USMTX Fees and Costs — JPMorgan Ultra-Short Municipal Fund, Class I
Data updated: 2026-07-28
The net expense ratio is 0.18% (0.51% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 58%.
USMTX Fees and Expenses
Annual operating expenses and sales charges of USMTX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 0.51% |
| Fee waiver | −0.33% |
| Net expense ratio | 0.18% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
USMTX Costs Over Time
On $10,000 invested in USMTX, assuming 5% a year before costs, total costs come to $114 over 5 years, cutting the return by 0.19% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.18%) | $19 | $59 | $104 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $19 | $62 | $114 |
| Value after costs | $10,481 | $11,514 | $12,648 |
| Impact on return, per year | 0.19% | 0.19% | 0.19% |
USMTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
USMTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY Mellon Capital Markets, LLC | $314.3M | 24.33% |
| BofA Securities, Inc. | $291.9M | 22.59% |
| Barclays Capital, Inc. | $173.9M | 13.46% |
| Goldman Sachs & Co. LLC | $123.0M | 9.52% |
| TD SECURITIES (USA) LLC | $91.6M | 7.09% |
| RBC Capital Markets, LLC | $79.5M | 6.15% |
| Morgan Stanley & Co. LLC | $75.8M | 5.87% |
| Tradeweb Direct LLC | $51.6M | 4.00% |
| Wells Fargo Securities, LLC | $46.3M | 3.58% |
| Stifel, Nicolaus & Company, Incorporated | $43.9M | 3.40% |
JPMorgan Ultra-Short Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| USMTX | Class I | 0.18% | none |
| USMSX | Class A | 0.38% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.