JPMorgan Municipal ETF
J.P. Morgan Exchange-Traded Fund Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| JMUB | 0.18% |
Portfolio turnover 38.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 83.72% |
| Cash & short-term | 18.00% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Black Belt Energy Gas District, California Health Facilities Financing Authority, California Community Choice Financing Authority, State of Wisconsin, City of Albany NY, Texas Municipal Gas Acquisition & Supply Corp. V, Southern California Public Power Authority, State of Washington
Largest exited: New York City Municipal Water Finance Authority, Bergen County Improvement Authority (The), Metropolitan St. Louis Sewer District ×2, Metropolitan Government of Nashville & Davidson County TN, Public Finance Authority, Southeast Energy Authority A Cooperative District, South Carolina State Housing Finance & Development Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | JPMorgan Institutional Tax Free Money Market Fund | 8.22% | $638.22M | — |
| — | Black Belt Energy Gas District5.00% · due 2034-12-01 | 0.77% | $59.40M | — |
| — | California Community Choice Financing Authority5.00% · due 2036-03-01 | 0.70% | $54.12M | — |
| — | California Health Facilities Financing Authority5.00% floating · due 2065-08-15 | 0.67% | $52.31M | — |
| — | California Community Choice Financing Authority5.25% · due 2036-02-01 | 0.61% | $47.37M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · 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 Revenue4.33% · due 2040-07-01 | 0.51% | $39.63M | — |
| — | California Community Choice Financing Authority5.00% floating · due 2056-10-01 | 0.49% | $38.34M | — |
| — | County of Utah UT | 0.45% | $35.00M | — |
Top 10 positions are 13.49% of net assets, top 25 18.86%, across 714 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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