Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
iShares California Muni Bond ETF
$54.49+0.25 (+0.46%)
- 0.08%
- $4.9B
- −2.3%
- 3.11%
- 1.1M sh
- $54.01
- low $53.62high $58.44
The ETF.net CMF Grade
A
Score 81 out of 100
- 6 of 63
Score 81 of 100 falls in the A 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.A92 out of 100Rank 6 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A99 out of 100Rank 9 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 28 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B63 out of 100Rank 19 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A75 out of 100Rank 16 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A92 out of 100Rank 3 of 63
Our read on CMF
AThe California-only corner of the muni market, indexed since 2007 and priced at 0.08%. CMF holds bonds issued by California and its municipalities, tracks an AMT-free index, and pays monthly.
The Fund seeks to track an index of California municipal bonds. It uses representative sampling and generally invests in municipal securities issued by California and its municipalities.
Why people hold it
- 0.08% a year, a fraction of what the typical muni bond fund in its category charges. On a tax-exempt income stream, the fee is the part you actually control.
- The benchmark is the ICE AMT-Free California Municipal Index, so bonds whose interest counts toward the federal alternative minimum tax are screened out.ishares.com
- Follows that index tightly using representative sampling, and ranks among the strongest implementations in the muni ETF group.
- Running since 2007, with assets in the billions and cash paid out monthly.
Worth knowing
- One state's credit, one state's budget cycle. National muni funds (MUB, VTEB) spread tax-exempt exposure across the whole country instead.
- Moderately traded next to the national muni names, so limit orders earn their keep on bigger tickets.
- It is a bond portfolio, not a savings account: prices move as interest rates move, and longer maturities move most.
CMF Holdings
- Bonds
- 1,830
- 5%
- Los Angeles Calif Uni Sch Dist 5.00% 07/01/2034
Sectors
- School Districts24.4%
- Utility21.5%
- State Tax-Backed21.3%
- Education12.3%
- Local Tax-Backed11.8%
- Transportation8.1%
- Prerefund/Escrow0.5%
- Corporate Muni0.1%
Geography
- United States100.00%
CMF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
CMF$9,767
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 | CMF |
|---|---|
| Year to date | −3.5% |
| 1 month | −1.7% |
| 3 months | −4.7% |
| 1 year | −2.3% |
| 3 years | +2.6% |
| 5 years | −0.1% |
| 10 years | +1.3% |
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 | CMF |
|---|---|---|
| 2026 YTD | −3.5% | |
| 2025 | +3.4% | |
| 2024 | +1.6% | |
| 2023 | +5.7% | |
| 2022 | −8.3% | |
| 2021 | +0.8% | |
| 2020 | +4.5% |
CMF in the news
CMF Dividends
- 3.11%
- $1.69
- $0.14 per share
- Monthly
Distribution history
CMF Risk
- 5.3%
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.
- −0.37
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.
- −12.2%
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.
- 0.94
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CMF Cost
0.08%
CMF0.08%
- The middle half of Other Municipal Bond funds
- Median 0.30%
5 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- AVCRMVanguard Core Tax-Exempt Bond EExpense ratio 0.12%1 year return −1.3%
- ATFIState Street SPDR Nuveen ICE Municipal Bond ETFExpense ratio 0.23%1 year return −2.9%
- ANYFiShares New York Muni Bond ETFExpense ratio 0.09%1 year return −2.3%
- ATAXTNorthern Trust Tax-Exempt Bond ETFExpense ratio 0.05%1 year return −0.7%
- AJMUBJPMorgan Municipal ETFExpense ratio 0.18%1 year return −2.1%