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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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