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JMMF vs VTG

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

JMMFCNYSE Arca

Vanguard Total Treasury ETF

VTGANYSE Arca

Overlap

Expense ratio

VTG −0.13pt a year

JMMF0.16%VTG0.03%

Avg volume · 30D

VTG 4.0×the volume

JMMF11.9KVTG48K

JMMF vs VTG Performance

Dec 31, 2025 – Nov 3, 2026

+3.0%JMMF−0.6%VTG

Dec 31, 2025 to Nov 3, 2026. JMMF +3.0%. VTG −0.6%. Use the arrow keys to read each point.−3%−2%1%2%Dec 2025Jun 2026Nov 2026
Expense ratio
JMMF 0.16%
VTG 0.03%, better
Fund size
JMMF $116M
VTG $228M
1Y total return
JMMF No data
VTG −0.4%
Yield (12M)
JMMF No data
VTG 3.89%
Holdings
JMMF 55
VTG 289
Avg volume (30D)
JMMF 11.9K sh
VTG 48K sh, better
NAV per share
JMMF $100.16
VTG $73.47
52W range

ETF.net Grade

JMMF: Cost 47, Risk 57, Mission 73, Tradability 44, Holdings 32, Durability 24. VTG: Cost 97, Risk 39, Mission 96, Tradability 39, Holdings 79, Durability 54.
Pillar letters and Scores for JMMF, VTG, with each pillar’s weight
PillarJMMFVTG
Cost30% weightC47A97Higher
Mission25% weightA73A96Higher
Risk15% weightB57HigherD39
Tradability15% weightC44HigherD39
Holdings10% weightD32A79Higher
Durability5% weightF24C54Higher

Rank among US Treasury & Government funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. JMMF and VTG 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 ›

VTG ranks 3rd and JMMF 9th of 16 funds in the US Treasury & Government Category.

  1. Rank 1AGOVTiShares U.S. Treasury Bond ETFScore 79
  2. Rank 2ASPTBState Street SPDR Portfolio Treasury ETFScore 78
  3. Rank 3AVTGVanguard Total Treasury ETFScore 75
  4. Rank 4BFLGVFranklin U.S. Treasury Bond ETFScore 67
  5. Rank 8BGOVIInvesco Equal Weight 0-30 Year Treasury ETFScore 58
  6. Rank 9CJMMFJPMorgan 100% U.S. Treasury Securities Money Market ETFScore 51
  7. 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

VTGAVanguard Total 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.

VTG One ticker for the whole Treasury curve. Vanguard's 2025 answer to the do-it-yourself stack of short, intermediate and long Treasury funds: a single index fund covering the market at three basis points.

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.

VTG The fund aims to track the performance of an index representing the broad U.S. Treasury bond market.

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.
  • VTG Costs 0.03% a year, about a quarter of the typical fee in its Treasury peer group, and it lands in the top tier of that cohort on build quality.
  • Does the job of a three-fund short/intermediate/long stack in one holding, tracking the Bloomberg U.S. Treasury Total Return Unhedged USD Index across maturities.vanguard.com
  • Plain Treasuries only: no credit sleeve, no currency hedge, no active tilts, with income paid out monthly.

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.
  • VTG Whole-curve exposure means long maturities are in the mix, so the share price moves with interest rates more than a short-term Treasury fund would.vanguard.com
  • A July 2025 launch, so it is still a small fund that trades lightly next to decade-old Treasury ETFs. Wider bid-ask spreads are the trade-off.
  • The index begins at one year to maturity, so T-bills and cash-like exposure sit outside it. Vanguard parks that end of the curve in separate funds such as VGUS.stockanalysis.com

Full JMMF profile⁠

Full VTG profile⁠

JMMF vs VTG 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 VTG Cost

Overpaying JMMF vs VTG

$2,704

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

  • JMMF 0.16%

    $3,342

  • VTG 0.03%

    $638

$10,000
30 years

Cost over time

  • JMMF 0.16%
  • VTG 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530JMMF $3,342VTG $638

Year by year

YearJMMFVTGOverpaying
10$292$55$237
20$1,141$216$925
30$3,342$638$2,704

Expense ratio

  • 0.16%JMMF
  • 0.03%VTG, cheaper
  • Middle half of US Treasury & Government funds
  • Median 0.15%

VTG cheapest of 16 funds

JMMF 11th cheapest of 16 funds

JMMF vs VTG Dividends

Last 12 months to Nov 3, 2026
Yield (12M)
JMMF No data
VTG 3.89%
Payout (12M)
JMMF No data
VTG $2.85
Last payment
JMMF $0.07
VTG $0.26
Ex-dividend
JMMF Oct 30, 2026
VTG Nov 2, 2026
Paid on
JMMF Nov 3, 2026
VTG Pays Nov 4, 2026
Frequency
JMMF Weekly
VTG Monthly

Distribution history

Per share, 2026, same scale for both

JMMFWeekly · 43 paymentsAll JMMF payments⁠
One bar per payment. 43 payments in 2026 YTD. Jan 9, 2026 $0.07; Jan 16, 2026 $0.07; Jan 23, 2026 $0.07; Jan 30, 2026 $0.07; Feb 6, 2026 $0.07; Feb 13, 2026 $0.07; Feb 20, 2026 $0.07; Feb 27, 2026 $0.07; Mar 6, 2026 $0.07; Mar 13, 2026 $0.07; Mar 20, 2026 $0.07; Mar 27, 2026 $0.06; Apr 6, 2026 $0.06; Apr 10, 2026 $0.07; Apr 17, 2026 $0.07; Apr 24, 2026 $0.07; May 1, 2026 $0.07; May 8, 2026 $0.07; May 15, 2026 $0.07; May 22, 2026 $0.07; May 29, 2026 $0.07; Jun 5, 2026 $0.07; Jun 12, 2026 $0.07; Jun 22, 2026 $0.07; Jun 26, 2026 $0.07; Jul 6, 2026 $0.07; Jul 10, 2026 $0.07; Jul 17, 2026 $0.07; Jul 24, 2026 $0.07; Jul 31, 2026 $0.07; Aug 7, 2026 $0.07; Aug 14, 2026 $0.07; Aug 21, 2026 $0.07; Aug 28, 2026 $0.07; Sep 4, 2026 $0.07; Sep 11, 2026 $0.07; Sep 18, 2026 $0.06; Sep 25, 2026 $0.07; Oct 2, 2026 $0.07; Oct 9, 2026 $0.07; Oct 16, 2026 $0.07; Oct 23, 2026 $0.07; Oct 30, 2026 $0.07. Use the arrow keys to read each point.$0$0.252026YTD
VTGMonthly · 10 paymentsAll VTG payments⁠
One bar per payment. 10 payments in 2026 YTD. Feb 2, 2026 $0.24; Mar 2, 2026 $0.23; Apr 1, 2026 $0.24; May 1, 2026 $0.23; Jun 1, 2026 $0.21; Jul 1, 2026 $0.24; Aug 3, 2026 $0.24; Sep 1, 2026 $0.25; Oct 1, 2026 $0.25; Nov 2, 2026 $0.26. Use the arrow keys to read each point.$0$0.252026YTD

JMMF vs VTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
JMMF No dataVTG 4.2%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
JMMF No dataVTG −0.46since Aug 2025
Worst fallMax drawdown, 5 years
JMMF No dataVTG −4.5%since Jul 2025
Market sensitivityBeta, 5 years
JMMF −0.01VTG 0.06

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