iShares Short-Term California Muni Active ETF
$49.92+0.04 (+0.07%)
- 0.25%
- $585M
- +1.1%
- 2.52%
- 0.1M sh
- $49.81
- low $49.66high $51.39
The ETF.net CALI Grade
B
Score 59 out of 100
- 17 of 28
Score 59 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.C43 out of 100Rank 14 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C43 out of 100Rank 18 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B57 out of 100Rank 12 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D35 out of 100Rank 22 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B62 out of 100Rank 14 of 28
Our read on CALI
BA California-only muni fund on a short leash: active managers run roughly 150 short-term California bonds, seeking tax-exempt income while keeping rate risk contained. A narrow shape in a category ruled by broad national index funds.
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
- Single-state, short-duration, actively managed: a specific niche next to the broad national index funds that dominate muni ETFs (VTEB, MUB).
- 0.25% expense ratio, below the muni ETF median, for an active mandate rather than a passive index sleeve.
- Pays monthly and spreads the book across roughly 150 bonds, so income arrives on a regular cadence from a diversified short-term portfolio.
- Sits in the upper half of a crowded muni bond ETF field, with BlackRock's iShares muni desk behind it.
Worth knowing
- One state carries the whole portfolio. California issuers and their budget cycles drive results here in a way a national muni fund would dilute.
- Broad national muni funds such as VTEB and MUB charge a fraction of this fee. That gap is the price of active, single-state management.
- Launched in 2023, so its live record is short next to the long-running index funds it competes with.
CALI Holdings
- Bonds
- 243
- 19%
- Irvine Ranch Calif Wtr Dist 02/01/2056
Geography
- United States100.00%
CALI Performance
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$10,107
Returns run to the Oct 12, 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.
| Period | CALI |
|---|---|
| Year to date | +0.7% |
| 1 month | −0.3% |
| 3 months | −0.5% |
| 1 year | +1.1% |
| 3 years | +2.9% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CALI |
|---|---|---|
| 2026 YTD | +0.7% | |
| 2025 | +3.3% | |
| 2024 | +2.8% | |
| 2023 | +2.0% |
CALI in the news
CALI Dividends
- 2.52%
- $1.26
- $0.10 per share
- Monthly
Distribution history
CALI Risk
- 1.2%
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.
- −1.44
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.
- −1.2%
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.
- 0.06
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CALI Cost
0.25%
CALI0.25%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
13 of the 27 Short-Duration Municipal Bonds funds charge less.
Other funds in Short-Duration Municipal Bonds
- BTMNST. Rowe Price Short Municipal Income ETFExpense ratio 0.18%1 year return —
- BAUSMAllspring Ultra Short Municipal ETFExpense ratio 0.19%1 year return +1.9%
- BFSMBFirst Trust Short Duration Managed Municipal ETFExpense ratio 0.34%1 year return +0.3%
- BMMSDNYLI MacKay Muni Short Duration ETFExpense ratio 0.25%1 year return +1.0%
- BSMMUPIMCO Short Term Municipal Bond Active Exchange-Traded FundExpense ratio 0.35%1 year return +1.2%