# Product Snapshot - JPMorgan California Tax Free Bond ETF > Audience: country=us, language=en, role=adv. > Generated: 2026-10-18T20:46:22.517410631Z. ## Identity - **Fund Name**: JPMorgan California Tax Free Bond ETF - **Share Class Name**: JPMorgan California Tax Free Bond ETF - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-california-tax-free-bond-etf-etf-shares-46654q484) - **Ticker Symbol**: JCAL - **CUSIP**: 46654Q484 - **Fund Type**: ETF - **Asset Class**: Fixed Income Tax Exempt ## Overview ### Designed to deliver federal tax-exempt income and capital preservation for California residents by investing in municipal securities. Invests primarily in a diversified portfolio of tax-exempt California municipal bonds~~Emphasizes comprehensive risk/reward analysis to identify investments that may perform well over market cycles~~Utilizes a dedicated team of credit analysts who evaluate all bonds on a relative basis versus bonds with similar credit ratings~~Seeks to maintain an effective duration within two years of the benchmark ## Fund Facts - **Ticker**: JCAL - **CUSIP**: 46654Q484 - **Asset Class**: Fixed Income Tax Exempt - **Predecessor Mutual Fund Inception Date**: 12/23/2016 - **ETF Inception Date**: 06/12/2026 - **Exchange**: NYSE-Arca ## Fund Stats - **NAV As of 10/16/2026**: $47.90 - **NAV Change ($) As of 10/16/2026**: $-0.01 - **NAV Change (%) As of 10/16/2026**: -0.01% - **Closing Price As of 10/16/2026**: $47.91 - **Closing Price Change ($) As of 10/16/2026**: $0.04 - **Closing Price Change (%) As of 10/16/2026**: 0.02% - **Discount/Premium As of 10/16/2026**: 0.02% - **Median Bid/Ask Spread As of 10/16/2026**: 0.06% [Disclosure 1] - **Daily High As of 10/16/2026**: $47.95 - **Daily Low As of 10/16/2026**: $47.79 - **30 Day SEC Yield As of 09/30/2026**: 3.82% - **30 Day SEC Yield Unsubsidized As of 09/30/2026**: 3.74% - **Dividend Yield As of 09/30/2026**: 3.65% - **12-Month Rolling Dividend Yield As of 09/30/2026**: 3.09% [Disclosure 2] - **Daily - 30 Day SEC Yield As of 10/15/2026**: 3.85% - **Daily - 30 Day SEC Yield Unsubsidized As of 10/15/2026**: 3.77% - **Fund Assets As of 10/16/2026**: $507.01mn - **Shares Outstanding As of 10/16/2026**: 10,585,156 - **Exchange Volume As of 10/16/2026**: 528487 [Disclosure 3] - **Number of Holdings As of 10/16/2026**: 315 - **YTD As of 10/16/2026**: -2.05% [Disclosure 4] - **Market Price Returns As of 10/16/2026**: -2.03% [Disclosure 5] ## Fees & Charges ### Fees - **Gross Expenses**: 0.44% - **Net Expenses**: 0.34% [Disclosure 6] ## Portfolio Managers ### Michelle Hallam - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/michelle-hallam/) - **In the industry**: 27 years - **With J.P. Morgan**: 27 years - **Managing this fund**: 22 years ### Josh Brunner - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/josh-brunner/) - **In the industry**: 29 years - **With J.P. Morgan**: 25 years - **Managing this fund**: 2 years ### Rachel Betton - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/rachel-betton/) - **In the industry**: 20 years - **With J.P. Morgan**: 3 years - **Managing this fund**: 2 years ## Ratings ### Morningstar Overview Ratings - **Category: **: Muni California Intermediate - **As of **: 09/30/2026 - **Overall**: 3 of 5 stars - **Funds in Category**: 50 Funds in Category - **3 Year**: 3 of 5 stars - **Funds in Category**: 50 Funds in Category - **5 Year**: 3 of 5 stars - **Funds in Category**: 48 Funds in Category - **10 Year**: 3 of 5 stars - **Funds in Category**: 42 Funds in Category [Disclosure 7] ### Morningstar Overview Ranking - **Category: **: Muni California Intermediate - **As of **: 09/30/2026 - **1 Year**: Rank 39 - **Funds in Category**: 55 Funds in Category - **Group Percentile**: 69% - **3 Year**: Rank 32 - **Funds in Category**: 50 Funds in Category - **Group Percentile**: 64% - **5 Year**: Rank 29 - **Funds in Category**: 48 Funds in Category - **Group Percentile**: 61% - **10 Year**: Rank 27 - **Funds in Category**: 42 Funds in Category - **Group Percentile**: 63% [Disclosure 8] ## Portfolio ### Portfolio Stats - **Number of Holdings** (As of 10/16/2026): 315 - **Yield to Worst Gross** (As of 09/30/2026): 4.7% - **Yield to Worst Net** (As of 09/30/2026): 4.36% - **Average Life** (As of 09/30/2026): 8.17 years - **Duration** (As of 09/30/2026): 6.10 years - **Average Maturity** (As of 09/30/2026): 11.06 years [Disclosure 9] ### Top 10 Holdings _As of 10/16/2026_ | Symbol | Name | Security Identifier | % of Net Assets | Market Value | | --- | ---: | ---: | ---: | ---: | | CATOLL | BAY AREA TOLL VAR 04/59 | 072024ZH8 | 1.97% | 10,000,000.00 | | BAYTRN | BAY AREA TOLL VAR 04/59 | 072024C75 | 1.70% | 8,600,000.00 | | CCEDEV | CALIFORNIA CMNTY 5% 07/35 | 13013JJD9 | 1.02% | 5,157,218.00 | | MRNMFH | MARINA JT PWRS 3.4% 03/36 | 568087BK5 | 1.01% | 5,145,477.85 | | CCEDEV | CALIFORNIA VAR 02/55 | 13013JFD3 | 1.01% | 5,142,675.00 | | DDBUTL | DELTA DIABLO 5% 10/51 | 247614BF6 | 0.99% | 5,012,024.50 | | CAS | CALIFORNIA ST VAR 05/33 | 13063BCD2 | 0.99% | 5,000,000.00 | | CAS | CALIFORNIA ST VAR 05/52 | 13063EGP5 | 0.99% | 5,000,000.00 | | SCR | SANTA CLARA CNTY 4% 08/38 | 801546QQ8 | 0.97% | 4,898,837.50 | | CASMED | CALIFORNIA 5.25% 11/49 | 13032U7S1 | 0.91% | 4,614,207.30 | [Disclosure 10] ### Quality _As of 09/30/2026_ | Quality | Quality | | --- | ---: | | AAA | 12.8% | | AA | 57.7% | | A | 17.3% | | BBB | 6.8% | | BB | 0.9% | | B | 0.2% | | Non-Rated | 4.2% | [Disclosure 11] ### Average Life _As of 09/30/2026_ | Average Life | Average Life | | --- | ---: | | 0-1 | 18.2% | | 1-2 | 6.4% | | 2-3 | 5.8% | | 3-4 | 5.0% | | 4-5 | 4.0% | | 5-6 | 4.9% | | 6-7 | 4.1% | | 7-8 | 3.7% | | 8-9 | 12.9% | | 9-10 | 10.1% | | 10+ | 26.7% | | Duration | 6.10 years | | Average Maturity | 11.06 years | | Average Life | 8.17 years | [Disclosure 12] ### Contribution To Duration (in years) _As of 09/30/2026_ | Contribution To Duration | Contribution To Duration (in years) | | --- | ---: | | Revenue Duration Cont | 4.10 | | GO Duration Cont | 1.74 | | Other Duration Cont | 0.26 | ## Documents - [Factsheet: JPMorgan California Tax Free Bond ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/fs-jcal.pdf) - [Presentation: California Tax Free ETF](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/product-presentation/protected/presentation-california-tax-free-etf.pdf) - [ETF Dividend Calendar 2026](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/income-distribution-rates/jpmorgan-etfs-2026-distribution-notice.pdf) - [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/46654Q484/NPX?site=JPMorganv3) ## Disclosures 1. The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days, or since the listing date of each Fund if shorter, and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day. 2. The 12-Month Rolling Dividend Yield represents the sum of the dividend yield (non-annualized) for the 12 most recent regularly declared income dividends as well as any special income distributions in the intervening period. Dividend yield (non-annualized) is calculated by dividing the dividend per share by the net asset value per share as of the relevant ex-dividend date. 3. The number of shares or contracts traded in a security or an entire market during a given period of time. Each transaction between a buyer and seller contributes to the count of total volume. 4. Prior to close of business on 6/12/2026, the Fund operated as an open-end mutual fund. The Fund has an identical investment objective and substantially similar investment strategies and investment risk profiles as the predecessor mutual fund. The NAV returns include returns of the Class R6 Shares of the predecessor mutual fund prior to the Fund's commencement of operations. Performance for the Fund's Shares has not been adjusted to reflect the Fund's Shares' lower expenses than those of the predecessor mutual fund's Class R6 Shares. Had the predecessor fund been structured as an exchange-traded fund, its performance may have differed. Please refer to the current prospectus for further information. 