PMIOvsJCALETF Comparison
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PGIM Municipal Income Opportunities ETF (PMIO) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. PMIO's top 2 sector exposures are Municipal and Non-Corporate. In contrast, JCAL's top sector exposures are Municipal and Sovereign. PMIO is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.44% for JCAL. Run a side-by-side ETF comparison of PMIO 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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PMIO vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/22/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PMIO JCAL | +0.97%+1.44% | -0.78%-0.89% | +0.53%n/a | +0.91%n/a | n/an/a | n/an/a |
| Flows | PMIO JCAL | +$6M+$19M | +$11M+$19M | +$25M- | +$33M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PMIO JCAL | +4.33%+4.62% | +2.69%n/a | n/an/a | n/an/a |
| Max drawdown | PMIO JCAL | -4.20%-5.04% | -4.97%n/a | n/an/a | n/an/a |
| Max drawdown duration | PMIO JCAL | 67d71d | 108dn/a | n/an/a | n/an/a |
Trading data
PMIO | JCAL | |
Last sale 10/23/2026 at 1:30 PM | $49.83 | $48.35 |
| Previous close 10/23/2026 | $49.88 | $48.35 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
PMIO | JCAL | |
|---|---|---|
| Last price | $49.83 | $48.35 |
| 1D performance | -0.09% | +0.00% |
| AuM | $59.59 M | $512.35 M |
| E/R | 0.25% | 0.44% |
Characteristics
PMIO | JCAL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | PGIM | J.P. Morgan Asset Management |
| Benchmark | - | - |
| N° of holdings | 3856 | 106 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 28, 2024 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
PMIO
USA
38.18%
Other
61.82%
JCAL
USA
37.65%
Other
62.35%
Sectors
PMIO
Municipal
36.79%
Other
63.21%
JCAL
Municipal
36.62%
Other
63.38%
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Diversification
PMIO
Total weight of top 15 holdings out of 15
28.82%
JCAL
Total weight of top 15 holdings out of 15
16.11%
Top 15 holdings
Data as of August 31, 2026
PMIO
Black Belt Energy Gas District, 5.5% 1jun2049, USD (2023)
2.52%
US34074HJC79
2.31%
Illinois Toll Highway Authority, 5% 1jan2045, USD
2.28%
Kentucky Public Energy Authority, 5.25% 1apr2054, USD (2023)
2.09%
County of Utah, 5% 15may2043, USD (2020A)
2.05%
New York Liberty Development Corp., 2.45% 15sep2069, USD (2019)
1.99%
US63607WBN39
1.86%
US63607WBD56
1.84%
National Finance Authority, 6.5% 1dec2034, USD (2026)
1.81%
US74442PB613
1.76%
US63607DAB29
1.75%
US924190WL18
1.69%
US64985STJ23
1.68%
US92708HAQ74
1.64%
Kentucky Public Energy Authority, 5% 1may2036, USD (2025)
1.56%
JCAL
US072024ZH86
2.06%
US072024C758
1.77%
US568087BK56
1.12%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.10%
US91412HTJ22
1.03%
California, FRN 1may2033, USD (2003A-1)
1.03%
US13063EGP51
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 PMIO and JCAL
Which ETF is bigger: PMIO or JCAL?
As of October 22, 2026, PMIO holds $59.59 M in assets under management (AUM), while JCAL manages $512.35 M.
What sectors do the PMIO and JCAL ETFs invest in?
PMIO leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the PMIO ETF and JCAL ETF?
PMIO top holdings include Black Belt Energy Gas District, 5.5% 1jun2049, USD (2023), US34074HJC79 and Illinois Toll Highway Authority, 5% 1jan2045, USD. JCAL holds in its top three: US072024ZH86, US072024C758 and US568087BK56.
Which ETF is more diversified: PMIO or JCAL?
PMIO holds 6980 securities with 28.82% of its assets in the top 15. JCAL has 306 securities and a top 15 weight of 16.11%.
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