JMUB — JPMorgan Municipal ETF

JMUB Fund Overview

JMUB — JPMorgan Municipal ETF is a US ETF managed by J.P. Morgan Exchange-Traded Fund Trust, categorised as Intermediate Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: J.P. Morgan Exchange-Traded Fund Trust
• Category: Intermediate Municipal - National Bond
• Assets under management: $7.76B
• 1-year return: 5.8%
• Ticker: JMUB
• SEC CIK: 0001485894
• SEC series ID: S000063268
• Share class ID: C000205215

JMUB Investment Objective and Strategy

JPMorgan Municipal ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by J.P. Morgan Exchange-Traded Fund Trust.

Investment objective

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.

Principal investment strategy

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. Up to 25% of the Funds Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. 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 Funds 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 advisers 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 Funds 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 securities that are unrated but deemed by the adviser to be of comparable quality (unrated equivalent). Investment grade securities carry a minimum rating of Baa3, BBB, or BBB by Moodys Investors Service Inc. (Moodys), S&P Global Ratings (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 Funds 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 Moodys). 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 securitys 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 Funds securities may be of any maturity, but under normal circumstances, the Funds duration will be the duration of the Bloomberg US Municipal Index, the Funds benchmark (the Benchmark), as calculated by J.P. Morgan Investment Management Inc. (JPMIM), plus or minus two years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three means that a securitys or portfolios price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 29, 2026, the duration of the Benchmark, as calculated by JPMIM, was 6.76 years, although the duration will likely vary in the future.

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 advisers assessment is based on an analysis of key opportunities and risks across sectors to seek to identify financially material issues with respect to the Funds investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities of issuers 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 of issuers that may be positively impacted by such factors.

JMUB Holdings

Top 10 holdings of JPMorgan Municipal ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all JMUB holdings

JMUB Portfolio Allocation

Asset-class allocation of JPMorgan Municipal ETF by percentage of net assets, from the latest SEC N-PORT filing.

JMUB Performance

Total returns for JMUB (as of 2026-10-01), from SEC filings.

JMUB Risk Information

Risk metrics for JMUB, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 3.41%

JMUB Costs and Fees

JMUB costs about $18 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.18%
• Gross expense ratio: 0.18%
• Portfolio turnover: 38%
• Brokerage commissions: 0.06 bps of average net assets (SEC N-CEN)

JMUB Cashflows

Over the 12 months to 2026-05, JPMorgan Municipal ETF had net inflows of $4.80B, from monthly SEC N-PORT filings.

JMUB Debt Constituents

Largest debt holdings of JPMorgan Municipal ETF by percentage of net assets, from the latest SEC N-PORT filing.

JMUB Prospectus and SEC Filings

Official JPMorgan Municipal ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-06-23
• Prospectus (485BPOS) — filed 2025-06-25
• Prospectus supplement (497) — filed 2024-07-01
• Portfolio holdings (N-PORT) — filed 2026-07-28
• Portfolio holdings (N-PORT) — filed 2026-04-29
• Portfolio holdings (N-PORT) — filed 2026-01-28
• Annual census (N-CEN) — filed 2026-05-13
• Annual census (N-CEN) — filed 2025-05-14

Related Funds

Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:

• Vanguard Tax-Exempt Bond Index Fund (VTEAX)
• Fidelity Intermediate Municipal Income Fund (FLTMX)
• Capital Group Municipal Income ETF (CGMU)
• Diversified Municipal Portfolio (AIDAX)
• Old Westbury Municipal Bond Fund (OWMBX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.