JTNY vs SCMB: Grades, Fees and Holdings Compared

JPMorgan New York Tax Free Bond ETF

JTNYDNYSE Arca

Schwab Municipal Bond ETF

SCMBANYSE Arca

Overlap

No data

Expense ratio

SCMB −0.40pt a year

JTNY0.43%SCMB0.03%

Avg volume · 30D

SCMB 56.9×the volume

JTNY59KSCMB3.36M

JTNY vs SCMB Performance

Aug 7, 2026 – Nov 9, 2026

+0.2%JTNY−0.2%SCMB

Expense ratio: JTNY 0.43%; SCMB 0.03%, better
Fund size: JTNY $449M; SCMB $4.09B
1Y total return: JTNY No data; SCMB +0.9%
Yield (12M): JTNY No data; SCMB 3.59%
Holdings: JTNY 248; SCMB 8188
Avg volume (30D): JTNY 59K sh; SCMB 3.36M sh, better
NAV per share: JTNY $48.94; SCMB $25.12
52W range

ETF.net Grade

Pillar letters and Scores for JTNY, SCMB, with each pillar’s weight
Pillar	JTNY	SCMB
Cost30% weight	F15	A99Higher
Mission25% weight	Not scored	A97
Risk15% weight	C40	C51Higher
Tradability15% weight	C44	A80Higher
Holdings10% weight	C53	A81Higher
Durability5% weight	A74Higher	A72

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. JTNY and SCMB are both graded against the same 63 Other Municipal Bond funds, so their Grades compare head to head.

Other Municipal Bond⁠

Category · 63 funds

See all 63 ›

SCMB ranks 3rd and JTNY 58th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 89
Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 86
Rank 3AMUBiShares National Muni Bond ETFScore 85
Rank 3ASCMBSchwab Municipal Bond ETFScore 85
Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
Rank 58DJCALJPMorgan California Tax Free Bond ETFScore 34
Rank 58DJTNYJPMorgan New York Tax Free Bond ETFScore 34
Rank 60DNMBSimplify National Muni Bond ETFScore 32

Our read on each fund

ETF.net Research

JTNYDJPMorgan New York Tax Free Bond ETF

SCMBASchwab Municipal 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.

SCMB Schwab's take on the core muni sleeve: three basis points, thousands of AMT-free bonds from across the country, and a monthly distribution. Bottom-of-the-table pricing, no frills attached.

Stated mandate

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

SCMB The fund seeks to track, before fees and expenses, the total return of an index representing the U.S. AMT-free municipal bond market.

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.com jpmorgan.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

SCMB Three basis points a year, against a 0.30% median for muni bond funds. Among the top-graded names in the category, only Vanguard's VTEB matches that fee.
Follows the ICE AMT-Free Core U.S. National Municipal Index across thousands of bonds and issuers, so no single borrower or state drives the portfolio.
Plain passive plumbing done well: it stays close to its index, trades actively, and pays monthly. One of the stronger implementations in the muni aisle.

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.

SCMB Launched in 2022, so its live record is shorter than muni staples like MUB and VTEB, even though the strategy is the same broad-market idea.
Bond math still applies. This is a portfolio of municipal bonds, so share prices move opposite to interest rates.
National in scope, not single-state like NYF, so it is not built around any one state's tax rules.

Full JTNY profile⁠

Full SCMB profile⁠

JTNY vs SCMB Holdings

How JTNY and SCMB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.7%
Sector2 Sectors99.4%
Asset classBonds100%

Sector

Sector weights in JTNY and SCMB, widest gap first
Sector	More in JTNYMore in SCMB	Gap	JTNY	SCMB
Municipal		JTNY +0.6 points	100.0%	99.4%
Corporate		SCMB +0.6 points	0.0%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in JTNY and SCMB, widest gap first
Country	Gap	JTNY	SCMB
Puerto Rico	JTNY +2.3 points	2.3%	0.0%
United States	SCMB +2.3 points	97.7%	100.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

JTNY12.8%
SCMB1.5%

Securities held

JTNY241
SCMB8,187

Asset class

JTNY: Bonds
SCMB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. JTNY holds 241 securities, SCMB 8,187.

All 246 JTNY holdings⁠All 8,188 SCMB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JTNY vs SCMB Cost

Overpaying JTNY vs SCMB

$8,024

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

JTNY 0.43%
$8,662
SCMB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

JTNY 0.43%
SCMB 0.03%
Overpaying

Year by year

Year	JTNY	SCMB	Overpaying
10	$776	$55	$721
20	$2,994	$216	$2,778
30	$8,662	$638	$8,024

Expense ratio

0.43%JTNY
0.03%SCMB, cheaper

SCMB0.03%JTNY0.43%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

SCMB cheapest of 63 funds

JTNY 53rd cheapest of 63 funds

JTNY vs SCMB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): JTNY No data; SCMB 3.59%
Payout (12M): JTNY No data; SCMB $0.90
Last payment: JTNY $0.16; SCMB $0.07
Ex-dividend: JTNY Nov 2, 2026; SCMB Nov 2, 2026
Paid on: JTNY Nov 4, 2026; SCMB Nov 6, 2026
Frequency: JTNY Monthly; SCMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JTNYMonthly · 5 paymentsAll JTNY payments⁠

SCMBMonthly · 46 paymentsAll SCMB payments⁠

JTNY vs SCMB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JTNY No dataSCMB 5.9%
Return per unit of riskSharpe ratio, 3 years: JTNY No dataSCMB −0.04
Worst fallMax drawdown, 5 years: JTNY No dataSCMB −6.7%since Oct 2022
Market sensitivityBeta, 5 years: JTNY 0.88SCMB 0.96; Market = 1

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