JMUBvsJCALETF Comparison
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JPMorgan Municipal ETF (JMUB) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 2 sector exposures: Municipal and Sovereign. JMUB 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 JMUB 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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JMUB vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | JMUB JCAL | -2.08%-2.04% | -2.45%-2.52% | -1.18%n/a | +0.16%n/a | +9.62%n/a | +2.62%n/a |
| Flows | JMUB JCAL | +$139M-$6K | +$882M+$510M | +$2.23B- | +$5.04B- | +$8.06B- | +$8.62B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | JMUB JCAL | +2.85%+2.79% | +2.27%n/a | +3.21%n/a | +3.16%n/a |
| Max drawdown | JMUB JCAL | -3.21%-3.14% | -3.21%n/a | -4.05%n/a | -11.93%n/a |
| Max drawdown duration | JMUB JCAL | 67d73d | 67dn/a | 270dn/a | 1046dn/a |
Trading data
JMUB | JCAL | |
Last sale 9/11/2026 at 1:30 PM | $48.32 | |
| Previous close 09/10/2026 | $48.16 | |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
JMUB | JCAL | |
|---|---|---|
| Last price | – | $48.32 |
| 1D performance | – | +0.33% |
| AuM | $8.43 B | $492.69 M |
| E/R | 0.18% | 0.44% |
Characteristics
JMUB | JCAL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | J.P. Morgan Asset Management | J.P. Morgan Asset Management |
| Benchmark | - | - |
| N° of holdings | 604 | 116 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 29, 2018 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
JMUB
USA
40.58%
Other
59.42%
JCAL
USA
41.08%
Other
58.92%
Sectors
JMUB
Municipal
39.16%
Other
60.84%
JCAL
Municipal
39.38%
Other
60.62%
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Diversification
JMUB
Total weight of top 15 holdings out of 15
9.09%
JCAL
Total weight of top 15 holdings out of 15
15.2%
Top 15 holdings
Data as of July 31, 2026
JMUB
USA, Bills 0% 11aug2026, USD (119D)
1.42%
US25477GZQ18
0.74%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.72%
California Community Choice Financing Authority, 5% 1mar2036, USD (2026B)
0.64%
California Health Facilities Financing Authority, 5% 15aug2065, USD (2026B-3)
0.64%
US796242WD34
0.62%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.60%
California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C)
0.58%
US64972JP283
0.52%
US20775DYT35
0.50%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.44%
US917393CY40
0.44%
US542691KA76
0.42%
US09182TEN37
0.40%
US13013JHG40
0.40%
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 JMUB and JCAL
Which ETF is bigger: JMUB or JCAL?
As of September 11, 2026, JMUB holds $8.43 B in assets under management (AUM), while JCAL manages $492.69 M.
What sectors do the JMUB and JCAL ETFs invest in?
JMUB leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the JMUB ETF and JCAL ETF?
JMUB top holdings include USA, Bills 0% 11aug2026, USD (119D), US25477GZQ18 and Black Belt Energy Gas District, 5% 1dec2034, USD (2026). JCAL holds in its top three: US072024C758, USA, Bills 0% 11aug2026, USD (119D) and US91412HYH01.
Which ETF is more diversified: JMUB or JCAL?
JMUB holds 2070 securities with 9.09% of its assets in the top 15. JCAL has 313 securities and a top 15 weight of 15.2%.
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