgan Instl Tx Fr Mny Mkt IM	JOIXX	6.79%
PENNSYLVANIA ST TPK COMMN TPK REV 2.28%	PA.PASTRN 12.01.2039	1.34%
RIB FLOATER TR VARIOUS STS 3.08%	MI.TENGEN 03.01.2058	1.21%
United States Treasury Bills	B.0 09.10.26	0.99%
BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV 3.8388%	AL.BBEUTL 07.01.2052	0.98%
NEW YORK N Y 2.9%	NY.NYC 03.01.2044	0.96%
NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 2.9%	NY.NYCGEN 08.01.2042	0.96%
OHIO ST UNIV GEN RCPTS 2.15%	OH.OHSHGR 06.01.2043	0.96%
WOODBRIDGE TWP N J 4%	NJ.WBG 4 10.09.2026	0.85%
FAIRFAX CNTY VA INDL DEV AUTH HEALTH CARE REV 2.31%	VA.FAIDEV 05.15.2033	0.85%

Dividend History

Ex-Dividend	Amount	Pay Date
Sep 28, 2026	$0.01989	Sep 29, 2026
Aug 27, 2026	$0.01932	Aug 28, 2026
Jul 29, 2026	$0.01979	Jul 30, 2026
Jun 26, 2026	$0.02009	Jun 29, 2026
May 27, 2026	$0.01935	May 28, 2026
Apr 28, 2026	$0.02384	Apr 29, 2026

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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