Skip to content
etf.net

Launched · SEC filings

iShares Short-Term California Muni Active ETF

CALINasdaqiSharesB

$50.22−0.07 (−0.14%)

As of Nov 10, 2026, 11:12 AM ET

B65/ 100

Rank 11 of 28 in Short-Duration Municipal Bonds

B65/100Rank 11 of 28inShort-Duration Municipal Bonds
Intraday session: down, 21 prints from 50.28 to 50.22. Range 50.20 to 50.23. Use the arrow keys to read each point.50.2050.2450.2610 AM12 PM2 PM4 PM
Expense ratio
0.20%*
Fund size
$701M
1Y total return
+2.0%
Yield · Last 12 months
2.47%
Holdings
263
Avg volume · 30D
186K sh
52W range
low $49.66high $51.39
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Jun 30, 2027. Without it: 0.25%.

The ETF.net CALI Grade

B

Score 65 out of 100

Category
Short-Duration Municipal Bonds⁠
Rank
11 of 28
Six-pillar profile for CALI. Scores out of 100: Cost 61, Risk 43, Mission 100, Tradability 59, Holdings 38, Durability 64. Strongest: Mission (100). Weakest: Holdings (38). Leans toward Mission.

Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B61 out of 100
    Rank 10 of 28

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C43 out of 100
    Rank 22 of 27

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 12 of 28

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D38 out of 100
    Rank 21 of 28

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 13 of 28

Our read on CALI

ETF.net Research

In short

BCalifornia munis on a short leash. CALI is an actively run iShares portfolio of California-issued bonds maturing in five years or less, paying monthly income, at 0.20% net of a waiver through June 30, 2027 (0.25% gross).

Stated mandate

The fund actively manages a diversified portfolio of short-term municipal bonds issued in California, seeking tax-exempt income while managing interest-rate risk.

Why people hold it

  • A single-state short-maturity muni portfolio: California issuers only, roughly 180 bonds, benchmarked to the Bloomberg California Municipal 0-2 Year Index.blackrock.com
  • Active, not index-bound: managers work fixed- and floating-rate California paper maturing in five years or less, aiming at tax-exempt income while managing rate risk.ishares.com
  • 0.20% net of a waiver through June 30, 2027 (0.25% gross) sits near the typical fee for short-duration muni funds, and income goes out monthly.
  • Running since 2023 and doing exactly what its documents describe, it lands in the upper half of its short-duration muni peer group.

Worth knowing

  • You pay up for the state focus. National short-muni options like SUB (0.07%) and VTES (0.05%) cover the whole country for less.
  • Non-diversified by design: credit exposure rides on one state's issuers rather than a nationwide spread.yahoo.comishares.com
  • Moderately traded, so there is less depth here than in the largest national muni ETFs.

CALI Holdings

Holdings pillarD38 out of 100Rank 21 of 28 in Short-Duration Municipal Bonds
Asset class
Bonds
Holdings
263
Top-10 weight
19%
Largest holding
Eastern Calif Mun Wtr Dist Wtr 07/01/20462.7%

Sectors

  • Municipal Debt55.0%
  • Variable Rate Demand Note44.4%
  • Floating Rate0.6%
  • Investment Company0.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 18.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataEastern Calif Mun Wtr Dist Wtr 07/01/20462.68%0$18.8M1
2No dataIrvine Ranch Calif Wtr Dist 02/01/20562.27%0$15.9M2
3No dataModesto Calif Wtr Rev Ctfs Par 10/01/20361.92%0$13.5M1
4No dataBay Area Toll Auth Calif Toll 04/01/20591.78%0$12.5M1
5No dataAnaheim Calif Hsg & Pub Impt A 10/01/20541.78%0$12.5M2
6No dataSouthern Calif Pub Pwr Auth Pw 07/01/20361.74%0$12.2M2
7No dataOrange Cnty Calif Wtr Dist Rev 08/01/20421.72%0$12M2
8No dataPasadena Calif Ctfs Partn 02/01/20351.69%0$11.8M1
9No dataSouthern Calif Pub Pwr Auth Re 144A 04/01/20551.69%0$11.8M1
10No dataSan Francisco Calif City & Cnt 05/01/20581.67%0$11.7M2
11No dataCalifornia Mun Fin Auth Rev 11/01/20351.67%0$11.7M1
12No dataUniversity Calif Revs For Prev 05/15/20481.46%0$10.2M2
13No dataMetropolitan Wtr Dist Southn Ca 04/01/20541.37%0$9.6M3
14No dataCalifornia Cmnty Choice Fing A 5.00% 03/01/20311.33%0$9.28M18
15No dataBay Area Toll Auth Calif Toll 04/01/20591.29%0$9M2

