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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 25.91%details →

USD Ultra-Short Income Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BG8BCY43Ticker: JPSA (Borsa Italiana) · JPPA (Xetra) · JPSA (London SE) · JPSA (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
GO01
TER
0.18%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
846.3 mln EUR
Domicile
Ireland
Inception date
3 April 2019
Data as declared by JPMorgan in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

USD Ultra-Short Income Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (GO01) is a comparison yardstick only. The declared annual cost (TER) is 0.18%, plus 0.01% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 846 million euro, was launched on 3 April 2019 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment Objective: The Sub-Fund aims to provide current income while seeking to maintain a low volatility of principal.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues an actively-managed investment strategy.

The Sub-Fund seeks to achieve its investment objective by primarily investing in investment grade, U.S. Dollar-denominated, short term fixed, variable and floating rate debt securities. The Sub-Fund will not seek to track the performance of the benchmark, rather the Sub-Fund will hold a portfolio of actively selected and managed investments. The benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will be managed without reference to its benchmark. At least 51% of the Sub-Fund's Net Asset Value is invested in issuers with positive environmental and/or social characteristics that follow good governance practices, as measured through the Investment Manager's proprietary environmental, social and governance ("ESG") scoring methodology and/or third party data. In addition, for some but not necessarily all issuers, the Sub-Fund incorporates a bespoke set of Employee Engagement and Diversity ("EE&D") data inputs, such as an issuer's gender breakdown, diversity programmes, ethnicity score and equal pay score into the investment process. The Sub-Fund invests at least 51% of those assets that have an EE&D rating in issuers scoring above a pre-defined threshold in relation to EE&D inputs. The Sub-Fund promotes environmental and/or social characteristics. The Sub-Fund invests at least 10% of its Net Asset Value in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives. The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons (such as cluster munitions, depleted uranium ammunition and amour or antipersonnel mines), thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www. jpmorganassetmanagement.ie). The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 75% of non-investment grade securities and on at least 90% of investment grade securities purchased.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.18%: above the median of bond ETFs we track (0.15%).
  • Assets larger than 80% of bond ETFs we track.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Apr 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+26.2%
Annualised
+3.2%
Volatility (ann.)
0.6%
Max drawdown
-2.38%
-3%+5%+13%+22%+30%Apr 2019Feb 2021Dec 2022Oct 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+26%Apr 2019Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-1%-2%-3%-4%2019202120232025−2.38% · 24 Mar 2020
Max drawdown
-2.38%
peak → trough
Trough
24 Mar 2020
from the 05 Mar 2020 peak
Recovery time
59 days
recovery only: trough to break-even
Underwater
78 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 22 May 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
05 Mar 202024 Mar 2020-2.38%22 May 202078
20 Sept 202117 Jun 2022-0.83%10 Nov 2022416
03 Apr 202509 Apr 2025-0.31%22 Apr 202519
04 May 202326 May 2023-0.27%01 Jun 202328
15 Mar 202321 Mar 2023-0.25%23 Mar 20238

Calendar-year returns

2019
2.3%
2020
2.3%
2021
0.1%
2022
1.1%
2023
5.1%
2024
5.6%
2025
5.0%
2026
2.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.40.30.00.40.30.30.30.30.02.3
20250.40.50.40.40.30.50.30.60.40.30.40.45.0
20240.50.40.50.40.50.50.60.60.60.20.40.45.6
20230.50.20.30.40.20.20.50.40.50.40.60.65.1
2022-0.1-0.2-0.1-0.10.1-0.20.20.3-0.00.20.50.51.1
20210.10.0-0.00.10.1-0.00.10.00.0-0.1-0.0-0.00.1
20200.30.2-1.71.30.80.60.40.10.00.10.10.12.3
20190.30.30.20.30.20.30.20.22.3
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: JPMorgan. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)5.34%6.64%7.56%7.14%
Max drawdown-3.05%-11.51%-12.17%-12.17%
Sharpe0.37-0.080.240.17
Sortino0.52-0.110.340.24
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · average duration
0.76years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Source: factsheet JPMorgan, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Portfolio holdings

Securities in portfolio
433
434 total lines: 1 cash & derivatives
Top-10 weight
12.9%

