ETF Evaluator:
JPMorgan Sustainable Municipal Inc ETF ()
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(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) |
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ETF Details
JPMorgan Sustainable Municipal Inc ETF Overview
JPMorgan Sustainable Municipal Inc ETF (JMSI) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). JPMorgan launched the ETF in 1993.
The investment seeks current income exempt from federal income taxes.
The fund invests in a portfolio of municipal bonds, including municipal mortgage-backed and asset-backed securities. Under normal circumstances, the fund invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income tax. The fund also invests in municipal mortgage-backed and asset-backed securities, as well as restricted securities.
About JPMorgan Sustainable Municipal Inc ETF (JMSI)
There are 3 members of the management team with an average tenure of 2.68 years: Michelle Hallam (2024), 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 Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. JPMorgan Sustainable Municipal Inc ETF has 299 securities in its portfolio. The top 10 holdings constitute 14.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
JPMorgan Sustainable Municipal Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JPMorgan Sustainable Municipal Inc ETF has 0.0% 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 94.3% (94.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Sustainable Municipal Inc ETF has 5.8% of the portfolio in cash.
Assets Under Management
The fund has $383 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.
JMSI 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 Sustainable Municipal Inc ETF expense ratio is low compared to funds in the Muni National Interm category. JPMorgan Sustainable Municipal Inc ETF has an expense ratio of 0.18%, which is 36% lower than its category average, making the fund expense ratio grade a A. 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 Sustainable Municipal Inc ETF has a portfolio turnover rate of 54%, 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, JPMorgan Sustainable Municipal Inc ETF returned -1.6%, which earned it a grade of C, 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.
JPMorgan Sustainable Municipal Inc ETF has a trailing yield of 3.71%, 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.
JPMorgan Sustainable Municipal Inc 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 D. The fund has returned 4.5% over the past year (grade of D), 3.3% over the past three years (grade of C) and 0.5% per year over the past five years (grade of D) and 1.6% per year over the past 10 years (grade of F).
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JMSI 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 |
|
| JMSI Return (NAV) | -1.6% | -0.5% | 4.5% | 3.3% | 0.5% | 1.6% |
| JMSI Return (Price) | -1.7% | -0.6% | 4.5% | 3.4% | 0.5% | 1.6% |
| NAV +/- Price Return | 0.082% | 0.038% | -0.003% | -0.095% | -0.012% | -0.006% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| JMSI Grade (NAV) | C | C | D | C | D | F |
| +/- Category (NAV) | -0.0% | -0.1% | -0.4% | -0.0% | -0.1% | -0.3% |
| JMSI Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
JMSI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMSI Return (NAV) | 0.0% | 4.3% | 2.4% | 5.3% | -8.3% | 1.0% | 4.8% | 6.2% | 0.9% | 3.8% | 0.1% |
| JMSI Return (Price) | -0.1% | 4.4% | 2.8% | 5.0% | -8.3% | 1.0% | 4.8% | 6.2% | 0.9% | 3.8% | 0.1% |
| NAV +/- Price Ret | -3.117% | 0.034% | 0.131% | -0.055% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| 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% |
| JMSI Grade (NAV) | D | D | B | F | C | F | D | F | F | F | B |
| +/- Category | -0.3% | -0.4% | 0.5% | -0.8% | -0.2% | -0.6% | -0.2% | -1.5% | -0.3% | -1.4% | -0.0% |
| Risk Measures | |
| Beta: | 0.82 |
| R-Squared: | 98% |
| Standard Deviation: | 4.7% |
| Category Risk Index: | 0.95 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.38 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 383 Mil |
| Share Class Assets: | $ 383 Mil |
| Turnover: | 54.0% |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Betton Rachel (2023), White Curtis (2024), Hallam Michelle (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 299 |
| % in Top 10 Holdings: | 14.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | February 9, 1993 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.28% |
