Overview
An actively managed cash-plus fund: high-grade corporate and bank paper under one year, engineered to out-yield T-bill funds by a modest, steady margin.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| — | IG corporate paper <1yr | ~55% |
| — | Bank CDs & time deposits | ~25% |
| — | Treasuries & agencies | ~15% |
| — | Cash | ~5% |
Fund Details
Investment Thesis
JPST is what a corporate treasury desk does with cash, in ETF form: pick up 30-50 basis points over Treasury bills by lending very short to very strong companies and banks. Duration stays near half a year, the portfolio is investment-grade throughout, and the NAV barely breathes — it dipped mere cents even in March 2020. The fee is higher than bill funds because humans are doing credit work; the net yield has historically justified it.
Who It's For
Cash that can accept a whisper of credit risk for a persistent yield edge over BIL/SGOV. Popular with investors laddering large cash balances they won't need next week.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $47.01 | -- |
| 2018 | $47.38 | +0.8% |
| 2019 | $47.62 | +0.5% |
| 2020 | $47.71 | +0.2% |
| 2021 | $47.52 | -0.4% |
| 2022 | $48.00 | +1.0% |
| 2023 | $48.43 | +0.9% |
| 2024 | $48.87 | +0.9% |
| 2025 | $49.26 | +0.8% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | 0.90% |
| 2018 | 2.40% |
| 2019 | 2.60% |
| 2020 | 0.80% |
| 2021 | 0.30% |
| 2022 | 1.90% |
| 2023 | 4.90% |
| 2024 | 5.20% |
| 2025 | 4.22% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $0.10B | -- |
| 2018 | $0.20B | +100.0% |
| 2019 | $0.42B | +110.0% |
| 2020 | $0.85B | +102.4% |
| 2021 | $1.7B | +100.0% |
| 2022 | $3.5B | +105.9% |
| 2023 | $7.2B | +105.7% |
| 2024 | $15B | +108.3% |
| 2025 | $30B | +100.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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