JPMorgan Municipal ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, JPMorgan Municipal ETF held 1,983 positions with $7.76B in net assets. Its ten largest holdings made up 13.5% of the fund. The JMUB share class costs 0.18% a year. Over the 12 months to May 2026, JMUB returned 5.8%, with dividends reinvested. In 2026 Q2 it added 227 new positions and exited 78.
The Fund seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Funds investment objective, gross income means gross income for federal income tax purposes. Exclusion from gross income for federal income tax purposes may not mean exclusion from the federal alternative minimum tax.
The fund invests primarily in municipal securities whose interest is exempt from federal income tax, selecting securities based on a value-oriented risk/reward analysis that evaluates credit quality, interest rate risk, duration, and liquidity; the adviser targets a portfolio duration within two years of the Bloomberg US Municipal Index benchmark. Up to 20% of assets may be invested in below-investment-grade municipal securities, which carry higher risk and trade in a smaller, less liquid market than taxable high-yield bonds. The fund may hold up to 20% in cash and cash equivalents, and on occasions when municipal securities are unavailable, may invest in U.S. Treasury securities or repurchase agreements.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JPMorgan Institutional Tax Free Money Market Fund | 8.22% | $638.22M | — |
Black Belt Energy Gas District 5.00% · due 2034-12-01 | 0.77% | $59.40M | — |
California Community Choice Financing Authority 5.00% · due 2036-03-01 | 0.70% | $54.12M | — |
California Health Facilities Financing Authority 5.00% floating · due 2065-08-15 | 0.67% | $52.31M | — |
California Community Choice Financing Authority 5.25% · due 2036-02-01 | 0.61% | $47.37M | — |
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 0.55% | $42.85M | — |
Connecticut State Health & Educational Facilities Authority | 0.52% | $40.00M | — |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.33% · due 2040-07-01 | 0.51% | $39.63M | — |
California Community Choice Financing Authority 5.00% floating · due 2056-10-01 | 0.49% | $38.34M | — |
County of Utah UT | 0.45% | $35.00M | — |
The 200 largest of 1,983 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 83.72% |
| Cash & short-term | 18.00% |
Derivatives are shown at market value, not notional exposure.
How it has done
JMUB share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.41%. Past returns are a record, not a forecast.
Fees & fund details
JPMorgan Municipal ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.18%· JMUB 0.18%
- Portfolio turnover
- 38.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
227 new· the largest 8
78 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.1% |
| Floating rate | 12.0% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 2.8% |
| 3-5y | 4.2% |
| 5-10y | 22.4% |
| 10y+ | 67.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.39 yr |
| High yield | +0.44 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.34 yr | 6% |
| 5 yr | 1.41 yr | 23% |
| 10 yr | 3.27 yr | 53% |
| 30 yr | 1.13 yr | 18% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.30 yr | 5% |
| 5 yr | 1.54 yr | 26% |
| 10 yr | 3.55 yr | 61% |
| 30 yr | 0.42 yr | 7% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.01 | +0.00 | $10.8k | $696 |
| 1 yr | +0.34 | +0.26 | +0.04 | $199.1k | $31.1k |
| 5 yr | +1.41 | +1.45 | +0.09 | $1.12m | $68.3k |
| 10 yr | +3.27 | +3.35 | +0.21 | $2.60m | $162.5k |
| 30 yr | +1.13 | +0.32 | +0.10 | $251.5k | $77.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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