# Portfolio overlap — JCBAX vs JMST Comparing **JPMorgan California Tax Free Bond Fund** (2026-02-28) and **JPMorgan Ultra-Short Municipal Income ETF** (2026-02-28). - Shared positions: 4 - JPMorgan California Tax Free Bond Fund covered by JPMorgan Ultra-Short Municipal Income ETF: 0.08861240559911712474163453845 - JPMorgan Ultra-Short Municipal Income ETF covered by JPMorgan California Tax Free Bond Fund: 0.08861240559911712474163453845 ## JPMorgan California Tax Free Bond Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | JPMorgan Institutional Tax Free Money Market Fund, Class IM | 0.088326 | ✓ | | Bay Area Toll Authority, Toll Bridge, Series 2024I | 0.017479 | | | MARINA JT PWRS AUTH | 0.011398 | | | CALIFORNIA COMMUNITY VAR | 0.011243 | | | State of California, Various Purpose | 0.010504 | | | Los Angeles (City of), CA, Series 2025, RN | 0.010251 | | | San Francisco City & County Airport Comm-San Francisco International Airport | 0.010162 | | | State of California, Series 2024B2 | 0.010162 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.009766 | | | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK NATIONAL CHARTR | 0.009654 | | | CALIFORNIA COMMUNITY VAR | 0.008650 | | | BLACK BELT ENERGY GAS DISTRICT (MPT) 5.0% 03-01-55 | 0.008408 | | | ALVORD USD-B-CABS | 0.008133 | | | SACRAMENTO MUNI UTIL | 0.007987 | | | Desert Community College District, Riverside County, California, General Obligation Bonds, Election of 2016 Series 2024 | 0.007907 | | | OH BUCGEN 5 06/01/2055 | 0.007812 | | | California Enterprise Development Authority, Series A | 0.007143 | | | Grossmont Healthcare District, Series 2025F | 0.007131 | | | CA ST MFA SW 3.85% MT @ | 0.007115 | | | Port of Los Angeles, Series 2019B | 0.007037 | | | UNIV OF CALIFORNIA CA REVENUES REGD B/E 5.00000000 | 0.006830 | | | LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A | 0.006816 | | | STHRN CA PUB PWR AUTH | 0.006712 | | | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B | 0.006646 | | | MAIN STR NAT GA 5% 5/1/2055 MT | 0.006534 | | | VIEW AT SAN BRUNO LP (MPT) 5.0% 06-01-56 | 0.006469 | | | City of Glendale Electric, Series 2024 | 0.006396 | | | LOS ANGELES-D-REF-REV | 0.006311 | | | CALIFORNIA ST INFRASTRUCTURE & REGD B/E 3.25000000 | 0.006247 | | | California Infrastructure & Economic Development Bank | 0.006162 | | | CALIFORNIA ST MUNI FIN AUTH MF REGD V/R B/E 2.95000000 | 0.006148 | | | PALMDALE FAMILY HOUSING LP (MPT) 2.95% 01-01-56 | 0.006142 | | | REPUBLIC SERVICES INC (MPT) 3.875% 03-01-54 | 0.006106 | | | CA CCEDEV 5 03/01/2036 | 0.005980 | | | Eastern Municipal Water District, Water and Wastewater, Series 2016A | 0.005919 | | | San Diego Public Facilities Financing Authority, Series A | 0.005848 | | | Los Angeles Department of Water and Power, Water System, Series 2017A | 0.005845 | | | SAN FRANCISCO CA CITY | 0.005721 | | | Desert Community College District, Series 2026 | 0.005686 | | | San Jose Unified School District, Series C | 0.005466 | | | State of California Department of Water Resources, Central Valley Project, Water System, Series AW | 0.005408 | | | CA STWD CMNTYS-A | 0.005304 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.25000000 | 0.005172 | | | VICTORY BOULEVARD HOUSING PARTNERS LP (MPT) 3.0% 01-01-46 | 0.005129 | | | PLACER 712 LP HUD SECT 8 (MPT) 3.2% 09-01-45 | 0.005101 | | | MSR Energy Authority, Series B | 0.005047 