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JPMorgan Municipal ETF
Active ETF
JMUB
Payout Change
Pending
Price as of:
$50.2
+0.06
+0.11%
primary theme
Municipal Bond
JMUB (ETF)
JPMorgan Municipal ETF
Payout Change
Pending
Price as of:
$50.2
+0.06
+0.11%
primary theme
Municipal Bond
JMUB (ETF)
JPMorgan Municipal ETF
Payout Change
Pending
Price as of:
$50.2
+0.06
+0.11%
primary theme
Municipal Bond
Name
As of 04/29/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-0.8%
1 yr return
2.6%
3 Yr Avg Return
-0.6%
5 Yr Avg Return
1.5%
Net Assets
$1.21 B
Holdings in Top 10
16.6%
52 WEEK LOW AND HIGH
$50.1
$47.66
$51.17
Expenses
OPERATING FEES
Expense Ratio 0.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/29/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
JMUB - Profile
Distributions
- YTD Total Return -0.8%
- 3 Yr Annualized Total Return -0.6%
- 5 Yr Annualized Total Return 1.5%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.56%
- Dividend Yield 3.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameJPMorgan Municipal ETF
-
Fund Family NameJPMorgan Funds
-
Inception DateOct 29, 2018
-
Shares Outstanding2500000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichelle Hallam
Fund Description
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. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes.Municipal securities are debt securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue anticipation notes or other short term notes, private placements and participations in pools of municipal securities.Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.Additionally, municipal securities include other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities.There may be times when there are not enough municipal securities available to meet the Fund’s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to 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. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion.The securities in which the Fund invests may have fixed rates of return or floating or variable rates.The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. Up to 20% of the Fund’s assets may be held in cash and cash equivalents.The Fund may invest more than 25% of its total assets in municipal obligations, the interest upon which is paid from revenues of projects within a single sector, such as housing or healthcare.As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or the unrated equivalent. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Corporation (S&P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 20% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.The Fund may also invest in zero-coupon securities.The average dollar weighted maturity of the Fund’s portfolio is expected to be between three and twelve years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of a Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect.Up to 20% of the Fund may be invested in money market funds, including affiliated money market funds, or cash.Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across sectors to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.
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JMUB - Performance
Return Ranking - Trailing
| Period | JMUB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.8% | -5.3% | 10.6% | 29.27% |
| 1 Yr | 2.6% | -5.4% | 29.5% | 35.26% |
| 3 Yr | -0.6%* | -11.5% | 2.6% | 17.31% |
| 5 Yr | 1.5%* | -6.3% | 1101.7% | 7.58% |
| 10 Yr | N/A* | -0.5% | 248.1% | 14.39% |
* Annualized
Return Ranking - Calendar
| Period | JMUB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.6% | -1.4% | 41.0% | 58.36% |
| 2022 | -9.4% | -39.7% | 0.3% | 30.80% |
| 2021 | -0.4% | -5.6% | 6.9% | 43.96% |
| 2020 | 2.7% | -2.6% | 310.0% | 10.59% |
| 2019 | 4.8% | 0.0% | 26.0% | 17.83% |
Total Return Ranking - Trailing
| Period | JMUB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.8% | -5.3% | 10.6% | 29.27% |
| 1 Yr | 2.6% | -5.4% | 29.5% | 35.26% |
| 3 Yr | -0.6%* | -11.5% | 2.6% | 17.31% |
| 5 Yr | 1.5%* | -6.3% | 1101.7% | 7.58% |