Top 10 holdings

US TREAS NTS 3.375% 02/29/28 · T
3.19%
COOPERAT RABOBANK V/R 01/14/28 · RABOBK
2.87%
SUNCORP BK NORFI DISC 11/27/26
1.01%
MIZUHO BK LTD 4.2% 03/24/27
0.99%
HOME DEPOT INC 2.875% 04/15/27 · HD
0.95%
ROCHE HOLDINGS 2.314% 03/10/27 · ROSW
0.95%
FELLS POINT FU 3.046% 01/31/27 · CEG
0.78%
BANK OF AMERICA C V/R 04/27/28 · BAC
0.74%
ING US FDG LLC DISC 12/11/26
0.72%
BANCO BILBAO 0.00% 07/13/27
0.70%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 3%AustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 11.5%Switzerland: 0.8%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 0.4%DjiboutiDenmark: 0.9%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 2.9%EstoniaEthiopiaFinland: 0.2%FijiFalkland IslandsFrance: 3.1%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.8%IranIraqIcelandIsraelItaly: 0.3%JamaicaJordanJapan: 3.1%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 0.3%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 4.5%Norway: 1.1%NepalNew Zealand: 0.7%OmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 2.8%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 56.9%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States56.9%
Canada11.5%
Netherlands4.5%
United Kingdom4.2%
Japan3.1%
France3.1%
Australia3%
⬇ Download the full portfolio — Excel, 434 rows
Full portfolio declared by JPMorgan, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Share classes of the same fund

This page covers ISIN IE00BG8BCY43 (share class JPM - USD (acc)). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
USD (dist) Philippe Ringard Conducting Person JPMorgan Asset Management (Europe) S.à r.l. – Société à responsabilité limitée – Adresse postale: L-2888 Luxembourg Téléphone (+352) 34 101 – Fax: (+352) 3410 8000 – www.jpmorgan.com – E-mail: fundinfo@jpmorgan.com Siège social European Bank & Business Center 6, route de Trèves L-2633 Senningerberg R.C. Luxembourg B27900 Capital social EUR 10.000.000 Disclaimer Le informazioni contenute nel presente documento sono fornite a mero scopo informativo, pertanto lo stesso non è da intendersi come un'offerta o una raccomandazione alla vendita o all'acquisto di strumenti finanziari, e non deve essere considerato come informazione esaustiva ai fini di qualsiasi decisione di investimento. Le informazioni contenute nel presente materiale sono ritenute attendibili, ma non se ne garantisce la precisione o la completezza, nè si assume alcuna responsabilità in caso di errori e/o omissioni. Prima di effettuare qualsiasi investimento, gli investitori devono informarsi circa i regolamenti applicabili nel proprio paese, anche in materia fiscale e valutaria. Le azioni non possono essere offerte a, nè acquistate da, direttamente o indirettamente, soggetti statunitensi. Gli investimenti nei prodotti domiciliati in Lussemburgo devono essere basati sull’ultima versione disponibile dei prospetti completo e semplificato, del Modulo di Sottoscrizione in vigore in Italia. Tale documentazione, assieme al bilancio annuale e semestrale e allo statuto, sono disponibili presso i soggetti collocatori autorizzati e/o sul sito www.jpmam.it.IE00BDFC6Q91JPSTDistributingUSD
JPM - USD (acc) · this pageIE00BG8BCY43JPSAAccumulatingUSD
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

Italian taxation

Effective rate on capital gains
25.91%
White-list share
0.70%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)JPSA10 Apr 2019
Börse DüsseldorfJPPA27 Feb 2020
Börse FrankfurtJPPA10 Apr 2019
Börse HamburgJPPA20 Jun 2019
Börse HannoverJPPA9 Dec 2024
Börse München / gettexJPPA27 Aug 2019
Börse StuttgartJPPA16 Jan 2020
Tradegate ExchangeJPPA7 Sept 2020
Xetra (Deutsche Börse)JPPA10 Apr 2019
+ 9 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does USD Ultra-Short Income Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: GO01.
How much does JPSA cost?
The issuer-declared TER is 0.18% per year; the transaction costs estimated in the KID are 0.01%.
How is JPSA taxed in Italy?
On sale, the capital gain is taxed at an effective 25.91% rate (white-list share 0.70%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JPSA?
The fund size declared by JPMorgan is about 846 million euro.
When was JPSA launched?
The fund was launched on 3 April 2019: it has 7 years of history.
Is JPSA actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (GO01) is a yardstick for comparison, not an index being tracked.
Does JPSA pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JPSA trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JPSA), Börse Düsseldorf (JPPA), Börse Frankfurt (JPPA), Börse Hamburg (JPPA), Börse Hannover (JPPA), Börse München / gettex (JPPA).
What was JPSA's worst fall?
Over the available history (since 2019), the maximum drawdown was -2.38%, reached in March 2020. Past performance is not indicative of future results.
How many securities does JPSA hold?
The declared portfolio holds 433 securities (plus 1 cash & derivative lines); the top 10 positions weigh 12.9%.
Transparency note
The data in this sheet is declared by JPMorgan in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.