ETF Evaluator:
JPMorgan Municipal 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) |
Risk
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Risk
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ETF Details
JPMorgan Municipal ETF Overview
JPMorgan Municipal ETF (JMUB) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). JPMorgan launched the ETF in 2018.
The investment seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of the investors' investment by investing primarily in municipal obligations.
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. The fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. It may invest in municipal mortgage-backed and asset-backed securities.
About JPMorgan Municipal ETF (JMUB)
There are 3 members of the management team with an average tenure of 6.02 years: Michelle Hallam (2018), Michael Myers (2018) 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 Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. JPMorgan Municipal ETF has 2077 securities in its portfolio. The top 10 holdings constitute 12.8% 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 Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. JPMorgan Municipal ETF has 1.2% 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 91.3% (90.2% domestic bond, 1.2% foreign bond and 0.0% convertible bond). JPMorgan Municipal ETF has 8.7% of the portfolio in cash.
Assets Under Management
The fund has $8 billion in total assets, which is above 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.
JMUB 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 Municipal ETF expense ratio is low compared to funds in the Muni National Interm category. JPMorgan Municipal 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 Municipal 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, JPMorgan Municipal 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 Municipal ETF has a trailing yield of 3.66%, which is above the 3.53% category average.
The fund normally distributes its income monthly.
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 Municipal ETF Grades
Year to date, the ETF has returned 0.3%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.4% over the past year (grade of D), 3.2% over the past three years (grade of C) and 0.8% per year over the past five years (grade of B).
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JMUB 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 |
|
| JMUB Return (NAV) | -1.6% | -0.5% | 4.4% | 3.2% | 0.8% | na |
| JMUB Return (Price) | -1.5% | -0.4% | 4.5% | 3.2% | 0.8% | na |
| NAV +/- Price Return | -0.078% | -0.038% | -0.107% | -0.027% | -0.012% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| JMUB Grade (NAV) | C | C | D | C | B | na |
| +/- Category (NAV) | 0.0% | -0.0% | -0.5% | -0.1% | 0.2% | na |
| JMUB Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
JMUB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JMUB Return (NAV) | 0.3% | 4.2% | 1.9% | 6.1% | -7.5% | 1.6% | 4.9% | 8.5% | na | na | na |
| JMUB Return (Price) | 0.3% | 4.3% | 1.9% | 6.0% | -7.4% | 1.6% | 5.0% | 8.4% | na | na | na |
| NAV +/- Price Ret | -0.010% | 0.043% | -0.034% | -0.017% | -0.012% | -0.009% | 0.010% | -1.7% | 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% |
| JMUB Grade (NAV) | C | D | C | C | B | C | C | A | na | na | na |
| +/- Category | -0.1% | -0.5% | -0.0% | -0.0% | 0.6% | -0.0% | -0.0% | 0.8% | na | na | na |
| Risk Measures | |
| Beta: | 0.83 |
| R-Squared: | 99% |
| Standard Deviation: | 4.7% |
| Category Risk Index: | 0.95 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.39 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 8,419 Mil |
| Share Class Assets: | $ 8,419 Mil |
| Turnover: | 38.0% |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 6.0 years | |||
| Managers (Year): Hallam Michelle (2018), Myers Michael (2018), Betton Rachel (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 2077 |
| % in Top 10 Holdings: | 12.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.2% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | October 29, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.28% |
