ETF Evaluator:
JHancock Dynamic Municipal Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
JHancock Dynamic Municipal Bond ETF Overview
JHancock Dynamic Municipal Bond ETF (JHMU) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). John Hancock launched the ETF in 2023.
The investment seeks a high level of interest income exempt from federal income tax.
Under normal market conditions, the fund invests at least 80% of its net assets, plus amounts borrowed for investment purposes, in municipal bonds of any maturity. It primarily invests in bonds that are investment grade when purchased, but the fund may also invest up to 20% of its net assets in non-investment grade bonds rated BB or lower by S&P Global Ratings, Fitch Ratings, or Moody’s Investors Service, Inc., or comparable rating by any NRSRO or unrated equivalents.
About JHancock Dynamic Municipal Bond ETF (JHMU)
There are 2 members of the management team with an average tenure of 2.75 years: Adam Weigold (2023) and Dennis DiCicco (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. JHancock Dynamic Municipal Bond ETF has 217 securities in its portfolio. The top 10 holdings constitute 12.3% 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.
JHancock Dynamic Municipal Bond ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JHancock Dynamic Municipal Bond ETF has 0.6% 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 95.8% (95.3% domestic bond, 0.6% foreign bond and 0.0% convertible bond). JHancock Dynamic Municipal Bond ETF has 4.2% of the portfolio in cash.
Assets Under Management
The fund has $43 million in total assets, which is below the $2 billion average for the Muni National Interm 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.
JHMU 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 JHancock Dynamic Municipal Bond ETF expense ratio is below average compared to funds in the Muni National Interm category. JHancock Dynamic Municipal Bond ETF has an expense ratio of 0.39%, which is 38% 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. JHancock Dynamic Municipal Bond ETF has a portfolio turnover rate of 38%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, JHancock Dynamic Municipal Bond ETF returned -1.7%, which earned it a grade of D, as the Muni National Interm category had an average return of -1.6%. 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.
JHancock Dynamic Municipal Bond ETF has a trailing yield of 3.86%, which is above the 3.53% 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.
JHancock Dynamic Municipal Bond ETF Grades
Year to date, the ETF has returned 0.6%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.5% over the past year (grade of B).
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JHMU 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 |
|
| JHMU Return (NAV) | -1.7% | -0.4% | 5.5% | na | na | na |
| JHMU Return (Price) | -1.6% | -0.3% | 5.8% | na | na | na |
| NAV +/- Price Return | -0.129% | -0.036% | -0.300% | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| JHMU Grade (NAV) | D | B | B | na | na | na |
| +/- Category (NAV) | -0.1% | 0.1% | 0.5% | na | na | na |
| JHMU Tax-Cost Ratio | na | na | 0.0% | na | na | na |
JHMU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JHMU Return (NAV) | 0.6% | 5.0% | 3.8% | na | na | na | na | na | na | na | na |
| JHMU Return (Price) | 0.7% | 5.0% | 3.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.152% | 0.016% | -0.013% | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| JHMU Grade (NAV) | B | C | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 0.3% | 1.9% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.9% |
| Total Assets: | $ 44 Mil |
| Share Class Assets: | $ 44 Mil |
| Turnover: | 38.0% |
| Expense Ratio: | 0.39% |
| 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: 2 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Weigold Adam (2023), DiCicco Dennis (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 217 |
| % in Top 10 Holdings: | 12.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.3% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | John Hancock |
| Phone Number: | 800-225-6020 |
| Website: | www.jhfunds.com |
| Inception Date: | November 1, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