| 10 Yr | N/A* | -0.5% | 248.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | JMUB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.0% | -1.3% | 41.0% | 43.07% |
| 2022 | -7.4% | -39.7% | 1.1% | 30.87% |
| 2021 | 1.6% | -4.8% | 23761504.0% | 49.54% |
| 2020 | 5.0% | -1.5% | 17057.9% | 16.09% |
| 2019 | 7.5% | 0.2% | 3514.6% | 22.63% |
JMUB - Holdings
Concentration Analysis
| JMUB | Category Low | Category High | JMUB % Rank | |
|---|---|---|---|---|
| Net Assets | 1.21 B | 3.22 M | 71.9 B | 25.19% |
| Number of Holdings | 898 | 2 | 13067 | 11.59% |
| Net Assets in Top 10 | 143 M | -317 M | 3.56 B | 31.00% |
| Weighting of Top 10 | 16.61% | 2.0% | 100.2% | 55.89% |
Top 10 Holdings
- JPMorgan Institutional Tax Free Money Market Fund, Class IM 7.02%
- New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Series D-3 1.83%
- State of Tennessee, Series 2023A 1.31%
- Commonwealth of Massachusetts, Series 2023 D 1.26%
- City of New York, Fiscal Year 2006, Series 2006, Subseries I-4 1.16%
- Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2008D 1.08%
- California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1 0.77%
- County of King, Series 2023 B 0.76%
- Southeast Energy Authority A Cooperative District, Series 2023B 0.71%
- Aledo Independent School District 0.70%
Asset Allocation
| Weighting | Return Low | Return High | JMUB % Rank | |
|---|---|---|---|---|
| Bonds | 78.67% | 0.00% | 150.86% | 98.45% |
| Cash | 21.72% | -50.86% | 50.09% | 0.39% |
| Stocks | 0.00% | 0.00% | 99.81% | 81.05% |
| Preferred Stocks | 0.00% | 0.00% | 0.52% | 78.71% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 77.71% |
| Other | -0.04% | -3.18% | 33.35% | 95.02% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | JMUB % Rank | |
|---|---|---|---|---|
| Municipal | 85.39% | 44.39% | 100.00% | 97.79% |
| Cash & Equivalents | 21.72% | 0.00% | 48.02% | 0.39% |
| Government | 0.01% | 0.00% | 52.02% | 7.86% |
| Securitized | 0.00% | 0.00% | 5.93% | 84.73% |
| Corporate | 0.00% | 0.00% | 9.41% | 86.61% |
| Derivative | -0.04% | -3.18% | 23.38% | 94.82% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | JMUB % Rank | |
|---|---|---|---|---|
| US | 78.67% | 0.00% | 142.23% | 98.45% |
| Non US | 0.00% | 0.00% | 23.89% | 81.36% |
JMUB - Expenses
Operational Fees
| JMUB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.18% | 0.01% | 20.65% | 97.67% |
| Management Fee | 0.18% | 0.00% | 1.20% | 4.79% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | 20.59% |
Sales Fees
| JMUB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| JMUB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| JMUB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 283.00% | 92.25% |
JMUB - Distributions
Dividend Yield Analysis
| JMUB | Category Low | Category High | JMUB % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.46% | 0.00% | 14.30% | 11.97% |
Dividend Distribution Analysis
| JMUB | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| JMUB | Category Low | Category High | JMUB % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.56% | -0.53% | 5.33% | 68.83% |
Capital Gain Distribution Analysis
| JMUB | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Apr 04, 2024 | $0.145 | OrdinaryDividend |
| Mar 06, 2024 | $0.146 | OrdinaryDividend |
| Feb 06, 2024 | $0.140 | OrdinaryDividend |
| Jan 03, 2024 | $0.137 | OrdinaryDividend |
| Dec 06, 2023 | $0.136 | OrdinaryDividend |
| Nov 06, 2023 | $0.151 | OrdinaryDividend |
| Oct 05, 2023 | $0.139 | OrdinaryDividend |
| Sep 07, 2023 | $0.139 | OrdinaryDividend |
| Aug 04, 2023 | $0.132 | OrdinaryDividend |
| Jul 07, 2023 | $0.133 | OrdinaryDividend |
| Jun 06, 2023 | $0.132 | OrdinaryDividend |
| May 04, 2023 | $0.141 | OrdinaryDividend |
| Apr 06, 2023 | $0.131 | OrdinaryDividend |
| Mar 06, 2023 | $0.127 | OrdinaryDividend |
| Feb 06, 2023 | $0.132 | OrdinaryDividend |
| Jan 04, 2023 | $0.107 | OrdinaryDividend |
| Dec 06, 2022 | $0.109 | OrdinaryDividend |
| Nov 04, 2022 | $0.128 | OrdinaryDividend |
| Oct 06, 2022 | $0.103 | OrdinaryDividend |
| Sep 07, 2022 | $0.108 | OrdinaryDividend |
| Aug 04, 2022 | $0.078 | OrdinaryDividend |
| Jul 07, 2022 | $0.074 | OrdinaryDividend |
| Jun 06, 2022 | $0.082 | OrdinaryDividend |
