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Name

As of 02/23/2024

Price

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

JPMorgan Municipal ETF

JMUB | Active ETF

$50.76

$669 M

3.31%

$1.68

0.18%

Vitals

YTD Return

-0.1%

1 yr return

5.6%

3 Yr Avg Return

0.1%

5 Yr Avg Return

2.0%

Net Assets

$669 M

Holdings in Top 10

16.6%

52 WEEK LOW AND HIGH

$50.7
$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 02/23/2024

Price

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

JPMorgan Municipal ETF

JMUB | Active ETF

$50.76

$669 M

3.31%

$1.68

0.18%

JMUB - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.56%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Municipal ETF
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Oct 29, 2018
  • Shares Outstanding
    2500000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michelle 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 -0.1% -2.2% 8.0% 44.95%
1 Yr 5.6% -0.8% 37.6% 22.52%
3 Yr 0.1%* -10.3% 2.7% 12.24%
5 Yr 2.0%* -4.9% 1103.5% 9.76%
10 Yr N/A* -0.2% 248.2% 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% 57.93%
2022 -9.4% -40.2% 0.3% 30.98%
2021 -0.4% -5.6% 6.9% 43.75%
2020 2.7% -2.6% 310.0% 10.58%
2019 4.8% 0.0% 26.0% 17.76%

Total Return Ranking - Trailing

Period JMUB Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -2.2% 8.0% 44.95%
1 Yr 5.6% -0.8% 37.6% 22.52%
3 Yr 0.1%* -10.3% 2.7% 12.24%
5 Yr 2.0%* -4.9% 1103.5% 9.76%
10 Yr N/A* -0.2% 248.2% 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% 42.91%
2022 -7.4% -40.2% 1.1% 30.98%
2021 1.6% -4.8% 23761504.0% 49.34%
2020 5.0% -1.5% 17057.9% 16.04%
2019 7.5% 0.2% 3514.6% 22.60%

JMUB - Holdings

Concentration Analysis

JMUB Category Low Category High JMUB % Rank
Net Assets 669 M 3.48 M 68.1 B 37.97%
Number of Holdings 898 2 12848 12.12%
Net Assets in Top 10 143 M -317 M 3.4 B 29.94%
Weighting of Top 10 16.61% 1.9% 100.4% 55.36%

Top 10 Holdings

  1. JPMorgan Institutional Tax Free Money Market Fund, Class IM 7.02%
  2. New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Series D-3 1.83%
  3. State of Tennessee, Series 2023A 1.31%
  4. Commonwealth of Massachusetts, Series 2023 D 1.26%
  5. City of New York, Fiscal Year 2006, Series 2006, Subseries I-4 1.16%
  6. Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2008D 1.08%
  7. California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1 0.77%
  8. County of King, Series 2023 B 0.76%
  9. Southeast Energy Authority A Cooperative District, Series 2023B 0.71%
  10. Aledo Independent School District 0.70%

Asset Allocation

Weighting Return Low Return High JMUB % Rank
Bonds
78.67% 0.00% 150.86% 98.53%
Cash
21.72% -50.86% 50.09% 0.38%
Stocks
0.00% 0.00% 99.88% 67.97%
Preferred Stocks
0.00% 0.00% 0.52% 62.37%
Convertible Bonds
0.00% 0.00% 0.93% 62.03%
Other
-0.04% -8.54% 33.35% 96.86%

Bond Sector Breakdown

Weighting Return Low Return High JMUB % Rank
Municipal
85.39% 44.39% 100.00% 97.62%
Cash & Equivalents
21.72% 0.00% 48.02% 0.38%
Government
0.01% 0.00% 52.02% 7.53%
Securitized
0.00% 0.00% 5.93% 62.29%
Corporate
0.00% 0.00% 9.41% 68.53%
Derivative
-0.04% -8.54% 24.50% 96.73%

Bond Geographic Breakdown

Weighting Return Low Return High JMUB % Rank
US
78.67% 0.00% 142.23% 98.53%
Non US
0.00% 0.00% 23.89% 65.19%

JMUB - Expenses

Operational Fees

JMUB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.18% 0.03% 20.65% 97.88%
Management Fee 0.18% 0.00% 1.20% 4.80%
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 3.31% 0.00% 4.63% 0.70%

Dividend Distribution Analysis

JMUB Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

JMUB Category Low Category High JMUB % Rank
Net Income Ratio 1.56% -0.53% 5.33% 68.66%

Capital Gain Distribution Analysis

JMUB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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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 7.35 1.58