BSMZvsJCALETF Comparison
VS
Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. BSMZ's top 1 sector exposures are Municipal. In contrast, JCAL's top sector exposures are Municipal and Sovereign. BSMZ 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 BSMZ 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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BSMZ vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BSMZ JCAL | -0.13%-0.29% | -4.35%-3.05% | -3.02%n/a | -2.21%n/a | n/an/a | n/an/a |
| Flows | BSMZ JCAL | +$5M+$19M | +$17M+$19M | +$48M- | +$68M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BSMZ JCAL | +6.22%+4.53% | +3.99%n/a | n/an/a | n/an/a |
| Max drawdown | BSMZ JCAL | -7.24%-5.18% | -8.19%n/a | n/an/a | n/an/a |
| Max drawdown duration | BSMZ JCAL | 92d92d | 102dn/a | n/an/a | n/an/a |
Trading data
BSMZ | JCAL | |
Last sale 10/16/2026 at 1:30 PM | $24.01 | $47.91 |
| Previous close 10/15/2026 | $24.00 | $47.90 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 19, 2026
1-year trailing difference
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JCAL
is actively managed and doesn’t replicate an indexBSMZ | 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 10/16/2026 at 1:30 PM
Live
Closed
BSMZ | JCAL | |
|---|---|---|
| Last price | $24.01 | $47.91 |
| 1D performance | +0.06% | +0.02% |
| AuM | $69.48 M | $507.02 M |
| E/R | 0.18% | 0.44% |
Characteristics
BSMZ | JCAL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | J.P. Morgan Asset Management |
| Benchmark | ICE BulletShares Municipal Bond 2035 Index | - |
| N° of holdings | 467 | 106 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 17, 2025 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
BSMZ
USA
38.82%
Other
61.18%
JCAL
USA
37.65%
Other
62.35%
Sectors
BSMZ
Municipal
38.82%
Other
61.18%
JCAL
Municipal
36.62%
Other
63.38%
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Diversification
BSMZ
Total weight of top 15 holdings out of 15
6.39%
JCAL
Total weight of top 15 holdings out of 15
16.11%
Top 15 holdings
Data as of August 31, 2026
BSMZ
New York Liberty Development Corp., 5.25% 1oct2035, USD (2005)
0.71%
New York Thruway Authority, 5% 15mar2055, USD (2025B)
0.47%
Massachusetts School Building Authority, 5% 15feb2055, USD (2025)
0.46%
Chicago O'Hare International Airport, 5.25% 1jan2061, USD (2026A)
0.45%
City of New York, 5.25% 1feb2050, USD (2025)
0.44%
US60637AYQ92
0.43%
US662903J879
0.42%
US67766WV741
0.41%
California Infrastructure and Economic Development Bank, 5.25% 15may2059, USD (2025)
0.41%
California, 5% 1mar2055, USD
0.39%
Omaha Public Facilities Corp., 5% 15apr2050, USD (2025C)
0.39%
New York Transitional Finance Authority, 5.5% 1may2050, USD (2026)
0.36%
Texas Water Development Board, 5% 15oct2042, USD (2025)
0.35%
US64972GL510
0.35%
US64990AWY71
0.35%
JCAL
US072024ZH86
2.06%
US072024C758
1.77%
US568087BK56
1.12%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.10%
US13063EGP51
1.03%
US91412HTJ22
1.03%
California, FRN 1may2033, USD (2003A-1)
1.03%
USA, Bills 0% 10sep2026, USD (182D)
1.03%
US13032U7S16
0.99%
California Infrastructure and Economic Development Bank, 5% 1nov2029, USD (2024)
0.96%
US13013JHG40
0.83%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.80%
US13034A3Y44
0.79%
Alvord Unified School District, 0% 1aug2036, USD (2011B, 9179D)
0.79%
Sacramento Municipal Utility District, 5% 15aug2049, USD (2023)
0.78%
Frequently asked questions about BSMZ and JCAL
Which ETF is bigger: BSMZ or JCAL?
As of October 16, 2026, BSMZ holds $69.48 M in assets under management (AUM), while JCAL manages $507.02 M.
What sectors do the BSMZ and JCAL ETFs invest in?
BSMZ leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the BSMZ ETF and JCAL ETF?
BSMZ top holdings include New York Liberty Development Corp., 5.25% 1oct2035, USD (2005), New York Thruway Authority, 5% 15mar2055, USD (2025B) and Massachusetts School Building Authority, 5% 15feb2055, USD (2025). JCAL holds in its top three: US072024ZH86, US072024C758 and US568087BK56.
Which ETF is more diversified: BSMZ or JCAL?
BSMZ holds 1611 securities with 6.39% of its assets in the top 15. JCAL has 306 securities and a top 15 weight of 16.11%.
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