5. Prior to close of business on 6/12/2026, the Fund operated as an open-end mutual fund. Market price returns are calculated using the official closing price of the Fund on the listing exchange as of the time that the Fund's NAV is calculated. Prior to the Fund's listing on 6/15/2026, the NAV performance of the Fund and the Class R6 Shares of the predecessor mutual fund are used as proxy market price returns. The Fund's market price returns have not been adjusted to reflect the lower expenses of the Fund than those of the predecessor mutual fund's Class R6 Shares. Had the predecessor mutual fund been structured as an exchange-traded fund, its performance may have differed. Please refer to the current prospectus for further information. 6. The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.34% of the average daily net assets of the Fund. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. These waivers are in effect through 6/30/2029, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. 7. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 8. The ranking information is provided by Morningstar. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Morningstar category. Different share classes may have different rankings. 9. Yield to worst (YTW) is the lower of a bond or other obligation's yield to maturity (YTM) and yield to call (YTC). Gross YTW is calculated by averaging the YTW of each obligation held in the portfolio on a market weighted basis without the deduction of fees and expenses. YTM is calculated as described next to the YTM figures. YTC is calculated the same way as YTM, but assumes that a bond or other obligation will be called or repurchased by the issuer before its maturity date (generally the next call date), and that the portfolio will be paid a call price (generally a percentage of the then-current face value of the obligation) on the call date. Gross YTW, YTM and YTC are not a guarantee nor necessarily indicative of future performance or income generation. Net YTW is calculated in the same way as Gross YTW except that Net YTW reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTW is not a guarantee nor necessarily indicative of future performance or income generation. A rate of return measuring the total performance of a fund (coupon payments as well as capital gain or loss) from the current date until maturity of the instruments in the portfolio. This means that if the portfolio in its current form is held till maturity, then the return that an investor will get is equal to the Yield to Maturity (YTM) of the Portfolio. It however assumes that any flows (in the form of coupons/part of principal repayments) received before maturity are being reinvested at the YTM rate. If the reinvestment rate is lower, then the total return could be lower than YTM. Information shown for periods prior to close of business on 6/12/2026 includes information for the predecessor mutual fund for information at the fund level, including dividend information the predecessor mutual fund's Class R6 Shares. 10. The top 10 holdings listed exclude cash and money markets. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the net assets 11. Due to rounding, values may not total 100%. Fund exposure may be more or less than 100%. Certain holdings may not be included due to de minimis values and rounding. Values may not total 100%. Information shown for periods prior to close of business on 6/12/2026 includes information for the predecessor mutual fund for information at the fund level, including dividend information the predecessor mutual fund's Class R6 Shares. 12. Due to rounding, values may not total 100%. Fund exposure may be more or less than 100%. Duration: Measures price sensitivity of fixed income securities to interest rate changes. Average Life: The length of time the principal of a debt issue is expected to be outstanding. Information shown for periods prior to close of business on 6/12/2026 includes information for the predecessor mutual fund for information at the fund level, including dividend information the predecessor mutual fund's Class R6 Shares.