At a glance
JMUB charges 0.18% a year, below the 0.33% average of the 7 funds most like it (the 3rd cheapest of 8). It has $8.75B in assets, the 3rd largest of that group; it paid 3.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.2% with distributions reinvested, 5th of those 8 funds; over three years it returned +4.4% a year. At its worst it fell 12.5% in the 2020 crash (S&P 500: 33.7%) and 10.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 22 months after the lows. Its ten largest positions make up 5.2% of the fund, out of 1,986 in all.
The short version
JPMorgan Municipal ETF (JMUB) is an actively managed fund that held 1,986 municipal bonds as of August 31, 2026. Their interest is generally exempt from federal income tax, and the fund pays income monthly. Its 0.18% expense ratio is below the 0.33% average for similar funds, though the index funds VTEB (0.03%) and MUB (0.05%) cost less. Managers may put up to 20% in below-investment-grade bonds, which adds some credit risk.
Price history
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JMUB -0.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JMUB official prospectus, to Dec 31, 2025 | — | +4.15% | — | +1.13% | — | +3.04% |
| JMUB price data to Oct 27, 2026 | -0.5% | -0.2% | +4.4% | +1.0% | — | +2.7% |
- Over the year to Oct 27, 2026, JMUB returned -0.2%, 5th of 8 among similar funds.
- Its 5-year annualized return was +1.0%.
- In the 2020 COVID crash it fell 12.5% and regained its old high 4.6 months after the low.
- Its worst full calendar year was 2022 (-7.4%); its best was 2019 (+8.4%).
- The deepest fall in its price history was 12.5% (Mar 9, 2020 to Mar 23, 2020), recovered by Aug 11, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +4.4% | +4.15% |
| 2024 | +1.9% | +1.94% |
| 2023 | +6.0% | +6.07% |
| 2022 | -7.4% | -7.53% |
| 2021 | +1.6% | +1.58% |
| 2020 | +5.0% | +4.94% |
| 2019 | +8.4% | +8.51% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11% over that stretch · deepest drop along the way 12.5%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10% over that stretch · deepest drop along the way 10.7%, back to its old high 22.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3600 | |
| 2025 | $1.7900 | +2.9% |
| 2024 | $1.7400 | +6.7% |
| 2023 | $1.6300 | +52.3% |
| 2022 | $1.0700 | -0.9% |
| 2021 | $1.0800 | -6.9% |
| 2020 | $1.1600 | -40.8% |
| 2019 | $1.9600 |
What's inside
As of Aug 31, 2026, the fund held 1,986 securities; the ten largest made up 5.21% of assets, and 17.9% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| District of Columbia Income Tax Revenue Bonds and notes | 0.69% | |
| Black Belt Energy Gas District Bonds and notes | 0.67% | |
| Buckeye Tobacco Settlement Financing Authority Bonds and notes | 0.58% | |
| California Health Facilities Financing Authority Bonds and notes | 0.58% | |
| City of San Antonio TX Airport System Bonds and notes | 0.57% | |
| California Community Choice Financing Authority Bonds and notes | 0.53% | |
| New York City Transitional Finance Authority Future Tax Secured Revenue Bonds and notes | 0.47% | |
| Long Island Power Authority Bonds and notes | 0.38% | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds and notes | 0.38% | |
| Texas Department of Transportation State Highway Fund Bonds and notes | 0.37% | |
| Main Street Natural Gas, Inc. Bonds and notes | 0.36% | |
| Bay Shore Union Free School District Bonds and notes | 0.35% | |
| Black Belt Energy Gas District Bonds and notes | 0.33% | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds and notes | 0.33% | |
| Black Belt Energy Gas District Bonds and notes | 0.32% |
By country
United States 80.72%Puerto Rico 1.12%GU 0.05%By issuer
Municipalities 81.9%The bonds mature in 16.7 years on average (weighted by size), with an average coupon of 4.89%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.15B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.72%, -1.60%, -0.04%.
How it works
JMUB does not track an index. J.P. Morgan Investment Management picks the bonds based on its view of individual securities and market sectors. It takes a long-term, value-oriented approach and weighs each bond's interest rate risk, credit risk, liquidity and legal structure. The fund's benchmark is the Bloomberg US Municipal Index. The fund keeps its duration within two years of the benchmark's. Duration measures how much a bond's price reacts to interest rates. The benchmark's duration was 6.76 years as of May 29, 2026. That means a 1% rise in rates would cut prices by roughly 6.76%.
The prospectus sets limits. At least 80% of assets go into municipal bonds whose interest is exempt from federal income tax. Up to 25% may go into bonds whose interest counts toward the alternative minimum tax (AMT), a parallel federal tax calculation. Most holdings are investment grade, but up to 20% may be junk bonds. More than 25% may sit in a single sector, such as housing or healthcare. Up to 20% may be held in cash.
