##  [# The Battle of Bond ETFs: How JPST Stacks Up Against BIL](/sections/features/battle-bond-etfs-how-jpst-stacks-against-bil) 

 

# The Battle of Bond ETFs: How JPST Stacks Up Against BIL

 

 

Investors love the JPMorgan Ultra-Short Income ETF (JPST) lately, but how does it stack up against the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)?



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Feb 12, 2025

 Edited by: James Rubin

 

 

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Once the largest actively managed exchange-traded fund in the U.S., the [**JPMorgan Ultra-Short Income ETF (JPST)**](/jpst) lost its crown in 2023 to another exchange-traded fund from JPMorgan: the [**JPMorgan Equity Premium Income ETF (JEPI)**](/jepi).  
  
But two years after losing the top spot on the active AUM leaderboard, JPST remains a highly popular fund, and one that could conceivably reclaim its No. 1 position eventually.

This year, investors have put nearly $2 billion into the fund, making it the 10th most popular ETF of the year by inflows.  
  
JPST is an ultra-short-term bond ETF that [invests](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-ultra-short-income-etf-etf-shares-46641q837) in “a diversified portfolio of short-term, investment grade fixed- and floating-rate corporate and structured debt.”

The managers of the ETF target a portfolio duration of less than one year, which means that it isn’t a very interest-rate-sensitive fund. In the nearly eight years since it’s been on the market, JPST’s largest peak-to-trough decline was 3.3% in 2020.  
  
JPST leverages active management with the aim of safely capturing yields above what investors can get in ETFs and money market funds that exclusively hold Treasury bills.

## JPST versus BIL 

It’s a strategy that’s paid off. Since the fund’s inception in 2017, it’s delivered a total return of 23.2% versus a return of 17.6% for the [**SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)**](/bil) in the same period.   
  
JPST currently has a 30-day SEC yield of 4.54% versus 4.17% for BIL.  
  
JPST is slightly more expensive than BIL, with an annual expense ratio of 0.18% versus 0.14%, according to etf.com’s [ETF Comparison](https://www.etf.com/tools/etf-comparison/JPST-vs-BIL) tool.   
  
![etf.com](/sites/default/files/inline-images/JPSTbil.png)  
BIL is currently the largest ETF among ultra-short-term bond ETFs, with assets under management of $37.3 billion. That’s followed by the [**iShares 0-3 Month Treasury Bond ETF (SGOV)**](/sgov), which has $33.6 billion in AUM, and then JPST, with $30.1 billion.  
  
Among active ETFs, JPST is also the third-largest fund, behind the $39 billion JEPI and the $33.7 billion [**Dimensional US Core Equity 2 ETF (DFAC)**](/dfac).  
  
But JPST is outpacing both of those ETFs in terms of inflows this year. Since the start of the year, JEPI has picked up $1 billion in inflows, while DFAC has registered inflows of just under $300 million.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Fixed Income](http://www.etf.com/topics/fixed-income) 

 [Bond](http://www.etf.com/topics/bond) 

 [Data Dive](http://www.etf.com/topics/data-dive)