JPST vs TBLL: Grades, Fees and Holdings Compared

JPMorgan Ultra-Short Income ETF

JPSTANYSE Arca

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

TBLL −0.10pt a year

JPST0.18%TBLL0.08%

Avg volume · 30D

JPST 22.7×the volume

JPST7.1MTBLL313K

5Y return · a year

JPST +0.2pt

JPST+3.9%TBLL+3.7%

JPST vs TBLL Performance

Oct 29, 2021 – Oct 30, 2026

+21.1%JPST+19.7%TBLL

Expense ratio: JPST 0.18%; TBLL 0.08%, better
Fund size: JPST $42.5B; TBLL $2.9B
1Y total return: JPST +3.5%; TBLL +3.6%, better
Yield (12M): JPST 4.13%, better; TBLL 3.59%
Holdings: JPST 809; TBLL 90
Avg volume (30D): JPST 7.1M sh, better; TBLL 313K sh
NAV per share: JPST $50.42; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for JPST, TBLL, with each pillar’s weight
Pillar	JPST	TBLL
Cost30% weight	C53	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C44
Tradability15% weight	A75	A80Higher
Holdings10% weight	A94Higher	B66
Durability5% weight	A88Higher	A80

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. JPST and TBLL are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

TBLL ranks 4th and JPST 19th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80
Rank 17ASHViShares Trust iShares 0-1 Year Treasury Bond ETFScore 74
Rank 19AJPSTJPMorgan Ultra-Short Income ETFScore 73
Rank 20ABILZPIMCO Ultra Short Government Active Exchange-Traded FundScore 72

Our read on each fund

ETF.net Research

JPSTAJPMorgan Ultra-Short Income ETF

TBLLAInvesco Short Term Treasury ETF

In short

JPST An actively managed cash parking lot: JPST spreads short-term money across roughly 800 investment-grade bonds, floaters included, pays monthly, and has grown into one of the giants of the ultra-short aisle.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

Stated mandate

JPST JPST seeks current income while aiming to keep principal volatility low. It invests mainly in investment-grade, U.S.-dollar-denominated fixed, variable and floating-rate debt.

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

Why people hold it

JPST Roughly 800 investment-grade, dollar-denominated positions across fixed, variable and floating-rate debt, so no single issuer carries the load.
A multi-billion-dollar fund and one of the most actively traded names in the cash-alternative group, which usually means tight spreads on the way in and out.
0.18% a year, a shade under the category median, with income paid monthly.
Running since 2017, and one of the stronger implementations in its peer group.

TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

Worth knowing

JPST It measures itself against 3-month Treasury bills but reaches into corporate and floating-rate credit to get paid, so it carries credit risk a pure Treasury fund does not.
The share price floats. The mandate aims to keep principal volatility low, not to hold a fixed value.
Cheaper shelf-mates exist in the same aisle: ICSH charges 0.08%.

TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full JPST profile⁠

Full TBLL profile⁠

JPST vs TBLL Holdings

How JPST and TBLL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile59.6%
Asset classFixed Income100%

Sector

No Sector split for JPST and TBLL.

Country, concentration and asset class

Country by domicile

Country weights in JPST and TBLL, widest gap first
Country	More in JPSTMore in TBLL	JPST	TBLL
United States	TBLL +40.4 points	59.6%	100.0%
Canada	JPST +9.3 points	9.3%	0.0%
Cayman Islands	JPST +6.7 points	6.7%	0.0%
United Kingdom	JPST +5.6 points	5.6%	0.0%
France	JPST +3.5 points	3.5%	0.0%
Australia	JPST +2.8 points	2.8%	0.0%
Sweden	JPST +2.7 points	2.7%	0.0%
Spain	JPST +2.1 points	2.1%	0.0%
Other countries (10)	JPST +7.8 points	7.8%	0.0%

Outside the US: JPST 84% developed, 16% emerging.

Concentration

Weight in the 10 largest Holdings

JPST10.0%
TBLL23.3%

Securities held

JPST781
TBLL88

Asset class

JPST: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. JPST holds 781 securities, TBLL 88.

All 807 JPST holdings⁠All 88 TBLL 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.

JPST vs TBLL Cost

Overpaying JPST vs TBLL

$2,060

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

JPST 0.18%
$3,749
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

JPST 0.18%
TBLL 0.08%
Overpaying

Year by year

Year	JPST	TBLL	Overpaying
10	$328	$147	$181
20	$1,281	$575	$706
30	$3,749	$1,689	$2,060

Expense ratio

0.18%JPST
0.08%TBLL, cheaper

TBLL0.08%JPST0.18%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

TBLL 10th cheapest of 78 funds

JPST 36th cheapest of 78 funds

JPST vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JPST 4.13%, better; TBLL 3.59%
Payout (12M): JPST $2.08; TBLL $3.79
Last payment: JPST $0.17; TBLL $0.34
Ex-dividend: JPST Oct 1, 2026; TBLL Oct 19, 2026
Paid on: JPST Oct 5, 2026; TBLL Oct 23, 2026
Frequency: JPST Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JPSTMonthly · 45 paymentsAll JPST payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

JPST vs TBLL Risk

Fall from peak · 5 years

JPST
TBLL

Risk facts

VolatilityStd dev, 3 years: JPST 0.6%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: JPST 0.78, betterTBLL −0.66
Worst fallMax drawdown, 5 years: JPST −0.6%TBLL −0.4%, better
Market sensitivityBeta, 5 years: JPST 0.06TBLL 0.01; Market = 1

JPST and TBLL in the news

All news⁠

Best ETFs
T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%
Updated Nov 2, 2026JPST

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JPST vs TBLL

In short

Stated mandate

Why people hold it

Worth knowing

How JPST and TBLL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%

How JPST and TBLL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings