FCALvsJMSTETF Comparison
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First Trust California Municipal High Income ETF (FCAL) and JPMorgan Ultra-Short Municipal Income ETF (JMST) belong to the same industry segment: Municipal Bonds. In contrast, JMST's top sector exposures are Municipal and Sovereign. FCAL is more expensive with a Total Expense Ratio (TER) of 0.49%, versus 0.18% for JMST. FCAL is down -1.43% year-to-date (YTD) with +$20M in YTD flows. JMST performs better with 1.53% YTD performance, and +$1.67B in YTD flows. Run a side-by-side ETF comparison of FCAL and JMST 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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FCAL vs JMST performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FCAL JMST | -0.62%+0.18% | -4.20%+0.29% | -1.43%+1.53% | -0.70%+2.11% | +6.77%+9.84% | -2.88%+12.39% |
| Flows | FCAL JMST | -$2M+$592M | +$122K+$940M | +$20M+$1.67B | +$30M+$3.02B | +$70M+$5.55B | +$124M+$5.84B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FCAL JMST | +5.14%+0.73% | +3.26%+0.46% | +3.66%+0.44% | +3.62%+0.45% |
| Max drawdown | FCAL JMST | -6.33%-0.60% | -6.78%-0.60% | -6.78%-0.60% | -13.87%-0.92% |
| Max drawdown duration | FCAL JMST | 88d45d | 102d45d | 102d45d | 1610d337d |
Trading data
FCAL | JMST | |
Last sale 10/16/2026 at 1:30 PM | $46.95 | |
| Previous close 10/15/2026 | $46.89 | |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
FCAL | JMST | |
|---|---|---|
| Last price | $46.95 | – |
| 1D performance | +0.13% | – |
| AuM | $211.15 M | $8.02 B |
| E/R | 0.49% | 0.18% |
Characteristics
FCAL | JMST | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | First Trust | J.P. Morgan Asset Management |
| Benchmark | - | - |
| N° of holdings | - | 483 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 20, 2017 | October 16, 2018 |
| ESG | No | No |
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Exposure
Countries
FCAL
Data will be available soon
JMST
USA
25.31%
Other
74.69%
Sectors
FCAL
Data will be available soon
JMST
Municipal
24.23%
Other
75.77%
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Diversification
FCAL
Data will be available soon
JMST
Total weight of top 15 holdings out of 15
11.08%
Top 15 holdings
Data as of January 1, 1970
FCAL
Data will be available soon
JMST
USA, Bills 0% 10sep2026, USD (182D)
1.08%
US64972GZB30
0.97%
US93974FDR10
0.85%
US01170PBW59
0.80%
US60412A2K82
0.74%
US424092HZ03
0.71%
US644894QC44
0.68%
US6492284K61
0.68%
US57421CHW73
0.67%
US9788624C19
0.67%
US650860AZ26
0.66%
US543077YT22
0.66%
US083773EE76
0.64%
US87638TEH23
0.64%
District of Columbia, FRN 1jun2051, USD (2026C)
0.63%
Frequently asked questions about FCAL and JMST
How have the FCAL and JMST ETFs performed in 2026?
As of October 15, 2026, FCAL is down -1.43% year-to-date (YTD), while JMST has returned 1.53%. That puts JMST better performer ahead so far this year.
Which ETF is attracting more investor money: FCAL or JMST?
Year-to-date, the FCAL ETF saw +$20M in flows, compared to +$1.67B for JMST.
Which ETF is more volatile: FCAL or JMST?
Over the past year, FCAL had a volatility of 3.26%, while JMST experienced 0.46%.
Which ETF is bigger: FCAL or JMST?
As of October 15, 2026, FCAL holds $211.15 M in assets under management (AUM), while JMST manages $8.02 B.
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