No set rebalancing schedule applies: managers trade when they see fit. Portfolio turnover was 38%. As of August 31, 2026, the top ten holdings made up just 5.21% of assets. The average maturity was 16.7 years, cash and equivalents were 17.9%, and the fund held a tiny position in 10-year Treasury note futures.
What it really costs
- JMUB charges 0.18% a year, versus an average of 0.33% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JMUB | $18 | $58 | $101 | $230 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
JMUB pays monthly income that is generally exempt from federal income tax, with modest price swings.
JMUB could add monthly income that is mostly free of federal income tax. Its trailing 12-month yield was 3.5% as of October 27, 2026. Over three years, its annualized volatility, a measure of how much its price swings, was 3.5%. The fund launched in 2018, so it has no 2008 record. In the 2020 COVID sell-off, it fell 12.5% between March 9 and March 23 and was back to its old high by August 11, 2020. The 2022 rate shock took longer to repair. The fund fell 10.7% and needed about 22 months to recover, until August 2, 2024. Its worst calendar year was 2022, at −7.53%. Anyone forced to sell shares in a year like that would have locked in losses. The fund costs 0.18%, or $18 in the first year in the SEC's $10,000 example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors in high tax brackets with taxable accounts who want monthly income that is largely exempt from federal tax (3.5% trailing yield as of October 27, 2026).
- People who want a manager to run a broad mix of 1,986 muni bonds for 0.18%, below the 0.33% average for similar funds.
- Retirees who can accept moderate interest-rate sensitivity: duration stays within two years of the benchmark's 6.76, and the worst calendar year was −7.53%.
Look elsewhere if
- Investors holding bonds in an IRA or 401(k). There the tax exemption adds nothing, and taxable bonds may pay more.
- Cost-focused investors. VTEB charges 0.03% and MUB 0.05%, and both earned similar three-year returns as of late October 2026.
- People who pay the alternative minimum tax or want only high-quality bonds. Up to 25% may be AMT-exposed and up to 20% junk.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JMUB this fund | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| MUNI PIMCO Intermediate Municipal Bond Active Ex… | 15.3 yrs | 0.35% | $3.09B | +0.2% | +4.7% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| BAB Invesco Taxable Municipal Bond ETF | 14.5 yrs | 0.28% | $900.7M | -2.4% | +5.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
| FMHI First Trust Municipal High Income ETF | 20.2 yrs | 0.7% | $994.3M | +0.2% | +5.8% |
Questions investors ask
Does JMUB pay monthly dividends?
Yes. JMUB pays income every month. Over the 12 months to October 27, 2026, it paid $1.71 per share, a trailing yield of 3.5%. The fund's stated aim is to provide monthly dividends that are excluded from gross income for federal income tax purposes. Payments vary from month to month with the interest the bonds earn and with changes in the portfolio, so no fixed amount is promised.
Is JMUB tax free?
Mostly, at the federal level. At least 80% of JMUB's assets must be municipal bonds whose interest is exempt from federal income tax. Up to 25% may be in bonds whose interest counts toward the alternative minimum tax. Small amounts held in Treasuries or repurchase agreements can produce taxable income. State and local taxes may also apply. The prospectus also warns that a bond's tax-exempt status could be challenged after purchase.
JMUB vs VTEB: what's the difference?
The biggest differences are cost and approach. JMUB is actively managed and charges 0.18%. VTEB charges 0.03%. JMUB may put up to 20% in junk bonds in search of extra yield. Results have been close. JMUB's three-year annualized return was 4.4% as of October 27, 2026, and VTEB's was 4.2% as of October 29, 2026. VTEB is much larger, at about $48.5 billion in net assets versus about $8.75 billion for JMUB.
How has JMUB performed over the long term?
It has posted modest gains with one painful year. Through December 31, 2025, JMUB returned 4.15% over one year, 1.13% a year over five years and 3.04% a year since its 2018 launch. Its worst calendar year was 2022, at −7.53%, when rising interest rates pushed bond prices down. Its decline from January 2022 took until August 2, 2024, to recover.
What are JMUB's largest holdings?
JMUB is very spread out. As of August 31, 2026, its top ten holdings were only 5.21% of assets. The largest were District of Columbia Income Tax Revenue bonds (0.69%), Black Belt Energy Gas District (0.67%), Buckeye Tobacco Settlement Financing Authority (0.58%), California Health Facilities Financing Authority for Rady Children's Health (0.58%) and the San Antonio airport system (0.57%). Puerto Rico bonds made up 1.12%.