GOVT vs JMMF: Grades, Fees and Holdings Compared

iShares U.S. Treasury Bond ETF

GOVTACboe

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

JMMFCNYSE Arca

Overlap

0.0%by weight

Expense ratio

GOVT −0.11pt a year

GOVT0.05%JMMF0.16%

Avg volume · 30D

GOVT 937.9×the volume

GOVT11.2MJMMF11.9K

GOVT vs JMMF Performance

Dec 31, 2025 – Nov 3, 2026

−0.6%GOVT+3.0%JMMF

Expense ratio: GOVT 0.05%, better; JMMF 0.16%
Fund size: GOVT $43.1B; JMMF $116M
1Y total return: GOVT −0.4%; JMMF No data
Yield (12M): GOVT 3.79%; JMMF No data
Holdings: GOVT 236; JMMF 55
Avg volume (30D): GOVT 11.2M sh, better; JMMF 11.9K sh
NAV per share: GOVT $22.24; JMMF $100.16
52W range

ETF.net Grade

Pillar letters and Scores for GOVT, JMMF, with each pillar’s weight
Pillar	GOVT	JMMF
Cost30% weight	A87Higher	C47
Mission25% weight	A96Higher	A73
Risk15% weight	C47	B57Higher
Tradability15% weight	A77Higher	C44
Holdings10% weight	B65Higher	D32
Durability5% weight	A92Higher	F24

Rank among US Treasury & Government funds

How we build Categories ›

Same Category. GOVT and JMMF are both graded against the same 16 US Treasury & Government funds, so their Grades compare head to head.

US Treasury & Government⁠

Category · 16 funds

See all 16 ›

GOVT ranks 1st and JMMF 9th of 16 funds in the US Treasury & Government Category.

Rank 1AGOVTiShares U.S. Treasury Bond ETFScore 79
Rank 2ASPTBState Street SPDR Portfolio Treasury ETFScore 78
Rank 8BGOVIInvesco Equal Weight 0-30 Year Treasury ETFScore 58
Rank 9CJMMFJPMorgan 100% U.S. Treasury Securities Money Market ETFScore 51
Rank 10CMGOVFirst Trust Intermediate Government Opportunities ETFScore 42

Our read on each fund

ETF.net Research

GOVTAiShares U.S. Treasury Bond ETF

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

In short

GOVT The plain-vanilla Treasury sleeve. One index fund spanning the full maturity spectrum of US government debt, running since 2012 at five basis points, with none of the credit risk that lives in the rest of the bond aisle.

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

GOVT The fund seeks to track an index of U.S. Treasury bonds spanning the full maturity spectrum, providing broad exposure to U.S. government debt for stability and income.

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

GOVT Charges 0.05% a year, well under the median fee in its broad-Treasury peer group.
Tracks the ICE US Treasury Core Bond Index tightly, one of the cleaner index implementations among broad Treasury funds.
A multi-billion-dollar fund that trades heavily, which tends to show up as thin bid-ask spreads for retail-size orders.
US Treasury debt and nothing else, paid out monthly. No corporate credit to underwrite, no mortgage prepayments to model.ishares.com

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

GOVT Covering the full maturity spectrum means long-dated bonds are in the mix, so the share price moves with interest rates more than a short-dated Treasury fund's would.
Nominal Treasuries only. Inflation-linked exposure sits in different funds, such as SPIP or VTP.
SPTB runs the same broad-Treasury idea at 0.03%, two basis points less.

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 GOVT profile⁠

Full JMMF profile⁠

GOVT vs JMMF Holdings

How GOVT and JMMF differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GOVT and 0.0% of JMMF.

Level by level

Asset classFixed Income, Cash0.0%
Sector2 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

Sector weights in GOVT and JMMF, widest gap first
Sector	More in GOVTMore in JMMF	Gap	GOVT	JMMF
Treasuries		GOVT +100.0 points	100.0%	0.0%
Government		JMMF +100.0 points	0.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in GOVT and JMMF, widest gap first
Country	More in GOVTMore in JMMF	Gap	GOVT	JMMF
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

