TAXIvsJCALETF Comparison
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Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and JPMorgan California Tax Free Bond ETF (JCAL) belong to the same industry segment: Municipal Bonds. TAXI's top 1 sector exposures are Municipal. In contrast, JCAL's top sector exposures are Municipal and Sovereign. TAXI is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.44% for JCAL. Run a side-by-side ETF comparison of TAXI 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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TAXI vs JCAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXI JCAL | +2.16%+1.44% | +0.46%-0.89% | +0.39%n/a | +1.42%n/a | n/an/a | n/an/a |
| Flows | TAXI JCAL | +$147M+$19M | +$194M+$19M | +$274M- | +$317M- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXI JCAL | +3.82%+4.62% | +2.43%n/a | n/an/a | n/an/a |
| Max drawdown | TAXI JCAL | -3.77%-5.04% | -4.65%n/a | n/an/a | n/an/a |
| Max drawdown duration | TAXI JCAL | 71d71d | 236dn/a | n/an/a | n/an/a |
Trading data
TAXI | JCAL | |
Last sale 10/23/2026 at 1:30 PM | $50.34 | $48.35 |
| Previous close 10/22/2026 | $50.11 | $48.35 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 24, 2026
1-year trailing difference
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JCAL
is actively managed and doesn’t replicate an indexTAXI | 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 10/23/2026 at 1:30 PM
Live
Closed
TAXI | JCAL | |
|---|---|---|
| Last price | $50.34 | $48.35 |
| 1D performance | +0.46% | +0.00% |
| AuM | $324.47 M | $512.35 M |
| E/R | 0.05% | 0.44% |
Characteristics
TAXI | JCAL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Northern Trust | J.P. Morgan Asset Management |
| Benchmark | ICE Intermediate Term Focused Municipal Bond Index | - |
| N° of holdings | 908 | 106 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | June 12, 2026 |
| ESG | No | No |
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Exposure
Countries
TAXI
USA
39.43%
Other
60.57%
JCAL
USA
37.65%
Other
62.35%
Sectors
TAXI
Municipal
39.43%
Other
60.57%
JCAL
Municipal
36.62%
Other
63.38%
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Diversification
TAXI
Total weight of top 15 holdings out of 15
2.48%
JCAL
Total weight of top 15 holdings out of 15
16.11%
Top 15 holdings
Data as of August 31, 2026
TAXI
Huron Valley School District, 5% 1may2040, USD (2026)
0.20%
US56879EHE23
0.17%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.17%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.17%
State of Washington, 5% 1jun2040, USD (2026F)
0.17%
US49151HBK14
0.16%
US64972JB721
0.16%
US46263RTS49
0.16%
US13013JGF75
0.16%
US09182TJE82
0.16%
US79467BKE47
0.16%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.16%
Southeast Alabama Gas Supply District, FRN 1aug2054, USD (A)
0.16%
US915183Z598
0.16%
US09182TCG04
0.16%
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 TAXI and JCAL
Which ETF is bigger: TAXI or JCAL?
As of October 23, 2026, TAXI holds $324.47 M in assets under management (AUM), while JCAL manages $512.35 M.
What sectors do the TAXI and JCAL ETFs invest in?
TAXI leans toward sectors like Municipal. Meanwhile, JCAL focuses on Municipal.
What are the top holdings of the TAXI ETF and JCAL ETF?
TAXI top holdings include Huron Valley School District, 5% 1may2040, USD (2026), US56879EHE23 and Energy Southeast, 5.5% 1nov2053, USD (2023A-1). JCAL holds in its top three: US072024ZH86, US072024C758 and US568087BK56.
Which ETF is more diversified: TAXI or JCAL?
TAXI holds 2484 securities with 2.48% of its assets in the top 15. JCAL has 306 securities and a top 15 weight of 16.11%.
Latest news about TAXI & JCAL
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXI
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