ETF Evaluator:
JPMorgan California Tax Free Bond ETF ()
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(as of Aug 26)
Best Performing in Muni California Intermediate Over the Last Year
| 5.8% | American Century California Muni Bd ETF (CATF) |
| 5.3% | Goldman Sachs Dynamic CA Muncpl Inc ETF (GCAL) |
| 4.9% | Vanguard California Tax-Exempt Bond ETF (VTEC) |
| 4.6% | Muni California Intermediate () |
| 4.1% | JPMorgan California Tax Free Bond ETF (JCAL) |
Risk
Index
Risk
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ETF Details
JPMorgan California Tax Free Bond ETF Overview
JPMorgan California Tax Free Bond ETF (JCAL) is an actively managed Municipal Bond Muni California Intermediate exchange-traded fund (ETF). JPMorgan launched the ETF in 1996.
The investment seeks to provide high after-tax total return for California residents consistent with moderate risk of capital.
The fund normally invests at least 80% of the value of its assets in municipal securities, the income from which is exempt from federal and state personal income taxes for California residents and not subject to the federal alternative minimum tax on individuals. "Assets" means net assets, plus the amount of borrowings for investment purposes. It may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers.
About JPMorgan California Tax Free Bond ETF (JCAL)
There are 3 members of the management team with an average tenure of 9.06 years: Michelle Hallam (2004), Josh Brunner (2024) and Rachel Betton (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. JPMorgan California Tax Free Bond ETF has 317 securities in its portfolio. The top 10 holdings constitute 13.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
JPMorgan California Tax Free Bond ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JPMorgan California Tax Free Bond ETF has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.8% (91.3% domestic bond, 1.5% foreign bond and 0.0% convertible bond). JPMorgan California Tax Free Bond ETF has 7.2% of the portfolio in cash.
Assets Under Management
The fund has $502 million in total assets, which is below the $772 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JCAL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan California Tax Free Bond ETF expense ratio is below average compared to funds in the Muni California Intermediate category. JPMorgan California Tax Free Bond ETF has an expense ratio of 0.34%, which is 34% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan California Tax Free Bond ETF has a portfolio turnover rate of 61%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Muni California Intermediate category.
Recently, in the month of July 2026, JPMorgan California Tax Free Bond ETF returned -1.6%, which earned it a grade of C, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
JPMorgan California Tax Free Bond ETF has a trailing yield of 3.05%, which is below the 3.27% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JPMorgan California Tax Free Bond ETF Grades
Year to date, the ETF has returned -0.0%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.1% over the past year (grade of D), 2.7% over the past three years (grade of C) and 0.5% per year over the past five years (grade of A) and 1.4% per year over the past 10 years (grade of A).
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JCAL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JCAL Return (NAV) | -1.6% | -0.6% | 4.1% | 2.7% | 0.5% | 1.4% |
| JCAL Return (Price) | -1.8% | -0.6% | 4.0% | 2.7% | 0.5% | 1.4% |
| NAV +/- Price Return | 0.123% | 0.032% | 0.033% | 0.011% | 0.006% | 0.003% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.6% | 2.9% | 0.5% | 1.4% |
| JCAL Grade (NAV) | C | F | D | C | A | A |
| +/- Category (NAV) | -0.1% | -0.1% | -0.5% | -0.2% | 0.0% | 0.0% |
| JCAL Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
JCAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JCAL Return (NAV) | -0.0% | 3.7% | 1.5% | 4.9% | -6.5% | -0.1% | 4.1% | 5.7% | 1.2% | 3.6% | -0.6% |
| JCAL Return (Price) | -0.1% | 3.7% | 1.5% | 4.9% | -6.5% | -0.1% | 4.1% | 5.7% | 1.2% | 3.6% | -0.6% |
| NAV +/- Price Ret | 0.980% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.6% | 5.4% | -9.3% | -0.1% | 4.1% | 5.7% | 1.2% | 3.6% | -0.6% |
| JCAL Grade (NAV) | F | D | F | F | A | A | A | A | A | A | A |
| +/- Category | -0.3% | -0.4% | -0.1% | -0.4% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Risk Measures | |
| Beta: | 0.75 |
| R-Squared: | 98% |
| Standard Deviation: | 4.3% |
| Category Risk Index: | 1.08 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.35 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.1% |
| Total Assets: | $ 502 Mil |
| Share Class Assets: | $ 502 Mil |
| Turnover: | 61.0% |
| Expense Ratio: | 0.34% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 22.1 years | |||
| Average Tenure: 9.1 years | |||
| Managers (Year): Hallam Michelle (2004), Brunner Josh (2024), Betton Rachel (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 317 |
| % in Top 10 Holdings: | 13.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.3% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | December 23, 1996 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.25% |