Showing 1–15 of 263 holdings

CALI Performance

Launched Jul 11, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
CALI$10,204
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. CALI $10,204. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CALI. Periods over one year show the average yearly return.
PeriodCALI
Year to date+1.7%
1 month+1.0%
3 months+0.5%
1 year+2.0%
3 yearsper year+3.1%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CALI
YearReturn barCALI
2026 YTD+1.7%
2025+3.3%
2024+2.8%
2023+2.0%

History from Jul 24, 2023

CALI in the news

CALI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 9, 2026.
2.47%Last 12 months
Payout per share
$1.24Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 39 payments from 2023 to 2026 YTD. Sep 1, 2023 $0.16; Oct 2, 2023 $0.15; Nov 1, 2023 $0.13; Dec 1, 2023 $0.13; Dec 14, 2023 $0.13; Feb 1, 2024 $0.14; Mar 1, 2024 $0.13; Apr 1, 2024 $0.13; May 1, 2024 $0.12; Jun 3, 2024 $0.14; Jul 1, 2024 $0.13; Aug 1, 2024 $0.13; Sep 3, 2024 $0.13; Oct 1, 2024 $0.14; Nov 1, 2024 $0.13; Dec 2, 2024 $0.13; Dec 18, 2024 $0.12; Feb 3, 2025 $0.10; Mar 3, 2025 $0.11; Apr 1, 2025 $0.12; May 1, 2025 $0.12; Jun 2, 2025 $0.11; Jul 1, 2025 $0.10; Aug 1, 2025 $0.11; Sep 2, 2025 $0.11; Oct 1, 2025 $0.12; Nov 3, 2025 $0.12; Dec 1, 2025 $0.12; Dec 19, 2025 $0.11; Feb 2, 2026 $0.08; Mar 2, 2026 $0.10; Apr 1, 2026 $0.11; May 1, 2026 $0.12; Jun 1, 2026 $0.10; Jul 1, 2026 $0.10; Aug 3, 2026 $0.10; Sep 1, 2026 $0.10; Oct 1, 2026 $0.10; Nov 2, 2026 $0.10. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Nov 2, 2026Nov 5, 2026$0.10
Oct 1, 2026Oct 6, 2026$0.10
Sep 1, 2026Sep 4, 2026$0.10
Aug 3, 2026Aug 6, 2026$0.10
Jul 1, 2026Jul 7, 2026$0.10
Jun 1, 2026Jun 4, 2026$0.10
May 1, 2026May 6, 2026$0.12
Apr 1, 2026Apr 7, 2026$0.11
Mar 2, 2026Mar 5, 2026$0.10
Feb 2, 2026Feb 5, 2026$0.08
Dec 19, 2025Dec 24, 2025$0.11
Dec 1, 2025Dec 4, 2025$0.12

See all 39 payments⁠

$10,000 in CALI 3 years ago paid $834 in dividends.⁠

CALI Risk

Risk pillarC43 out of 100Rank 22 of 27 in Short-Duration Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
1.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.03
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−1.2%
39 months · trough Sep 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.05
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CALI Cost

Compare CALI and VTES

Overpaying vs VTES, tied cheapest in Short-Duration Municipal Bonds

$3,095

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

  • CALI 0.20%

    $4,155

  • VTES 0.05% Tied cheapest

    $1,060

$10,000
30 years

Cost over time

  • CALI 0.20%
  • VTES 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530CALI $4,155VTES $1,060

Year by year

YearCALIVTESOverpaying
10$365$92$273
20$1,421$360$1,061
30$4,155$1,060$3,095
How the 0.20% is worked out

Full fee 0.25%− waiver 0.05%= you pay 0.20%

The waiver ends Jun 30, 2027. After that the fee is 0.25% unless iShares renews it. Source: prospectus, Nov 2025.

Other funds in Short-Duration Municipal Bonds

See others