J.P. Morgan Asset Management Unveils New JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF)

Rhea-AI Summary

J.P. Morgan Asset Management launched the JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) on NYSE Arca on Dec 11, 2025. JMMF invests exclusively in U.S. Treasury bills, notes, and bonds and offers weekly income distributions, ETF trading flexibility, and transparency.

The fund is managed by a team averaging 22 years of experience and is priced at 16 basis points. Unlike traditional money market funds, JMMF will calculate NAV using market values rather than amortized cost, so share price and NAV may fluctuate and investors could lose money.

Positive

• Expense ratio of 16 basis points
• Provides weekly income distributions
• Invests 100% in U.S. Treasury securities
• Managed by team with 22 years average experience

Negative

• Fund will not maintain a stable NAV using amortized cost
• Shares may fluctuate in value on the exchange; loss possible

Key Figures

Fund expense 16 basis points JMMF fee level

Manager experience 22 years Average industry experience of portfolio managers

AUM $4 trillion J.P. Morgan Asset Management AUM as of 9/30/2025

Firm assets $4.6 trillion JPMorgan Chase assets as of September 30, 2025

Stockholders' equity $360 billion JPMorgan Chase equity as of September 30, 2025

Assets under management $600 billion Alternatives platform referenced in prior outlook report

Market Reality Check

$310.11 Last Close

Volume Volume 18,084,233 is 1.93x the 20-day average of 9,347,321, indicating elevated interest ahead of this ETF launch. high

Technical Price at 310.11 is above the 200-day MA of 280.17 and within $12.14 of the 52-week high of 322.25, reflecting a strong pre-news uptrend.

Peers on Argus

JPM gained 3.19% with elevated volume while key peers like BAC, WFC, HSBC, RY, and C showed more modest gains between 0.91% and 1.97%, suggesting JPM-specific strength beyond a general bank rally.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 09	Alternatives outlook	Positive	-4.7%	Global Alternatives Outlook highlights opportunities across private markets and AI.
Dec 08	Strategic initiative	Positive	+0.1%	Launch of $10B Strategic Investment Group within $1.5T SRI framework.
Dec 02	Customer experience	Neutral	-0.3%	Opening of Chase Sapphire Lounge at Harry Reid International Airport.
Nov 24	ETN coupon	Positive	+1.7%	Declared quarterly coupon and yield terms for Alerian MLP Index ETN.
Nov 24	Branding initiative	Neutral	-0.0%	Release of NextList2026 curated books and experiences guide.

Pattern Detected

Recent JPM news has mostly seen price moves that align with the generally positive or neutral tone, with one notable divergence on a broadly positive alternatives outlook.

Recent Company History

Over the past few weeks, JPM has issued a series of strategic and product-focused updates. On Nov 24, 2025, it declared a coupon of $0.5006 per AMJB note with a 6.6% current yield, which coincided with a 1.68% gain. Lifestyle and branding news like NextList2026 and a new Chase Sapphire Lounge saw minimal price impact. A major alternatives outlook citing a $600 billion platform and $4.0 trillion AUM was followed by a -4.66% move, showing that even positive strategic commentary can precede pullbacks.

Market Pulse Summary

This announcement introduces JMMF, a 100% U.S. Treasury Securities money market ETF targeting current income, liquidity, and low volatility within an ETF wrapper. It extends JPM’s large asset management platform, which reported $4 trillion in AUM and firm assets of $4.6 trillion with $360 billion in equity as of late 2025. Investors may focus on fee competitiveness at 16 basis points, weekly income distributions, and how this strategy complements JPM’s broader liquidity and ETF offerings.

Key Terms

exchange-traded fund financial

"Unlike a traditional money market fund, the Fund operates as an exchange-traded fund (ETF)."

An exchange-traded fund (ETF) is a type of investment fund that holds a collection of assets, such as stocks or bonds, and is traded on stock exchanges like individual stocks. It allows investors to buy and sell a diversified group of investments easily and efficiently, often at a lower cost. ETFs provide a simple way to gain exposure to a broad market or specific sectors without having to buy each asset separately.

net asset value (NAV) financial

"the Fund will calculate its NAV per Share based on the market value of its investments."

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

government money market fund financial

"the Fund will seek to qualify as a "government money market fund" (described below)"

A government money market fund is a pooled investment that holds very short-term debt issued or guaranteed by governments, like Treasury bills, to keep value stable and provide quick access to cash. Think of it as a low-risk parking spot for money that aims to preserve capital and pay a small, steady return; investors use it for safety, liquidity, and to earn modest interest while avoiding the ups and downs of stocks, though returns rise and fall with interest rates and it is not the same as bank insurance.

