BSMWvsJCALETF Comparison
VS
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. BSMW's top 1 sector exposures are Municipal. In contrast, JCAL's top sector exposures are Municipal and Sovereign. BSMW is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.44% for JCAL. Run a side-by-side ETF comparison of BSMW and JCAL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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BSMW vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BSMW JCAL | -0.02%+0.03% | -0.96%n/a | -0.03%n/a | +3.90%n/a | +9.32%n/a | n/an/a |
| Flows | BSMW JCAL | +$5M-$6K | +$17M- | +$73M- | +$103M- | +$200M- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BSMW JCAL | +2.20%n/a | +2.30%n/a | +4.10%n/a | n/an/a |
| Max drawdown | BSMW JCAL | -1.79%n/a | -2.84%n/a | -6.05%n/a | n/an/a |
| Max drawdown duration | BSMW JCAL | 56dn/a | 183dn/a | 278dn/a | n/an/a |
Trading data
BSMW | JCAL | |
Last sale 9/1/2026 at 1:30 PM | $24.50 | $48.90 |
| Previous close 08/31/2026 | $24.55 | $49.25 |
| Consolidated volume 08/31/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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JCAL
is actively managed and doesn’t replicate an indexBSMW | JCAL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
BSMW | JCAL | |
|---|---|---|
| Last price | $24.50 | $48.90 |
| 1D performance | -0.20% | -0.72% |
| AuM | $215.97 M | $501.09 M |
| E/R | 0.18% | 0.44% |
Characteristics
BSMW | JCAL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | J.P. Morgan Asset Management |
| Benchmark | Invesco BulletShares USD Municipal Bond 2032 Index | - |
| N° of holdings | 602 | 116 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 1, 2023 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
BSMW
USA
41%
Other
59%
JCAL
USA
41.08%
Other
58.92%
Sectors
BSMW
Municipal
41%
Other
59%
JCAL
Municipal
39.38%
Other
60.62%
Diversification
BSMW
Total weight of top 15 holdings out of 15
5.34%
JCAL
Total weight of top 15 holdings out of 15
15.2%
Top 15 holdings
Data as of July 31, 2026
BSMW
University of California Medical Center, 5% 15may2047, USD (2022)
0.53%
New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023)
0.51%
US46246SAU96
0.42%
University of California, 5% 15may2032, USD (2022)
0.42%
University of California, 5% 15may2052, USD (2022)
0.39%
New York Dormitory Authority, 5% 1may2052, USD (2022A)
0.36%
New Jersey, 4% 1jun2032, USD
0.36%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.32%
US64613CEJ36
0.30%
Tarrant Cultural Education Facilities Finance Corp., 5% 15nov2051, USD (2022D)
0.30%
New York Transitional Finance Authority, 5% 1feb2047, USD
0.29%
US13063DT817
0.29%
US01728VWU06
0.29%
New York Municipal Water Finance Authority, 5% 15jun2047, USD
0.29%
Illinois Finance Authority, 5% 15aug2047, USD (2022A)
0.29%
JCAL
US072024C758
1.74%
USA, Bills 0% 11aug2026, USD (119D)
1.70%
US91412HYH01
1.13%
US568087BK56
1.10%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.09%
California, 4% 1oct2041, USD
1.01%
US13063EGP51
1.01%
California Infrastructure and Economic Development Bank, 5% 1nov2029, USD (2024)
0.94%
US13013JHG40
0.82%
US09182TEN37
0.79%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.78%
US13034A3Y44
0.78%
Alvord Unified School District, 0% 1aug2036, USD (2011B, 9179D)
0.78%
Sacramento Municipal Utility District, 5% 15aug2049, USD (2023)
0.77%
Desert Community College District, 4% 1aug2051, USD (2016)
0.76%
Frequently asked questions about BSMW and JCAL
Which ETF is bigger: BSMW or JCAL?
As of August 31, 2026, BSMW holds $215.97 M in assets under management (AUM), while JCAL manages $501.09 M.
What sectors do the BSMW and JCAL ETFs invest in?
BSMW leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the BSMW ETF and JCAL ETF?
BSMW top holdings include University of California Medical Center, 5% 15may2047, USD (2022), New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023) and US46246SAU96. JCAL holds in its top three: US072024C758, USA, Bills 0% 11aug2026, USD (119D) and US91412HYH01.
Which ETF is more diversified: BSMW or JCAL?
BSMW holds 1839 securities with 5.34% of its assets in the top 15. JCAL has 313 securities and a top 15 weight of 15.2%.
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