JPMorgan High Yield Municipal ETF
JMHI
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- J P Morgan Exchange-Traded Fund Trust - High Yield Municipal ETF Fund (JMHI) is an actively managed exchange-traded fund that seeks a high level of current income exempt from federal income taxes by investing primarily in high yield municipal securities. The Fund, sponsored by J.P. Morgan Exchange-Traded Fund Trust and managed by J.P. Morgan Investment Management Inc., allocates at least 80% of its assets to municipal bonds of varying maturities, including up to 100% in below-investment-grade or unrated securities rated BBB-/Baa3 or lower; its portfolio emphasizes revenue bonds (78.3%), general obligation bonds (7.8%), and cash/prerefunded securities (12.1%), with holdings diversified across 169 positions, an effective duration of 7.66 years, and a yield to worst of 4.61% (net). It targets investors seeking tax-efficient income from U.S. municipal issuers, including states like Wisconsin, Alabama, Puerto Rico, Colorado, and Georgia, with geographic operations focused on the United States domestic market. The Fund, with approximately $217 million in assets under management and a net expense ratio of 0.35%, converted from a predecessor open-end mutual fund (JPMorgan High Yield Municipal Fund, Class R6 shares) launched on September 17, 2007, commencing ETF operations on July 14, 2023, and listing shares on July 17, 2023 under ticker JMHI (CUSIP 46654Q799). J.P. Morgan Exchange-Traded Fund Trust, headquartered at 383 Madison Avenue, New York, New York, serves as the umbrella trust for multiple JPMorgan ETFs distributed by JPMorgan Distribution Services, Inc. In recent developments, the Fund maintains fee waivers through June 30, 2025, to cap expenses at 0.25% excluding certain costs, reflecting ongoing operational enhancements by J.P. Morgan Asset Management amid a broader strategy of converting mutual funds to ETFs, including four completed conversions in 2024 and proposed transformations of two municipal-bond funds totaling over $840 million planned for 2026.