iShares California Muni Bond ETF
iShares Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| CMF | 0.08% |
Portfolio turnover 16.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 96.01% |
| Cash & short-term | 3.49% |
Latest quarter
What changed since the fund's previous filing
Largest new: East Bay Municipal Utility District Water System Revenue, San Mateo County Transit District Sales Tax, Bay Area Toll Authority, Long Beach Unified School District, State of California ×2, Union Sanitary District Financing Authority, Eastern Municipal Water District
Largest exited: San Francisco City & County Airport Comm-San Francisco International Airport, Orange County Water District, University of California, State of California ×2, Oakland Unified School District, Bay Area Toll Authority, San Diego Public Facilities Financing Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Los Angeles Unified School District5.00% · due 2031-07-01 | 0.50% | $22.17M | — |
| — | University of California5.50% · due 2040-05-15 | 0.49% | $21.59M | — |
| — | Bay Area Toll Authority | 0.46% | $20.45M | — |
| — | California Educational Facilities Authority5.00% · due 2045-05-01 | 0.44% | $19.67M | — |
| — | Los Angeles Unified School District5.00% · due 2034-07-01 | 0.44% | $19.46M | — |
| — | Eastern Municipal Water District | 0.44% | $19.43M | — |
| — | California State University5.50% · due 2055-11-01 | 0.42% | $18.71M | — |
| — | University of California5.00% · due 2036-05-15 | 0.42% | $18.52M | — |
| — | State of California5.00% · due 2055-03-01 | 0.38% | $17.00M | — |
| — | Bay Area Toll Authority | 0.37% | $16.39M | — |
Top 10 positions are 4.37% of net assets, top 25 8.94%, across 259 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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