JMMF vs SPTB: Grades, Fees and Holdings Compared

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

JMMFCNYSE Arca

State Street SPDR Portfolio Treasury ETF

SPTBANYSE Arca

Overlap

0.0%by weight

Expense ratio

SPTB −0.13pt a year

JMMF0.16%SPTB0.03%

Avg volume · 30D

SPTB 10.9×the volume

JMMF11.7KSPTB128K

JMMF vs SPTB Performance

Dec 31, 2025 – Nov 2, 2026

+3.0%JMMF−0.3%SPTB

Expense ratio: JMMF 0.16%; SPTB 0.03%, better
Fund size: JMMF $115M; SPTB $463M
1Y total return: JMMF No data; SPTB −0.1%
Yield (12M): JMMF No data; SPTB 4.60%
Holdings: JMMF 55; SPTB 289
Avg volume (30D): JMMF 11.7K sh; SPTB 128K sh, better
NAV per share: JMMF $100.15; SPTB $29.30
52W range

ETF.net Grade

Pillar letters and Scores for JMMF, SPTB, with each pillar’s weight
Pillar	JMMF	SPTB
Cost30% weight	C47	A97Higher
Mission25% weight	A73	A95Higher
Risk15% weight	B58Higher	C40
Tradability15% weight	C44	B55Higher
Holdings10% weight	C44	A85Higher
Durability5% weight	F24	C51Higher

Rank among US Treasury & Government funds

How we build Categories ›

Same Category. JMMF and SPTB 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 ›

SPTB ranks 2nd 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 3AVTGVanguard Total Treasury ETFScore 75
Rank 8BGOVIInvesco Equal Weight 0-30 Year Treasury ETFScore 58
Rank 9CJMMFJPMorgan 100% U.S. Treasury Securities Money Market ETFScore 53
Rank 10CMGOVFirst Trust Intermediate Government Opportunities ETFScore 42

Our read on each fund

ETF.net Research

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

SPTBAState Street SPDR Portfolio Treasury ETF

In short

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.

SPTB State Street's Treasury slice of the Agg in one ticker: the whole curve from a year out to the long end, roughly 300 bonds, for three basis points. It arrived in 2024 as the Treasury building block in the SPDR Portfolio suite.

Stated mandate

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.

SPTB The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg U.S. Treasury Index and provides exposure to U.S. Treasuries with at least one year remaining to maturity.

Why people hold it

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.

SPTB Three basis points. The typical fund in the Treasury cohort charges about five times that, and SPTB undercuts iShares' GOVT at five while tying Vanguard's VTG.
One ticker covers the full Treasury curve, everything with at least a year to maturity, instead of stacking separate short, intermediate and long sleeves.ssga.com
Plain index replication of the Bloomberg U.S. Treasury Index: government paper only, no credit sleeve, no derivatives overlay in the mandate.ssga.com
Pays income monthly, and the implementation ranks in the top quartile of its Treasury peer group on our review.

Worth knowing

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.

SPTB Full-curve means long bonds are in the mix, so the price swings with interest rates far more than a short-term Treasury fund does.
It launched in 2024, so the live record is short next to cohort veterans that have traded through multiple rate cycles.
Moderately traded rather than the volume leader in its category, so bigger orders are worth routing with limits and a glance at the spread.

Full JMMF profile⁠

Full SPTB profile⁠

JMMF vs SPTB Holdings

How JMMF and SPTB differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for JMMF and SPTB.

Country, concentration and asset class

Country by domicile

Country weights in JMMF and SPTB, widest gap first
Country	More in JMMFMore in SPTB	JMMF	SPTB
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

