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JCAL

GradeCNew York Stock Exchange Arca

JPMorgan California Tax Free Bond ETF

Municipal Bond · J.P. Morgan · Inception 2016-12-23

$47.82−0.43 (−0.89%)

As of Sep 23, 2026, 2:18 PM EDT

History starts Jun 15, 2026.History starts Jun 15, 2026.History starts Jun 15, 2026.
Intraday session: down, 22 prints from 48.25 to 47.82. Range 47.82 to 48.23. Use the arrow keys to read each point.$47.90$48.00$48.10$48.2010 AM12 PM2 PM4 PM
Expense ratio
0.34%
Fund size
$491M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
306
Volume · 30D
0M sh
NAV per share
$48.17
52W range
low $48.00high $50.47

The ETF.net JCAL Grade

C

50/ 100

Rank 47 of 63 in Other Municipal Bond⁠

Confidence Medium

Six-pillar profile for JCAL. Scores out of 100: Cost 46, Risk 45, Mission not scored, Tradability 55, Holdings 53, Durability 71. Strongest: Durability (71). Weakest: Risk (45). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 46
    Category rank34/63 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 45
    Category rank42/62 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 55
    Category rank25/63 · top 40%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 53
    Category rank41/63 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 71
    Category rank18/63 · top 29%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on JCAL

ETF.net Research

CMost muni ETFs buy the whole country. JCAL buys California: an actively run book of roughly 300 in-state bonds whose income is built to skip federal and California income tax for state residents.

Stated mandate

The fund seeks federal tax-exempt income and capital preservation for California residents through a diversified portfolio primarily consisting of tax-exempt California municipal bonds. It uses credit analysis and seeks to keep effective duration within two years of its benchmark.

Why people hold it

  1. 01As a fundamental policy, at least 80% of assets sit in munis whose income is exempt from federal and California personal income tax for state residents and outside the federal individual AMT.sec.govsec.gov
  2. 02Actively run, not indexed: the managers do their own credit work on California issuers and aim to keep effective duration within two years of the benchmark.am.jpmorgan.com
  3. 03Spread across about 300 bonds, so no single California issuer carries the portfolio, and income goes out quarterly.

Worth knowing

  1. 010.34% a year is real money beside national index munis like VTEB (0.03%) and MUB (0.05%). Single-state active management costs more, and the tax break has to cover the gap.
  2. 02Thinly traded next to the big national muni funds, so spreads and order size matter more here than they would in a household-name ETF.
  3. 03One state, one tax code: the state exemption only does work for California taxpayers, and the portfolio rides California's issuer and budget cycle.

JCAL Holdings

As of Sep 21, 2026, 6:54 PM
Asset class
Bonds
Holdings
306
Top-10 weight
15%
Largest holding
JPMI TAX FREE MMKTF IM3.8%
The fund’s holdings, weight-ordered — page 1 of 21.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—JPMI TAX FREE MMKTF IM3.79%18,429,872$18M6
002—BAY AREA TOLL VAR 04/592.06%10,000,000$10M2
003—BAY AREA TOLL VAR 04/591.77%8,600,000$9M3
004—CALIFORNIA VAR 02/551.08%5,000,000$5M6
005—MARINA JT PWRS 3.4% 03/361.06%5,455,000$5M2
006—UNIVERSITY VAR 05/541.03%5,000,000$5M1
007—CALIFORNIA ST VAR 05/521.03%5,000,000$5M1
008—CALIFORNIA ST VAR 05/331.03%5,000,000$5M2
009—CALIFORNIA 5.25% 11/490.96%4,500,000$5M3
010—CALIFORNIA 5% 11/290.94%4,400,000$5M4
011—CALIFORNIA CMNTY 5% 12/350.81%3,800,000$4M8
012—CALIFORNIA VAR 10/470.79%3,840,000$4M1
013—BLACK BELT 5% 12/340.78%3,750,000$4M10
014—ALVORD CALIF ZERO 08/360.77%5,750,000$4M4
015—SACRAMENTO VAR 08/490.77%3,500,000$4M4

Showing 1–15 of 305 holdings

JCAL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

JCAL$9,691
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. JCAL $9,691. SPY $10,415. Use the arrow keys to read each point.$9,598$10,056$10,513Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for JCAL. Periods over one year show the average yearly return.
PeriodJCAL
Year to dateHistory unavailable—
1 month−1.8%
3 months−3.1%
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for JCAL
YearReturn barJCAL
2026 YTD−2.9%

History from Jun 15, 2026

JCAL in the news

ETF.net Research hasn’t filed on JCAL yet — coverage lands here as it’s written.

JCAL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.14 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 3 payments in 2026 YTD. Jul 1, 2026 $0.14; Aug 3, 2026 $0.14; Sep 1, 2026 $0.14. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 3, 2026$0.14
Aug 3, 2026Aug 5, 2026$0.14
Jul 1, 2026Jul 6, 2026$0.14

JCAL Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
No data available
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

JCAL Cost

Expense ratio0.34%
  • The middle half of Other Municipal Bond funds
  • Median 0.30%

33 of the 62 Other Municipal Bond funds charge less.

JCAL costs $34.00 a year on $10,000. The median Other Municipal Bond fund costs $30.00.