iShares California Muni Bond ETF
U.S. bond index ETF · tracks ICE AMT-Free California Municipal Index
As of its 2026 Q2 report, iShares California Muni Bond ETF held 1,623 positions with $4.42B in net assets. Its ten largest holdings made up 4.4% of the fund. The CMF share class costs 0.08% a year. Over the 12 months to May 2026, CMF returned 6.1%, with dividends reinvested. In 2026 Q3 it added 197 new positions and exited 88.
The iShares California Muni Bond ETF (the Fund ) seeks to track the investment results of an index composed of investment-grade municipal bonds issued in the State of California.
The fund tracks the ICE AMT-Free California Municipal Index using representative sampling, holding a sample of investment-grade municipal bonds issued by California and its political subdivisions; the sample is selected to match the index's characteristics including duration, credit quality, and yield. Because the fund may not hold all index constituents, its returns may diverge from the index. The fund invests at least 80% of assets in index securities and may use up to 10% in derivatives or non-index fixed income securities to track the index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Los Angeles Unified School District 5.00% · due 2031-07-01 | 0.50% | $22.17M | — |
University of California 5.50% · due 2040-05-15 | 0.49% | $21.59M | — |
Bay Area Toll Authority | 0.46% | $20.45M | — |
California Educational Facilities Authority 5.00% · due 2045-05-01 | 0.44% | $19.67M | — |
Los Angeles Unified School District 5.00% · due 2034-07-01 | 0.44% | $19.46M | — |
Eastern Municipal Water District | 0.44% | $19.43M | — |
California State University 5.50% · due 2055-11-01 | 0.42% | $18.71M | — |
University of California 5.00% · due 2036-05-15 | 0.42% | $18.52M | — |
State of California 5.00% · due 2055-03-01 | 0.38% | $17.00M | — |
Bay Area Toll Authority | 0.37% | $16.39M | — |
The 200 largest of 1,623 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 96.01% |
| Cash & short-term | 3.49% |
How it has done
CMF share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.70%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
iShares California Muni Bond ETF is a U.S. bond index ETF that tracks the ICE AMT-Free California Municipal Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.08%· CMF 0.08%
- Portfolio turnover
- 16.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
197 new· the largest 7
88 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 92.6% |
| Zero-coupon or unclassified | 5.4% |
| Floating rate | 2.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.0% |
| 1-3y | 9.0% |
| 3-5y | 9.6% |
| 5-10y | 22.5% |
| 10y+ | 54.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.17 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.27 yr | 5% |
| 5 yr | 2.12 yr | 35% |
| 10 yr | 2.29 yr | 38% |
| 30 yr | 1.38 yr | 23% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.28 yr | 5% |
| 5 yr | 2.78 yr | 45% |
| 10 yr | 2.03 yr | 33% |
| 30 yr | 1.05 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.03 | +0.00 | $15.2k | $107 |
| 1 yr | +0.27 | +0.28 | +0.00 | $123.8k | $99 |
| 5 yr | +2.12 | +2.78 | +0.00 | $1.23m | $974 |
| 10 yr | +2.29 | +2.03 | +0.00 | $899.1k | $0 |
| 30 yr | +1.38 | +1.05 | +0.00 | $464.3k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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