JMMF56.5%
SPTB7.8%

Securities held

JMMF31
SPTB285

Asset class

JMMF: Cash
SPTB: Fixed Income

Holdings

Only in JMMF31
In both0
Only in SPTB285

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%

Only in SPTB

285 securities, 99.0% of SPTB by weight

Us Treasury N/B 03/28 3.8750.98%
Us Treasury N/B 04/28 3.750.86%
Us Treasury N/B 02/35 4.6250.83%
Us Treasury N/B 02/34 40.78%
Us Treasury N/B 02/36 4.1250.77%
Us Treasury N/B 11/33 4.50.77%
Us Treasury N/B 08/36 4.6250.76%
Us Treasury N/B 08/35 4.250.75%
Us Treasury N/B 05/34 4.3750.74%
Us Treasury N/B 05/36 4.3750.73%
Us Treasury N/B 02/33 3.50.73%
Us Treasury N/B 11/34 4.250.72%
Us Treasury N/B 08/34 3.8750.71%
Us Treasury N/B 08/33 3.8750.71%
Us Treasury N/B 05/35 4.250.70%
Us Treasury N/B 11/35 40.69%
Us Treasury N/B 01/28 3.50.68%
Us Treasury N/B 02/30 40.67%
Us Treasury N/B 05/28 40.67%
Us Treasury N/B 08/31 1.250.66%
Us Treasury N/B 11/32 4.1250.65%
Us Treasury N/B 11/31 1.3750.63%
Us Treasury N/B 05/32 2.8750.63%
Us Treasury N/B 05/31 1.6250.63%
Us Treasury N/B 05/33 3.3750.63%
Us Treasury N/B 02/31 1.1250.62%
Us Treasury N/B 02/32 1.8750.61%
Us Treasury N/B 11/30 0.8750.60%
Us Treasury N/B 08/30 0.6250.58%
Us Treasury N/B 08/32 2.750.54%
Us Treasury N/B 11/28 4.3750.53%
Us Treasury N/B 06/28 4.1250.53%
Us Treasury N/B 10/31 4.750.53%
Us Treasury N/B 02/28 4.250.53%
Us Treasury N/B 05/29 3.8750.52%
Us Treasury N/B 06/31 4.1250.51%
Us Treasury N/B 03/31 3.8750.50%
Us Treasury N/B 05/56 50.50%
Us Treasury N/B 01/31 3.750.50%
Us Treasury N/B 03/30 40.50%
Us Treasury N/B 01/30 4.250.49%
Us Treasury N/B 04/31 3.8750.49%
Us Treasury N/B 10/28 3.50.49%
Us Treasury N/B 04/29 4.6250.49%
Us Treasury N/B 10/30 3.6250.48%
Us Treasury N/B 08/56 5.1250.48%
Us Treasury N/B 03/28 1.250.48%
Us Treasury N/B 05/31 4.1250.48%
Us Treasury N/B 08/28 4.1250.47%
Us Treasury N/B 09/31 50.47%

Weight gaps

JMMF and SPTB share no securities.

All 55 JMMF holdings⁠All 299 SPTB 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.

JMMF vs SPTB Cost

Overpaying JMMF vs SPTB

$2,704

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

JMMF 0.16%
$3,342
SPTB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

JMMF 0.16%
SPTB 0.03%
Overpaying

Year by year

Year	JMMF	SPTB	Overpaying
10	$292	$55	$237
20	$1,141	$216	$925
30	$3,342	$638	$2,704

Expense ratio

0.16%JMMF
0.03%SPTB, cheaper

SPTB0.03%JMMF0.16%

0.03%1.04%

Middle half of US Treasury & Government funds
Median 0.15%

SPTB cheapest of 16 funds

JMMF 11th cheapest of 16 funds

JMMF vs SPTB Dividends

Last 12 months to Nov 2, 2026

Yield (12M): JMMF No data; SPTB 4.60%
Payout (12M): JMMF No data; SPTB $1.35
Last payment: JMMF $0.07; SPTB $0.11
Ex-dividend: JMMF Oct 30, 2026; SPTB Nov 2, 2026
Paid on: JMMF Pays Nov 3, 2026; SPTB Pays Nov 5, 2026
Frequency: JMMF Weekly; SPTB Monthly

Distribution history

Per share, 2026, same scale for both

JMMFWeekly · 43 paymentsAll JMMF payments⁠

SPTBMonthly · 10 paymentsAll SPTB payments⁠

JMMF vs SPTB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JMMF No dataSPTB 4.4%since Jun 2024
Return per unit of riskSharpe ratio, 3 years: JMMF No dataSPTB −0.19since Jun 2024
Worst fallMax drawdown, 5 years: JMMF No dataSPTB −5.0%since May 2024
Market sensitivityBeta, 5 years: JMMF −0.01SPTB 0.07; Market = 1

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