FLGV vs JMMF

FLGVBFranklin U.S. Treasury Bond ETF

JMMFCJPMorgan 100% U.S. Treasury Securities Money Market ETF

In short

FLGV Treasuries only, anywhere from 1 to 30 years, in one ticker. Franklin charges 0.09%, under the typical fee in its Treasury peer group, and the income lands monthly.

JMMF A money market fund wearing an ETF ticker. JMMF owns nothing but direct U.S. Treasury debt (bills, notes, bonds), chasing current income, liquidity and low volatility of principal, and it pays monthly. J.P. Morgan opened it in December 2025.

Stated mandate

FLGV The Fund seeks income and normally invests at least 80% of net assets in direct U.S. Treasury obligations and related Treasury exposures. It may hold Treasury securities of any maturity, with primary emphasis on remaining maturities from 1 to 30 years.

JMMF The fund seeks current income, liquidity, and low volatility of principal through exclusive investment in U.S. Treasury debt securities, including Treasury bills, bonds, and notes.

Why people hold it

• FLGV One ticker for the whole Treasury curve: at least 80% of net assets in direct U.S. Treasury obligations, with the emphasis on maturities running 1 to 30 years.
• 0.09% a year undercuts the 0.12% median for Treasury funds in its peer group. On government paper, where yields are what they are, the fee is the lever you control.
• Pays monthly, and it is a multi-billion-dollar fund, so the income arrives on a predictable schedule rather than in quarterly lumps.
• Since its 2020 launch it has hewed tightly to its stated Treasury mandate, one of the closer mandate matches in a crowded Treasury peer group.

• JMMF The mandate is the name: 100% U.S. Treasury debt, bills, notes and bonds, roughly 50 positions, no corporate or bank paper anywhere in the book.jpmorgan.com
• Built for the cash corner: current income, liquidity and low volatility of principal are the stated goals, and the payout lands monthly.
• A money market mandate in an ETF wrapper, so shares change hands on an exchange through the trading day instead of only at a fund company's cutoff.

Worth knowing

• FLGV Cheaper shelf-mates exist: VGIT and VTG run 0.03%, a third of this fee. You are paying a bit more for Franklin's version of the same government paper.
• Moderately traded rather than one of the tape's busiest Treasury funds, so spreads matter more on large or hurried orders.
• Holdings can stretch out to 30-year maturities, so this carries real interest-rate sensitivity, not the calm of a T-bill fund.

• JMMF At 0.16% a year it runs above the 0.12% median for its Treasury cohort and above ultra-short options like Vanguard's VGUS at 0.07%.
• It opened in December 2025 and traded thinly out of the gate, so there is little history on spreads or depth to lean on.
• Treasuries only means no corporate, municipal or agency paper. Stability is the trade-off, and income comes from a single issuer.

Full FLGV profile⁠

Full JMMF profile⁠