| May 05, 2022 | $0.079 | OrdinaryDividend |
| Apr 06, 2022 | $0.061 | OrdinaryDividend |
| Mar 04, 2022 | $0.075 | OrdinaryDividend |
| Feb 04, 2022 | $0.072 | OrdinaryDividend |
| Jan 04, 2022 | $0.066 | OrdinaryDividend |
| Dec 06, 2021 | $0.072 | OrdinaryDividend |
| Nov 04, 2021 | $0.066 | OrdinaryDividend |
| Oct 06, 2021 | $0.065 | OrdinaryDividend |
| Sep 07, 2021 | $0.070 | OrdinaryDividend |
| Aug 05, 2021 | $0.069 | OrdinaryDividend |
| Jul 07, 2021 | $0.071 | OrdinaryDividend |
| Jun 04, 2021 | $0.070 | OrdinaryDividend |
| May 06, 2021 | $0.072 | OrdinaryDividend |
| Apr 07, 2021 | $0.076 | OrdinaryDividend |
| Mar 04, 2021 | $0.081 | OrdinaryDividend |
| Feb 04, 2021 | $0.069 | OrdinaryDividend |
| Jan 05, 2021 | $0.070 | OrdinaryDividend |
| Dec 04, 2020 | $0.069 | OrdinaryDividend |
| Nov 05, 2020 | $0.077 | OrdinaryDividend |
| Oct 06, 2020 | $0.080 | OrdinaryDividend |
| Sep 04, 2020 | $0.082 | OrdinaryDividend |
| Aug 06, 2020 | $0.080 | OrdinaryDividend |
| Jul 07, 2020 | $0.092 | OrdinaryDividend |
| Jun 04, 2020 | $0.103 | OrdinaryDividend |
| May 06, 2020 | $0.113 | OrdinaryDividend |
| Apr 06, 2020 | $0.102 | OrdinaryDividend |
| Mar 04, 2020 | $0.084 | OrdinaryDividend |
| Feb 05, 2020 | $0.095 | OrdinaryDividend |
| Jul 03, 2019 | $0.102 | OrdinaryDividend |
| Jun 05, 2019 | $0.107 | OrdinaryDividend |
| May 03, 2019 | $0.122 | OrdinaryDividend |
| Apr 03, 2019 | $0.108 | OrdinaryDividend |
| Mar 05, 2019 | $0.115 | OrdinaryDividend |
| Feb 05, 2019 | $0.099 | OrdinaryDividend |
| Jan 03, 2019 | $0.108 | OrdinaryDividend |
| Dec 05, 2018 | $0.122 | OrdinaryDividend |
JMUB - Fund Manager Analysis
Managers
Michelle Hallam
Start Date
Tenure
Tenure Rank
Oct 29, 2018
3.59
3.6%
Ms. Hallam, CFA charterholder and Executive Director, is a senior portfolio manager within the Global Fixed Income, Currency and Commodities (GFICC) group. An employee of JPMIM since 1999, Ms. Hallam is responsible for managing mutual funds and separately managed accounts. She began her career at JPMIM in July 1999 as an analyst in the Internal Consulting Services program where she worked on projects in Investment Management and Financial Risk Management.
Michael Myers
Start Date
Tenure
Tenure Rank
Oct 29, 2018
3.59
3.6%
Michael R. Myers, executive director, is a portfolio manager for the Tax Aware Strategies Group. An employee since 2005, Michael is responsible for managing separate accounts and oversees the Tax–Free Managed Income Portfolio group. Prior to joining the firm, Michael was a financial consultant at Smith Barney/Citigroup. He also worked at Morgan Stanley Dean Witter as both a senior liaison – product specialist on the Midwest Municipal Trading Desk and a financial advisor. He holds a B.S. in finance from The University of Akron.
Kevin Ellis
Start Date
Tenure
Tenure Rank
Oct 29, 2018
3.59
3.6%
Mr. Ellis, CFA charterholder and Executive Director, is a portfolio manager in the U.S. Fixed Income Group. An employee of JPMIM and/or its affiliates since May 2003, he is responsible for managing separate accounts in the Municipal Bond Group. Previously, Mr. Ellis worked at Alliance Capital/Sanford Bernstein from 1995 through 2003 as a municipal bond trader. Kevin holds a B.S. in business administration from Boston University and is a CFA charterholder
Richard Taormina
Start Date
Tenure
Tenure Rank
Dec 07, 2018
3.48
3.5%
Richard Taormina, Managing Director, has been an employee of JPMIM and/or its affiliates since 1997. Mr. Taormina is responsible for managing municipal mutual funds, institutional fixed income accounts and quantitative analysis. Previously, Mr. Taormina was a Certified Financial Planner for the Financial Advisory Group, where he was an investment analyst. Prior to joining the firm, Rick was a senior trader for national, high-yield, and state-specific funds at the Vanguard Group, where the team consistently performed in the top-quartile. He has been a municipal bond manager since 1990. Ricks holds a B.A. in economics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is a Certified Financial Planner (CFP).
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.37 | 1.58 |
