JCAL – JPMorgan California Tax Free Bond ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide high after-tax total return for California residents consistent with moderate risk of capital. The fund normally invests at least 80% of the value of its assets in municipal securities, the income from which is exempt from federal and state personal income taxes for California residents and not subject to the federal alternative minimum tax on individuals. "Assets" means net assets, plus the amount of borrowings for investment purposes. It may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
JCAL	JPMorgan California Tax Free Bond ETF	ETF	Open			Dec 23, 1996	$513.96M	0.340%	Below Average	—	$87.30M

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