CALI vs SUB: Grades, Fees and Holdings Compared

iShares Short-Term California Muni Active ETF

CALIBNasdaq

iShares Short-Term National Muni Bond ETF

SUBANYSE Arca

Overlap

No data

Expense ratio

SUB −0.13pt a year

CALI0.20%SUB0.07%

Avg volume · 30D

SUB 4.7×the volume

CALI186KSUB880K

3Y return · a year

SUB +0.1pt

CALI+3.1%SUB+3.2%

CALI vs SUB Performance

Nov 7, 2025 – Nov 9, 2026

+2.0%CALI+2.3%SUB

Expense ratio: CALI 0.20%; SUB 0.07%, better
Fund size: CALI $701M; SUB $13.4B
1Y total return: CALI +2.0%; SUB +2.3%, better
Yield (12M): CALI 2.47%; SUB 2.57%, better
Holdings: CALI 263; SUB 3149
Avg volume (30D): CALI 186K sh; SUB 880K sh, better
NAV per share: CALI $50.23; SUB $105.96
52W range

ETF.net Grade

Pillar letters and Scores for CALI, SUB, with each pillar’s weight
Pillar	CALI	SUB
Cost30% weight	B61	A91Higher
Mission25% weight	A100	A100
Risk15% weight	C43	C44Higher
Tradability15% weight	B59	B60Higher
Holdings10% weight	D38	A82Higher
Durability5% weight	B64	A95Higher

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. CALI and SUB are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

SUB ranks 1st and CALI 11th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 80
Rank 10BEVSMEaton Vance Short Duration Municipal Income ETFScore 69
Rank 11BCALIiShares Short-Term California Muni Active ETFScore 65
Rank 12BMEARiShares Short Maturity Municipal Bond Active ETFScore 64

Our read on each fund

ETF.net Research

CALIBiShares Short-Term California Muni Active ETF

SUBAiShares Short-Term National Muni Bond ETF

In short

CALI California 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).

SUB Munis, but only the near end of the curve. Since 2008 SUB has tracked an AMT-free index of investment-grade municipal bonds maturing inside five years, paying tax-exempt income monthly with far less rate sensitivity than long-dated muni funds.

Stated mandate

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

SUB The fund seeks to track an index of short-term, investment-grade U.S. municipal bonds maturing from one month through five years, providing tax-exempt income while managing interest-rate risk.

Why people hold it

CALI 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.

SUB Charges 0.07% a year against a category median near 0.30%. On tax-exempt bond income, that fee gap is a meaningful slice of what actually reaches you.
Two dials set on purpose: maturities from one month to five years, and an AMT-free index, so neither rate swings nor the alternative minimum tax hit the same way.ishares.com
A multi-billion-dollar fund running since 2008 under iShares, with tight tracking of its ICE benchmark. One of the sturdier implementations in the muni group.
Pays monthly, so the tax-exempt income arrives on a regular cadence rather than in quarterly lumps.

Worth knowing

CALI 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.com ishares.com
Moderately traded, so there is less depth here than in the largest national muni ETFs.

SUB The five-year ceiling is the whole design, and it cuts both ways: less rate sensitivity, but a shorter stretch of the curve to draw income from than full-maturity muni funds.
This is a national portfolio. Single-state funds like NYF chase a home-state tax break that a nationwide muni basket cannot offer.
Broad-maturity peers VTEB and SCMB run at 0.03%. The short-end tilt here costs a few basis points more.

Full CALI profile⁠

Full SUB profile⁠

CALI vs SUB Holdings

How CALI and SUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classBonds100%
Countryby domicile100%

Sector

CALI and SUB share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in CALI and SUB, widest gap first
Country	More in CALIMore in SUB	Gap	CALI	SUB
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

CALI19.0%
SUB3.4%

Securities held

CALI223
SUB2,425

Asset class

CALI: Bonds
SUB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CALI holds 223 securities, SUB 2,425.

All 178 CALI holdings⁠All 3,097 SUB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CALI vs SUB Cost

Overpaying CALI vs SUB

$2,675

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

CALI 0.20%
$4,155
SUB 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

CALI 0.20%
SUB 0.07%
Overpaying

Year by year

Year	CALI	SUB	Overpaying
10	$365	$128	$237
20	$1,421	$503	$918
30	$4,155	$1,480	$2,675

Expense ratio

0.20%CALI
0.07%SUB, cheaper

SUB0.07%CALI0.20%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

SUB 3rd cheapest of 27 funds

CALI 12th cheapest of 27 funds

CALI vs SUB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CALI 2.47%; SUB 2.57%, better
Payout (12M): CALI $1.24; SUB $2.73
Last payment: CALI $0.10; SUB $0.23
Ex-dividend: CALI Nov 2, 2026; SUB Nov 2, 2026
Paid on: CALI Nov 5, 2026; SUB Nov 5, 2026
Frequency: CALI Monthly; SUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CALIMonthly · 39 paymentsAll CALI payments⁠

SUBMonthly · 46 paymentsAll SUB payments⁠

CALI vs SUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CALI 1.3%, betterSUB 2.0%
Return per unit of riskSharpe ratio, 3 years: CALI −1.03SUB −0.59, better
Worst fallMax drawdown, 5 years: CALI −1.2%since Jul 2023SUB −4.0%
Market sensitivityBeta, 5 years: CALI 0.05SUB 0.26; Market = 1

CALI and SUB in the news

All news⁠

New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026SUB
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026SUB
First-Year Review
AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it
Oct 5, 2026CALI
ETF Filings
VanEck files four California and New York muni ladder ETFs
Sep 7, 2026CALI

Popular comparisons

CALIBvsVTESA
iShares Short-Term California Muni Active ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.20% · 0.05%
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SUBAvsVTESA
iShares Short-Term National Muni Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
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0.07% · 0.05%
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CALIBvsVSDMA
iShares Short-Term California Muni Active ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.20% · 0.12%
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SUBAvsVSDMA
iShares Short-Term National Muni Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
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0.07% · 0.12%
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CALIBvsTAXSA
iShares Short-Term California Muni Active ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.20% · 0.05%
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SUBAvsTAXSA
iShares Short-Term National Muni Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.05%
Category

CALI vs SUB

In short

Stated mandate

Why people hold it

Worth knowing

How CALI and SUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

AllianceBernstein's California muni ETF lost 0.5%, less than the fund most like it

VanEck files four California and New York muni ladder ETFs

How CALI and SUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings