Overview
California municipal bonds — around 1,760 investment-grade issues paying income exempt from BOTH federal and California state tax.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CA | California State GOs | 8.4% |
| CADWR | CA Dept of Water Resources | 4.2% |
| LAUSD | LA Unified School District | 3.6% |
| CASTU | CA State Universities | 3.1% |
| SFPUC | SF Public Utilities | 2.8% |
| LADWP | LA Dept of Water & Power | 2.6% |
| SCAQ | So-Cal Metro Water | 2.3% |
| BART | Bay Area Rapid Transit | 2.0% |
| CAHFA | CA Housing Finance | 1.8% |
| SDCCD | San Diego CC District | 1.6% |
Fund Details
Investment Thesis
For a Californian in the top brackets, CMF's 3.1% double-tax-free yield is worth over 6% pre-tax — the single most tax-efficient income stream a Golden State investor can buy in one ticker. The mildly negative year is muni duration in a rising-rate tape; the exemption mathematics are untouched.
Who It's For
California residents in high brackets, full stop — the double exemption is the entire product. Out-of-state investors should hold MUB/SUB instead.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $53.62 | -- |
| 2017 | $54.70 | +2.0% |
| 2018 | $54.70 | +0.0% |
| 2019 | $57.43 | +5.0% |
| 2020 | $59.15 | +3.0% |
| 2021 | $59.15 | +0.0% |
| 2022 | $53.83 | -9.0% |
| 2023 | $55.45 | +3.0% |
| 2024 | $55.45 | +0.0% |
| 2025 | $56.00 | +1.0% |
| Year | Yield |
|---|---|
| 2016 | 2.40% |
| 2017 | 2.30% |
| 2018 | 2.60% |
| 2019 | 2.40% |
| 2020 | 2.00% |
| 2021 | 1.80% |
| 2022 | 2.60% |
| 2023 | 3.00% |
| 2024 | 3.00% |
| 2025 | 3.10% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.8B | -- |
| 2017 | $1B | +25.0% |
| 2018 | $1.2B | +20.0% |
| 2019 | $1.6B | +33.3% |
| 2020 | $2B | +25.0% |
| 2021 | $2.4B | +20.0% |
| 2022 | $2.2B | -8.3% |
| 2023 | $2.8B | +27.3% |
| 2024 | $3.8B | +35.7% |
| 2025 | $4.3B | +13.2% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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