In response to the rising interest rate environment, J.P. Morgan Asset Management launched the first ultra-short duration municipal bond-related ETF to help investors access tax-exempt yield with less rate sensitivity.
On Thursday, J.P. Morgan Asset Management rolled out the actively managed JPMorgan Ultra-Short Municipal ETF (Cboe: JMST), which has a 0.18% expense ratio.
The new active muni bond ETF “seeks an attractive tax-free yield while focusing on active credit risk management to deliver stable returns across all market environments,” according to J.P. Morgan.
JMST’s portfolio is managed by J.P. Morgan’s Richard Taormina, Managing Director; Curtis White, Executive Director; and Josh Brunner, Executive Director.
The JPMorgan Ultra-Short Municipal ETF tries to generate a high level of current income exempt from federal income tax as is consistent with relative stability of principal, according to the fund’s prospectus.