iShares Short-Term California Muni Active ETF
$49.93−0.13 (−0.25%)
History starts Jul 24, 2023.
- Expense ratio
- 0.25%
- Fund size
- $516M
- 1Y return
- +1.3%
- Yield · Last 12 months
- 2.53%
- Holdings
- 159
- Volume · 30D
- 0.1M sh
- NAV per share
- $50.05
- 52W range
The ETF.net CALI Grade
Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 43Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 54Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 54Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 39Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 62Category rank
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
- 159
- 18%
- MODESTO CALIF WTR REV CTFS PAR 10/01/2036
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.
CALI$10,126
Returns run to the Sep 22, 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 | +0.8% |
| 1 month | −0.5% |
| 3 months | −0.2% |
| 1 year | +1.3% |
| 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 | +0.8% | |
| 2025 | +3.3% | |
| 2024 | +2.8% | |
| 2023 | +2.0% |
CALI in the news
CALI Dividends
- 2.53%
- $1.27
- $0.10 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 4, 2026 | $0.10 |
| Aug 3, 2026 | Aug 6, 2026 | $0.10 |
| Jul 1, 2026 | Jul 7, 2026 | $0.10 |
| Jun 1, 2026 | Jun 4, 2026 | $0.10 |
| May 1, 2026 | May 6, 2026 | $0.12 |
| Apr 1, 2026 | Apr 7, 2026 | $0.11 |
| Mar 2, 2026 | Mar 5, 2026 | $0.10 |
| Feb 2, 2026 | Feb 5, 2026 | $0.08 |
| Dec 19, 2025 | Dec 24, 2025 | $0.11 |
| Dec 1, 2025 | Dec 4, 2025 | $0.12 |
| Nov 3, 2025 | Nov 6, 2025 | $0.12 |
| Oct 1, 2025 | Oct 6, 2025 | $0.12 |
CALI Risk
- 1.1%
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.
- −1.47
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.
- −0.8%
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.
- 0.05
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.