ETF Evaluator:
JPMorgan High Yield Municipal ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in High Yield Muni Over the Last Year
| 10.8% | VanEck CEF Municipal Income ETF (XMPT) |
| 9.9% | Eaton Vance High Income Municipal ETF (EVYM) |
| 9.5% | Rockefeller Opportunistic Muncpl Bd ETF (RMOP) |
| 9.0% | Nomura National Hi-Yld Muncpl Bd ETF (HTAX) |
| 8.8% | Franklin Municipal High Yield ETF (FTMH) |
Risk
Index
Risk
Index
ETF Details
JPMorgan High Yield Municipal ETF Overview
JPMorgan High Yield Municipal ETF (JMHI) is an actively managed Municipal Bond High Yield Muni exchange-traded fund (ETF). JPMorgan launched the ETF in 2007.
The investment seeks a high level of current income exempt from federal income taxes.
Under normal circumstances, the fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax. Municipal securities may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, and participations in pools of municipal securities.
About JPMorgan High Yield Municipal ETF (JMHI)
There are 2 members of the management team with an average tenure of 2.80 years: Rachel Betton (2023) and Curtis White (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 HY Muni TR USD index with a weighting of 100%. JPMorgan High Yield Municipal ETF has 236 securities in its portfolio. The top 10 holdings constitute 18.1% 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 High Yield Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JPMorgan High Yield Municipal ETF has 2.7% 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 90.5% (87.8% domestic bond, 2.7% foreign bond and 0.0% convertible bond). JPMorgan High Yield Municipal ETF has 9.5% of the portfolio in cash.
Assets Under Management
The fund has $291 million in total assets, which is below the $990 million average for the High Yield Muni 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.
JMHI 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 High Yield Municipal ETF expense ratio is below average compared to funds in the High Yield Muni category. JPMorgan High Yield Municipal ETF has an expense ratio of 0.35%, which is 42% lower than its category average, making the fund expense ratio grade a B. 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 High Yield Municipal ETF has a portfolio turnover rate of 52%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 38% for the High Yield Muni category.
Recently, in the month of July 2026, JPMorgan High Yield Municipal ETF returned -1.8%, which earned it a grade of C, as the High Yield Muni category had an average return of -1.8%. 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 High Yield Municipal ETF has a trailing yield of 4.56%, which is below the 4.58% 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 High Yield Municipal ETF Grades
Year to date, the ETF has returned 0.9%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.3% over the past year (grade of F), 4.5% over the past three years (grade of D) and -0.4% per year over the past five years (grade of D) and 2.0% per year over the past 10 years (grade of C).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about JPMorgan High Yield Municipal ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
JMHI 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 |
|
| JMHI Return (NAV) | -1.8% | -0.1% | 5.3% | 4.5% | -0.4% | 2.0% |
| JMHI Return (Price) | -2.0% | -0.2% | 5.1% | 4.7% | -0.4% | 2.0% |
| NAV +/- Price Return | 0.134% | 0.147% | 0.178% | -0.179% | 0.011% | 0.005% |
| High Yield Muni Avg | -1.8% | 0.3% | 7.4% | 4.8% | 0.2% | 2.2% |
| JMHI Grade (NAV) | C | F | F | D | D | C |
| +/- Category (NAV) | -0.0% | -0.4% | -2.2% | -0.3% | -0.6% | -0.2% |
| JMHI Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
JMHI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMHI Return (NAV) | 0.9% | 4.3% | 5.5% | 4.7% | -15.4% | 5.8% | 3.0% | 10.2% | 1.6% | 4.6% | 1.1% |
| JMHI Return (Price) | 0.6% | 4.6% | 5.9% | 4.3% | -15.4% | 5.8% | 3.0% | 10.2% | 1.6% | 4.6% | 1.1% |
| NAV +/- Price Ret | -0.340% | 0.065% | 0.074% | -0.090% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| High Yield Muni Avg | 1.9% | 4.1% | 5.5% | 6.4% | -14.8% | 6.0% | 3.9% | 10.4% | 1.1% | 7.1% | 0.7% |
| JMHI Grade (NAV) | F | B | D | F | D | B | D | B | D | F | B |
| +/- Category | -1.0% | 0.2% | -0.0% | -1.7% | -0.7% | -0.2% | -0.8% | -0.3% | 0.6% | -2.5% | 0.4% |
| Risk Measures | |
| Beta: | 0.98 |
| R-Squared: | 95% |
| Standard Deviation: | 5.7% |
| Category Risk Index: | 0.89 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.47 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.6% |
| Total Assets: | $ 292 Mil |
| Share Class Assets: | $ 292 Mil |
| Turnover: | 52.0% |
| Expense Ratio: | 0.35% |
| 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: 3.1 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Betton Rachel (2023), White Curtis (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 236 |
| % in Top 10 Holdings: | 18.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 87.8% |
| Foreign Bond: | 2.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | September 17, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.60% |
