Middleton & Co. Inc. MA has reduced its stake in the JPMorgan Ultra-Short Municipal ETF (BATS: JMST) by 19.2% during the second quarter of 2023. The firm disclosed the sale of 1,000 shares to the Securities and Exchange Commission, resulting in a total holding of 4,200 shares valued at approximately $214,000.
This adjustment follows a trend among institutional investors in the ETF market. For instance, Creative Financial Designs Inc. ADV significantly increased its holding in JPMorgan Ultra-Short Municipal ETF by 414.0% during the same period, now owning 514 shares valued at around $26,000. Additionally, Allworth Financial LP raised its stake by 93.4%, acquiring an extra 298 shares to achieve a total of 617 shares worth approximately $31,000.
Institutional Activity and Market Performance
Several other firms have also joined the fray, with Park Place Capital Corp and Atlantic Union Bankshares Corp both establishing new positions in the ETF, valued at around $41,000 and $42,000, respectively. Briaud Financial Planning Inc. similarly entered the market, acquiring shares worth about $45,000 during the second quarter.
On Friday, shares of the JPMorgan Ultra-Short Municipal ETF opened at $50.90. The fund’s 50-day moving average stands at $50.98, while its 200-day moving average is $50.86. Over the past year, the ETF has experienced fluctuations, reaching a low of $50.42 and a high of $50.98.
The JPMorgan Ultra-Short Municipal Income ETF, launched on October 16, 2018, primarily invests in investment-grade fixed income. The fund is actively managed and consists of a portfolio of U.S. municipal bonds with a weighted average maturity of two years or less.
As institutional interest continues to evolve, the performance and management strategies of funds like JPMorgan Ultra-Short Municipal ETF remain a focal point for investors.