GOVT20.8%
JMMF56.5%

Securities held

GOVT234
JMMF31

Asset class

GOVT: Fixed Income
JMMF: Cash

Holdings

Only in GOVT234
In both0
Only in JMMF31

Only in GOVT

234 securities, 99.7% of GOVT by weight

Treasury Note 1.38% 11/15/20315.00%
Treasury Note 2.63% 02/15/20292.98%
Treasury Note 3.13% 11/15/20282.12%
Treasury Note 2.75% 02/15/20281.95%
Treasury Note 2.88% 05/15/20281.65%
Treasury Bond 2.50% 05/15/20461.51%
Treasury Bond 2.75% 11/15/20421.47%
Treasury Bond 6.13% 11/15/20271.42%
Treasury Bond 3.75% 11/15/20431.40%
Treasury Bond 1.88% 02/15/20511.33%
Treasury Note 4.00% 05/31/20281.22%
Treasury Note (Old) 4.38% 05/15/20361.11%
Treasury Note 2.38% 05/15/20291.09%
Treasury Note 4.00% 05/31/20301.02%
Treasury Note 4.00% 02/29/20280.99%
Treasury Note 4.00% 02/15/20340.99%
Treasury Note 3.88% 03/31/20280.98%
Treasury Note 1.25% 09/30/20280.97%
Treasury Note 4.00% 02/28/20300.94%
Treasury Note 4.38% 05/15/20340.94%
Treasury Note 3.88% 08/15/20340.93%
Treasury Note 1.25% 03/31/20280.91%
Treasury Note 3.50% 02/15/20330.85%
Treasury Note 1.50% 11/30/20280.85%
Treasury Bond 2.88% 11/15/20460.84%
Treasury Note 4.50% 11/15/20330.83%
Treasury Note 1.88% 02/15/20320.82%
Treasury Note 4.25% 08/15/20350.80%
Treasury Note 4.38% 12/31/20290.79%
Treasury Note 4.25% 06/30/20290.78%
Treasury Note 4.25% 11/15/20340.78%
Treasury Note 3.38% 05/15/20330.77%
Treasury Note 4.25% 05/31/20330.77%
Treasury Note (Otr) 4.63% 08/15/20360.75%
Treasury Note 3.75% 04/30/20280.73%
Treasury Note 1.63% 05/15/20310.73%
Treasury Note (2OLD) 4.13% 02/15/20360.73%
Treasury Note 3.13% 08/31/20290.70%
Treasury Note 4.50% 05/31/20290.70%
Treasury Note 2.63% 07/31/20290.66%
Treasury Note 4.13% 11/15/20320.65%
Treasury Note 1.38% 10/31/20280.65%
Treasury Note 3.50% 01/31/20280.64%
Treasury Note 1.00% 07/31/20280.64%
Treasury Note 4.25% 05/15/20350.63%
Treasury Note 3.63% 10/31/20300.62%
Treasury Note 4.00% 11/15/20350.61%
Treasury Bond 4.00% 11/15/20520.61%
Us Treasury N/B 0.63% 08/15/20300.60%
Treasury Note 4.25% 07/31/20280.60%

Only in JMMF

31 securities, 100% of JMMF by weight

United States Zero 12/2637.57%
United States Zero 11/2631.64%
United States Zero 01/2711.54%
United States Flt 04/272.34%
United States Flt 07/272.09%
United States Flt 01/281.80%
JPMorgan 100% Us Treasury1.73%
United States Zero 02/271.69%
United States Flt 04/281.54%
United States Flt 01/271.37%
United States Flt 10/270.86%
United States Zero 09/270.82%
United States Zero 03/270.76%
United States 1.25% 12/260.59%
United States 3.5% 09/270.52%
United States Zero 04/270.50%
United States Zero 05/270.42%
United States 4.25% 12/260.32%
United States 3.75% 04/270.32%
United States Zero 06/270.29%
United 3.125% 08/270.23%
United 4.125% 01/270.21%
United States 1.75% 12/260.21%
United 4.125% 09/270.21%
United States 0.5% 08/270.21%
United 3.875% 05/270.19%
United 0.375% 09/270.11%
United States 4.25% 11/260.11%
United States 2.75% 04/270.11%
United States 0.5% 04/270.10%
United 3.625% 08/270.08%

Weight gaps

GOVT and JMMF share no securities.

All 234 GOVT holdings⁠All 55 JMMF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GOVT vs JMMF Cost

Overpaying JMMF vs GOVT

$2,282

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GOVT 0.05%
$1,060
JMMF 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

GOVT 0.05%
JMMF 0.16%
Overpaying

Year by year

Year	GOVT	JMMF	Overpaying
10	$92	$292	$200
20	$360	$1,141	$781
30	$1,060	$3,342	$2,282

Expense ratio

0.05%GOVT, cheaper
0.16%JMMF

GOVT0.05%JMMF0.16%

0.03%1.04%

Middle half of US Treasury & Government funds
Median 0.15%

GOVT 3rd cheapest of 16 funds

JMMF 11th cheapest of 16 funds

GOVT vs JMMF Dividends

Last 12 months to Nov 3, 2026

Yield (12M): GOVT 3.79%; JMMF No data
Payout (12M): GOVT $0.84; JMMF No data
Last payment: GOVT $0.07; JMMF $0.07
Ex-dividend: GOVT Nov 2, 2026; JMMF Oct 30, 2026
Paid on: GOVT Pays Nov 5, 2026; JMMF Nov 3, 2026
Frequency: GOVT Monthly; JMMF Weekly

Distribution history

Per share, 2026, same scale for both

GOVTMonthly · 10 paymentsAll GOVT payments⁠

JMMFWeekly · 43 paymentsAll JMMF payments⁠

GOVT vs JMMF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GOVT 5.1%JMMF No data
Return per unit of riskSharpe ratio, 3 years: GOVT −0.01JMMF No data
Worst fallMax drawdown, 5 years: GOVT −16.2%JMMF No data
Market sensitivityBeta, 5 years: GOVT 0.88JMMF −0.01; Market = 1

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