JPMorgan Ultra-Short Income ETF
Fund Mechanics & Economics
Pass-through pooled vehicle characteristics (VPR-001-ETF)
Historical Fund Performance
Annualized trailing total returns
True Cost of Ownership & Execution Friction (S47A-02)
Amortized trading friction combined with statutory ongoing fund expense drag
18 bps fee + 1 bps spread
18 bps fee + 0.3 bps spread
18 bps fee + 0.2 bps spread
Tradability, Creation Baskets & Arbitrage Mechanics Engine (S48-Phase 3)
Spot and 12-month trailing arbitrage efficiency against authentic net asset value (NAV) and primary basket throughput
Trading at Premium to NAV
Median trailing 12M NAV basis
Peak arbitrage band boundary
Deterministic formula
Tier 1: Maximum Primary Market Depth
Annual net NAV return vs JPMorgan Ultra-Short Income Index
50,000 shares / creation basket
Price Performance vs NAV Total Return Tracking Matrix
Secondary market execution price returns vs authentic underlying net asset value appreciation across 6 horizons (multi-year periods report cumulative total return; see Historical Fund Performance for annualized rates)
| Horizon | Market Price Return | NAV Total Return | Tracking Spread?Tracking Spread = Market Return − NAV Return Measures execution variance versus the statutory benchmark portfolio. Negative spreads indicate expense ratio compounding drag or exchange discounts. Positive spreads indicate trading at a secondary market premium. | Pricing Dynamic |
|---|---|---|---|---|
| 1 Month | +0.85% | +0.82% | +0.03% (+3 bps) | Trading Premium |
| 3 Months | +3.42% | +3.39% | +0.03% (+3 bps) | Trading Premium |
| Year to Date | +14.20% | +14.15% | +0.05% (+5 bps) | Trading Premium |
| 1 Year | +22.80% | +22.75% | +0.05% (+5 bps) | Trading Premium |
| 3 YearsCumulative | +15.80% | +15.80% | -0.05% (-5 bps) | Fee Drag / Discount |
| 5 YearsCumulative | +12.40% | +12.45% | -0.05% (-5 bps) | Fee Drag / Discount |
•Institutional Mechanics & Pricing Dynamics Breakdown▼
Fee Drag / Discount (Negative Spread): Occurs when the cumulative expense ratio compounds over time, or when secondary market bid pressure prices the ETF below the intraday indicative value (IIV) of its underlying holdings.
Trading Premium (Positive Spread): Occurs when strong retail or institutional demand drives exchange market price above the NAV basket, or during market dislocations before Authorized Participants (APs) complete primary arbitrage creation.
Authentic Issuer & SEC EDGAR Provenance (S47A-04 / Migration 0044)
D1 SynchronizedSource: SEC Form N-PORT / 497K Prospectus · Observed 2026-09-30 · Retrievable D1
Observed: 2026-09-30 · Source: SEC Form N-PORT / 497K