Treasury bills financial

"invests exclusively in U.S. Treasury obligations, including Treasury bills, bonds, and notes"

Short-term government IOUs sold to raise cash, typically maturing within one year; investors buy them at a price below the face value and receive the full amount at maturity. They matter because they are one of the safest, most liquid places to park money, set a baseline for short-term interest rates, and serve as a low-risk anchor in portfolios much like a savings account backed by the government.

basis points financial

"JMMF is competitively priced at 16 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

FINRA regulatory

"JPMorgan Distribution Services, Inc. is a member of FINRA."

FINRA is the U.S. self‑regulatory organization that oversees brokerage firms and individual brokers, setting and enforcing rules to protect investors and keep markets orderly. Think of it as a referee and rulebook keeper for the broker industry: it licenses brokers, monitors their behavior, enforces standards, and runs complaint and arbitration systems, so investors can check records and have a path to resolve disputes.

AI-generated analysis. Not financial advice.

Fund marks the firm's entry into the rapidly evolving money market ETF space

NEW YORK, Dec. 11, 2025 /PRNewswire/ -- J.P. Morgan Asset Management today announced the launch of the JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) on the NYSE Arca.

JMMF is designed to offer investors current income, easy access to their funds, and low volatility of principal, while also providing the convenience and transparency of an ETF. As demand for active ETFs continues to grow, investors are seeking more strategies across asset classes that offer greater transparency and trading flexibility.

"We're excited to introduce JMMF, which brings together exposure to U.S. Treasury Securities with the flexibility of an ETF," said Travis Spence, Global Head of ETFs at J.P. Morgan Asset Management. "This launch underscores our commitment to delivering innovative, client-focused solutions and empowering investors to manage liquidity with confidence."

JMMF invests exclusively in U.S. Treasury obligations, including Treasury bills, bonds, and notes, offering investors a robust solution for managing short-term liquidity needs. The fund features weekly income distributions, providing more frequent access to income compared to traditional money market mutual funds, which typically distribute monthly.

The fund is managed by Robert Motroni, Christopher Mercy, and Christopher Tufts, who together average 22 years of industry experience. This team has successfully managed J.P. Morgan's 100% Treasury Securities strategy since its inception in 1991. JMMF is competitively priced at 16 basis points, giving clients access to U.S. Treasury Securities investments with the added flexibility and transparency of an ETF structure.

"JMMF gives investors a straightforward way to access U.S. Treasury Securities while benefiting from the convenience and transparency of the ETF structure," said John Donohue, CEO of Asset Management Americas and Head of the Global Liquidity business within Asset Management. "Our decades of experience managing Treasury strategies, combined with the ETF format, enable us to deliver a product that meets the evolving needs of investors seeking security, flexibility, and transparency in their cash management."

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of $4 trillion (as of 9/30/2025), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $4.6 trillion in assets and $360 billion in stockholders' equity as of September 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available

J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA. More information is available at https://am.jpmorgan.com/us/en/asset-management/gim/adv/products/etfs.

There is no guarantee, obligation or assurance that any investors will maintain any specific level of investment in the Fund, and such investors have the ability to withdraw their investment at any point in time like any other shareholder of a mutual fund or ETF.

Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ETF before investing. The summary and full prospectuses contain this and other information about the ETF and should be read carefully before investing. To obtain a prospectus: Call 1-844-4JPM-ETF.

Although the Fund will seek to qualify as a "government money market fund" (described below), it will not seek to maintain a stable net asset value (NAV) per Share using the amortized cost method of valuation. Instead, the Fund will calculate its NAV per Share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange-traded fund (ETF). As an ETF, Shares of the Fund will be traded on the Exchange (as defined below) and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. You could lose money by investing in the Fund. Because the Share price and NAV of the Fund will fluctuate, when Shares are sold on the Exchange (or redeemed, in the case of an authorized participant), they may be worth more or less than what was originally paid for them.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
SOURCE J.P. Morgan Asset Management
Related Links: http://www.jpmorganchase.com

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SOURCE J.P. Morgan Asset Management

FAQ

What is the ETF symbol and launch date for J.P. Morgan's new treasury money market ETF?

The ETF trades as JMMF and launched on December 11, 2025 on NYSE Arca.

How often does JMMF pay income and how does that compare to money market funds?

JMMF pays income weekly, compared with the typical monthly distributions of many money market mutual funds.

What assets does JMMF hold and what credit exposure do investors get?

JMMF invests exclusively in U.S. Treasury obligations, including bills, notes, and bonds, providing Treasury credit exposure.

What is JMMF's fee and how might that affect returns for shareholders?

The fund's competitive management fee is 16 basis points, which reduces gross yield by that amount.

Will JMMF maintain a stable NAV like traditional government money market funds?

No. JMMF calculates NAV using market value rather than amortized cost and will not seek to maintain a stable NAV.

How could JMMF's ETF structure affect liquidity and price volatility for investors?

As an ETF, JMMF shares trade on the exchange and may fluctuate with NAV and market supply/demand, affecting intraday liquidity and price.