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.004975 | | | GOLDEN ST TOBACCO SECURITIZATI REGD ZCP OID B/E 0.00000000 | 0.004919 | | | UNIV OF CA REGENTS -P | 0.004882 | | | Jurupa Public Financing Authority, Series 2024 | 0.004879 | | ## JPMorgan Ultra-Short Municipal Income ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | JPMorgan Institutional Tax Free Money Market Fund, Class IM | 0.134331 | ✓ | | NYC MUNI WTR FIN AUTH | 0.010635 | | | WASHINGTON ST-R-2026A | 0.009574 | | | State of Minnesota, Various Purpose, Series 2025D | 0.008230 | | | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES | 0.007787 | | | Township of Woodbridge | 0.007425 | | | Maryland Health & Higher Educational Facilities Authority, Series 2025 C-1 | 0.007363 | | | Tarrant County Cultural Education Facilities Finance Corp., Series 2012, RB | 0.007023 | | | County of Hamilton Sales Tax | 0.006970 | | | NYC TRANSTNL-C6-VAR | 0.006545 | | | HOUSTON TX UTILITY SYS REVENUE CITY OF HOUSTON TX COMBINED UTILITY SYSTEM REVENUE | 0.006545 | | | NYC GEN OBLIG-A-4 | 0.006545 | | | MASSACHUSETTS ST DEV FIN AGY REVENUE | 0.006545 | | | City of Bristol | 0.006225 | | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Variable Rate Series 2020 | 0.006218 | | | Township of Hamilton | 0.006116 | | | Township of Parsippany-Troy Hills | 0.005990 | | | Township of Livingston | 0.005910 | | | City of Hudson, Limited Tax | 0.005855 | | | SAINT LUCIE CNTY FL POLL CONTR COUNTY OF ST LUCIE FL | 0.005849 | | | NYC WTR-AA-2 | 0.005727 | | | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2025A | 0.005665 | | | State of Louisiana, Series 2023 A-2 | 0.005547 | | | San Antonio Water System, Subordinate Lien, Series 2024A | 0.005449 | | | MICHIGAN ST BLDG AUTH REVENUE | 0.005400 | | | Maine School Administrative District No. 51, Series 2025B | 0.005386 | | | COLORADO SPRINGS CO UTILITIES REVENUE | 0.005301 | | | Township of Teaneck | 0.005205 | | | Clark County School District, Series 2025B | 0.005170 | | | Spartanburg County School District No. 7 | 0.005126 | | | Township of Cherry Hill | 0.004950 | | | City of Albany | 0.004913 | | | VALDEZ AK MARINE TERMINAL REVE VALTRN 05/31 ADJUSTABLE VAR | 0.004909 | | | DELAWARE VLY REG-B | 0.004909 | | | TNDR OPT-FLTR-046 | 0.004909 | | | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE | 0.004660 | | | COLORADO ST HLTH FACS AUTH REV REGD V/R B/E 2.65000000 | 0.004598 | | | JERSEY CITY NJ | 0.004398 | | | Township of Edison | 0.004282 | | | Township of West Windsor | 0.004249 | | | BLACK BELT ENERGY GAS FRN | 0.004208 | | | Town of South Kingstown, Series 2025-1 | 0.004111 | | | Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024, RB | 0.004091 | | | Alaska Housing Finance Corp., Home Mortgage, Series 2007A | 0.004091 | | | University of Colorado Hospital Authority, Series 2018, RB | 0.004091 | | | City of Jacksonville, Health Care Facilities, Baptist Health | 0.004091 | | | City of Sea Isle City | 0.004079 | | | Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series 2025, Subseries C-3 | 0.004038 | | | MONMOUTH COUNTY IMPROVEMENT AUTHORITY/THE | 0.004018 | | | City of Houston | 0.003846 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-009290` (as of 2026-02-28) - N-PORT (fund B) — accession `0002071691-26-009312` (as of 2026-02-28) --- _Informational only — not investment advice. 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