CAM vs ITM

CAMAAB California Intermediate Municipal ETF

ITMAVanEck Intermediate Muni ETF

In short

CAM An actively run California muni portfolio in ETF form: roughly 400 bonds chosen to keep income out of both federal and California state tax, with duration steered to the 3.5 to 7 year middle lane.

ITM Most big muni ETFs buy the whole curve. ITM, running since 2007, sticks to the middle: a passive, AMT-free national index of roughly 1,400 bonds, paid out monthly, for 0.18% a year.

Stated mandate

CAM The fund seeks to preserve principal and maximize total return after federal and state taxes for California residents. It actively invests primarily in California municipal bonds and targets a 3.5–7 year duration.

ITM The fund seeks to track the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index before fees and expenses.

Why people hold it

• CAM Built around California residents specifically: the mandate targets total return after federal and state taxes, not just the federal exemption every national muni fund offers.alliancebernstein.com
• 0.27% a year sits under the median muni ETF fee, which is unusual for a fund with live managers picking the bonds.
• Duration is steered to a 3.5 to 7 year band, so it stays intermediate by design rather than drifting long when yields tempt.
• Roughly 400 holdings and multi-billion-dollar scale sit behind it, and it lands in the upper half of a crowded muni-bond field.

• ITM 0.18% a year against a 0.30% median for muni ETFs in its group. Modest for a fund that screens the maturity range instead of buying the entire market.
• A straight index tracker of the ICE Intermediate AMT-Free Broad National Municipal Index, and it stays unusually close to that benchmark for its cohort.vaneck.com
• Mid-curve by design: shorter maturities than long muni funds mean less price movement per shift in rates, with more coupon than the ultra-short end.vaneck.com
• Roughly 1,400 bonds, income paid monthly, and a 2007 launch that puts several full rate cycles behind it.

Worth knowing

• CAM One state's issuers and budget cycle drive the whole portfolio. National muni funds spread that across all 50, and the tax edge only lands for California taxpayers.
• Broad index rivals like VTEB and MUB charge single-digit basis points. Active security selection here costs more than the cheapest shelf in the category.
• Launched in 2025, so the live track record is short and there is limited history to judge how the managers handle a full rate cycle.

• ITM Broad national trackers like VTEB, SCMB and MUB run at a few basis points. ITM's fee buys the intermediate screen, not the lowest sticker in the aisle.
• Intermediate maturities soften rate moves rather than cancel them, and municipal issuers carry credit risk.
• National in scope and AMT-free, so there is no single-state tax focus of the kind state-targeted peers like NYF are built around.

Full CAM profile⁠

Full ITM profile⁠