JTNY vs MUB

JTNYDJPMorgan New York Tax Free Bond ETF

MUBAiShares National Muni Bond ETF

In short

JTNY A 1997-vintage New York muni strategy that stepped into an ETF wrapper intact: income exempt from federal, New York State and New York City income taxes, picked bond by bond by a credit team instead of copied from an index.

MUB Municipal bonds, indexed and cheap. Since 2007, MUB has packaged investment-grade national munis into tax-exempt monthly income for five basis points a year, and it sits among the deepest pools in the muni-ETF aisle.

Stated mandate

JTNY The fund seeks federal tax-exempt income and capital preservation for New York residents through investments in municipal securities.

MUB The fund seeks to track an index of investment-grade U.S. municipal bonds, providing diversified exposure to the national municipal-bond market and tax-exempt income.

Why people hold it

• JTNY Triple duty for New Yorkers. Interest is excluded from federal gross income and exempt from New York State and New York City personal income taxes.jpmorgan.comjpmorgan.com 2
• Not a startup. The strategy dates to 1997 and arrived as a converted mutual fund, portfolio and managers in place, skipping the usual seeding phase.etftrends.com
• Actively run: a dedicated credit team weighs each New York issuer against similar-rated bonds, spread over a couple hundred holdings.jpmorgan.com

• MUB 0.05% a year against a muni-ETF median near 0.30%. In a category built on modest, tax-exempt yields, that fee gap is real money left in the fund.
• The benchmark is AMT-free: the ICE AMT-Free US National Municipal Index screens out munis whose interest can be pulled into the alternative minimum tax.ishares.com
• Tracks its index closely, one of the tighter jobs in its peer group, and distributes monthly. A multi-billion-dollar fund that trades actively.
• Broad investment-grade exposure across the national muni market, spread over thousands of issuers rather than one state's budget.ishares.com

Worth knowing

• JTNY Active costs more: 0.43%, gross and net, with no fee waiver. That sits above the category median and above national muni index funds like VTEB (0.03%) and MUB (0.05%).
• One state's credit risk. New York issuers only, so a state budget squeeze or local tax-base stress lands harder here than in a 50-state muni fund.jpmorgan.com
• Thinly traded, so bid-ask spreads can run wider than on the big national muni ETFs.

• MUB Two rivals undercut it: VTEB and SCMB both run 0.03%. A two-basis-point gap is small, but it is a gap.
• A bond fund with no maturity date to hold to. Share prices move with interest rates and muni credit conditions, both directions.
• National by design, so no single-state tilt and no in-state tax angle. iShares runs state-specific muni funds such as NYF for that job.

Full JTNY profile⁠

Full MUB profile⁠