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Launched

JPMorgan California Tax Free Bond ETF

JCALNYSE ArcaJ.P. MorganD

$48.56−0.08 (−0.17%)

As of Nov 2, 2026, 3:59 PM ET

D35/ 100

Rank 58 of 63 in Other Municipal Bond

D35/100Rank 58 of 63inOther Municipal Bond
Intraday session: down, 79 prints from 48.64 to 48.56. Range 48.56 to 48.81. Use the arrow keys to read each point.48.6048.7048.7548.8010 AM12 PM2 PM4 PM
Expense ratio
0.44%
Fund size
$511M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
324
Avg volume · 30D
69.5K sh
52W range
low $46.98high $50.47
Launched

The ETF.net JCAL Grade

Based on 5 of 6 pillars

D

Score 35 out of 100

Category
Other Municipal Bond⁠
Rank
58 of 63
Six-pillar profile for JCAL. Scores out of 100: Cost 15, Risk 39, Mission not scored, Tradability 52, Holdings 48, Durability 73. Strongest: Durability (73). Weakest: Cost (15). Based on 5 of 6 pillars.

Score 35 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F15 out of 100
    Rank 53 of 63

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D39 out of 100
    Rank 50 of 63

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C52 out of 100
    Rank 30 of 63

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C48 out of 100
    Rank 43 of 63

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A73 out of 100
    Rank 15 of 63

Our read on JCAL

ETF.net Research

In short

DCalifornia munis in an ETF wrapper, run by people instead of an index: roughly 300 bonds picked for income exempt from federal and California tax, at 0.44% a year.

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

  • At least 80% of assets sit in bonds whose interest escapes federal tax, the AMT and California income tax, per the prospectus.sec.gov
  • Active, not index-bound: credit research drives the picks, and duration can run two years either side of the Bloomberg California Municipal Bond Index.sec.gov
  • Not a startup. The strategy dates to 2016 and converted from a mutual fund into this ETF on June 12, 2026, arriving with a built book of roughly 300 bonds.sec.gov

Worth knowing

  • 0.44% sits above the category median, and big national index rivals charge far less (VTEB and SCMB 0.03%, MUB 0.05%), though none target California alone.
  • The prospectus allows up to 20% of total assets in below-investment-grade bonds, so credit risk can run hotter than a plain investment-grade muni index.sec.gov
  • California issuers only, and the state tax break helps California taxpayers; income lands quarterly rather than monthly.sec.gov

JCAL Holdings

Holdings pillarC48 out of 100Rank 43 of 63 in Other Municipal Bond
Asset class
Bonds
Holdings
324
Top-10 weight
16%
Largest holding
Jpmi Tax Free Mmktf Im7.0%

Geography

  • United States97.95%
  • Puerto Rico2.05%
The fund’s holdings, weight-ordered — page 1 of 22.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataJpmi Tax Free Mmktf Im6.99%36,656,988$36.7M6
2No dataMoreno Valley Calif 11/511.07%5,480,000$5.61M3
3No dataMarina Jt Pwrs 3.4% 03/361.02%5,455,000$5.35M2
4No dataCalifornia Var 02/551.00%5,000,000$5.23M5
5No dataDelta Diablo 5% 10/510.97%5,000,000$5.08M1
6No dataSanta Clara Cnty 4% 08/380.95%5,000,000$5M3
7No dataCalifornia St Var 05/330.95%5,000,000$5M2
8No dataCalifornia St Var 05/520.95%5,000,000$5M1
9No dataCalifornia 5.25% 11/490.89%4,500,000$4.67M3
10No dataNorth Orange 4% 08/440.88%5,000,000$4.63M3
11No dataCalifornia 5% 11/290.87%4,400,000$4.58M4
12No dataCalifornia 5% 08/340.86%4,000,000$4.49M2
13No dataCalifornia St 5% 08/410.82%4,000,000$4.32M1
14No dataCalifornia Cmnty 5% 06/360.76%3,800,000$3.97M6
15No dataAlvord Calif Zero 08/360.74%5,750,000$3.9M4

Showing 1–15 of 324 holdings

JCAL Performance

Launched Dec 23, 2016

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
JCAL$9,981
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. JCAL $9,981. SPY $10,141. Use the arrow keys to read each point.$9,750$10,000$10,250$10,500Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 unavailableNo data
1 month+3.4%
3 months−0.2%
1 yearHistory unavailableNo data
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−1.5%

History from Jun 15, 2026

JCAL in the news

JCAL Dividends

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. 4 payments in 2026 YTD. Jul 1, 2026 $0.14; Aug 3, 2026 $0.14; Sep 1, 2026 $0.14; Oct 1, 2026 $0.14. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Nov 2, 2026Pays Nov 4, 2026$0.15
Oct 1, 2026Oct 5, 2026$0.14
Sep 1, 2026Sep 3, 2026$0.14
Aug 3, 2026Aug 5, 2026$0.14
Jul 1, 2026Jul 6, 2026$0.14

JCAL Risk

Risk pillarD39 out of 100Rank 50 of 63 in Other Municipal Bond
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.
1.01
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.

FMP measures it over up to five years of monthly returns.

JCAL Cost

Compare JCAL and VTEB

Overpaying vs VTEB, tied cheapest in Other Municipal Bond

$8,214

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • JCAL 0.44%

    $8,852

  • VTEB 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • JCAL 0.44%
  • VTEB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530JCAL $8,852VTEB $638

Year by year

YearJCALVTEBOverpaying
10$794$55$739
20$3,061$216$2,845
30$8,852$638$8,214

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