USMTX Performance — JPMorgan Ultra-Short Municipal Fund, Class I
Data updated: 2026-07-28
USMTX returned +1.00% year to date and +2.87% over one year to May 2026. Annualised returns are +3.31% over 3 years and +2.03% over 5 years. The fund trailed its Trading - Leveraged category average: $100 invested three years ago grew to $110, against $173 for the category, and to $103 over one year, against $137. Volatility over the past three years was 0.55% a year. In the 12 months to May 2026 the fund took in a net $319.3M, and assets reached $2.62B.
USMTX Growth of $100
What $100 invested in JPMorgan Ultra-Short Municipal Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Trading - Leveraged category average over the same months.
| Period | USMTX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $103 | $137 |
| 3 years (Jun 2023 – May 2026) | $110 | $173 |
| 5 years (Jun 2021 – May 2026) | $111 | $155 |
| Since data start (Sep 2019 – May 2026) | $112 | $181 |
USMTX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.00% |
| 1 year | +2.87% |
| 3 years (annualised) | +3.31% |
| 5 years (annualised) | +2.03% |
USMTX Annual Returns
Calendar-year total returns of JPMorgan Ultra-Short Municipal Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.00% |
| 2025 | +3.21% |
| 2024 | +3.30% |
| 2023 | +3.46% |
| 2022 | −0.71% |
| 2021 | −0.04% |
| 2020 | +1.07% |
| 2019 (Sep–Dec) | +0.36% |
USMTX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | +0.2% | −0.1% | +0.3% | +0.2% | — | — | — | — | — | — | — |
| 2025 | +0.5% | +0.2% | +0.1% | +0.1% | +0.4% | +0.3% | +0.4% | +0.3% | +0.1% | +0.1% | +0.2% | +0.2% |
| 2024 | +0.2% | +0.3% | +0.1% | +0.2% | +0.3% | +0.5% | +0.4% | +0.5% | +0.3% | 0.0% | +0.4% | +0.1% |
| 2023 | +0.6% | −0.2% | +0.6% | 0.0% | 0.0% | +0.4% | +0.2% | +0.3% | 0.0% | +0.3% | +0.8% | +0.4% |
| 2022 | −0.5% | −0.2% | −0.5% | −0.4% | +0.3% | 0.0% | +0.4% | −0.4% | −0.4% | 0.0% | +0.7% | +0.1% |
| 2021 | 0.0% | −0.2% | 0.0% | +0.1% | 0.0% | 0.0% | +0.1% | −0.1% | −0.1% | −0.1% | 0.0% | 0.0% |
| 2020 | +0.3% | +0.1% | −0.4% | −0.1% | +0.5% | +0.2% | +0.2% | 0.0% | 0.0% | −0.1% | +0.1% | +0.1% |
| 2019 | — | — | — | — | — | — | — | — | −0.1% | +0.2% | +0.1% | +0.1% |
USMTX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 0.55%
- 3-year Sharpe ratio: -2.14 (vs 4.5% risk-free rate)
- Best month: +0.76% (Nov 2023)
- Worst month: −0.09% (Mar 2026)
USMTX Fund Flows
Monthly money in and out of JPMorgan Ultra-Short Municipal Fund, from SEC Form N-PORT.
- 12-month net flow: $319.3M
- 12-month gross sales (incl. reinvestments): $1.6B
- Sales ÷ redemptions: 1.25×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $256.8M | $128.6M | $128.2M |
| Apr 2026 | $105.3M | $146.6M | −$41.3M |
| Mar 2026 | $85.1M | $92.2M | −$7.1M |
| Feb 2026 | $97.0M | $95.5M | $1.5M |
| Jan 2026 | $209.1M | $105.1M | $104.0M |
| Dec 2025 | $116.9M | $85.2M | $31.6M |
| Nov 2025 | $114.2M | $81.7M | $32.4M |
| Oct 2025 | $120.2M | $122.2M | −$2.0M |
| Sep 2025 | $79.0M | $129.7M | −$50.7M |
| Aug 2025 | $152.8M | $80.8M | $72.1M |
| Jul 2025 | $140.4M | $94.4M | $46.0M |
| Jun 2025 | $111.8M | $107.3M | $4.5M |
USMTX Assets Under Management
Net assets of JPMorgan Ultra-Short Municipal Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $2.62B |
| 2026-02-28 | $2.55B |
| 2025-11-30 | $2.41B |
| 2025-08-31 | $2.43B |
| 2025-05-31 | $2.30B |
| 2025-02-28 | $2.19B |
| 2024-11-30 | $2.11B |
| 2024-08-31 | $1.91B |
| 2024-05-31 | $1.80B |
| 2024-02-29 | $1.74B |
| 2023-11-30 | $1.75B |
| 2023-08-31 | $1.88B |
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.