JCALvsBSMWETF Comparison
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JPMorgan California Tax Free Bond ETF (JCAL) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW) belong to the same industry segment: Municipal Bonds. JCAL's top 2 sector exposures are Municipal and Sovereign. In contrast, BSMW's top sector exposures are Municipal. JCAL is more expensive with a Total Expense Ratio (TER) of 0.44%, versus 0.18% for BSMW. Run a side-by-side ETF comparison of JCAL and BSMW 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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JCAL vs BSMW performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JCAL BSMW | -2.02%-2.28% | -3.07%-3.28% | n/a-2.01% | n/a-0.68% | n/a+8.08% | n/an/a |
| Flows | JCAL BSMW | +$2M+$5M | +$8M+$15M | -+$75M | -+$103M | -+$202M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JCAL BSMW | +2.84%+2.92% | n/a+2.37% | n/a+4.14% | n/an/a |
| Max drawdown | JCAL BSMW | -3.37%-3.57% | n/a-4.01% | n/a-6.05% | n/an/a |
| Max drawdown duration | JCAL BSMW | 80d74d | n/a201d | n/a278d | n/an/a |
Trading data
JCAL | BSMW | |
Last sale 9/18/2026 at 1:30 PM | $48.15 | $24.13 |
| Previous close 09/17/2026 | $48.26 | $24.18 |
| Consolidated volume 09/17/2026 | ||
| 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 indexJCAL | BSMW | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
JCAL | BSMW | |
|---|---|---|
| Last price | $48.15 | $24.13 |
| 1D performance | -0.23% | -0.22% |
| AuM | $490.81 M | $214.11 M |
| E/R | 0.44% | 0.18% |
Characteristics
JCAL | BSMW | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | J.P. Morgan Asset Management | Invesco |
| Benchmark | - | Invesco BulletShares USD Municipal Bond 2032 Index |
| N° of holdings | 116 | 602 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 12, 2026 | March 1, 2023 |
| ESG | No | No |
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Exposure
Countries
JCAL
USA
41.08%
Other
58.92%
BSMW
USA
41%
Other
59%
Sectors
JCAL
Municipal
39.38%
Other
60.62%
BSMW
Municipal
41%
Other
59%
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Diversification
JCAL
Total weight of top 15 holdings out of 15
15.2%
BSMW
Total weight of top 15 holdings out of 15
5.34%
Top 15 holdings
Data as of July 31, 2026
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%
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%
Frequently asked questions about JCAL and BSMW
Which ETF is bigger: JCAL or BSMW?
As of September 18, 2026, JCAL holds $490.81 M in assets under management (AUM), while BSMW manages $214.11 M.
What sectors do the JCAL and BSMW ETFs invest in?
JCAL leans toward sectors like Municipal. Meanwhile, BSMW focuses on Municipal.
What are the top holdings of the JCAL ETF and BSMW ETF?
JCAL top holdings include US072024C758, USA, Bills 0% 11aug2026, USD (119D) and US91412HYH01. BSMW holds in its top three: University of California Medical Center, 5% 15may2047, USD (2022), New York Municipal Water Finance Authority, 5.25% 15jun2052, USD (2023) and US46246SAU96.
Which ETF is more diversified: JCAL or BSMW?
JCAL holds 313 securities with 15.2% of its assets in the top 15. BSMW has 1839 securities and a top 15 weight of 5.34%.
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