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iShares California Muni Bond ETF (CMF)CMF
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Upturn Advisory Summary
09/04/2024: CMF (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Upturns
Type: ETF | Upturn Star Rating | Today’s Advisory: Consider higher Upturn Star rating |
Profit: -2.21% | Upturn Advisory Performance  2 | Avg. Invested days: 33 |
| Profits based on simulation | ETF Returns Performance  1 | Last Close 09/04/2024 |
Type: ETF | Today’s Advisory: Consider higher Upturn Star rating |
Profit: -2.21% | Avg. Invested days: 33 |
Upturn Star Rating | ETF Returns Performance 1 |
| Profits based on simulation Last Close 09/04/2024 | Upturn Advisory Performance 2 |
Key Highlights
Volume (30-day avg) 347333 | Beta 0.95 |
52 Weeks Range 52.61 - 58.12 | Updated Date 09/19/2024 |
52 Weeks Range 52.61 - 58.12 | Updated Date 09/19/2024 |
AI Summarization
iShares California Muni Bond ETF (CMF) Overview
Profile:
The iShares California Muni Bond ETF (CMF) is a passively managed exchange-traded fund that tracks the Bloomberg Barclays California Municipal Bond Index. The ETF invests primarily in investment-grade, tax-exempt municipal bonds issued by the State of California and its local government agencies.
Objective:
The primary investment goal of CMF is to provide current income exempt from federal and California state income taxes.
Issuer:
BlackRock, the world's largest asset manager, issues CMF. BlackRock has a strong reputation and a long track record of managing ETFs and mutual funds. The ETF is managed by a team of experienced portfolio managers with expertise in the municipal bond market.
Market Share:
CMF is the largest California municipal bond ETF, with approximately 70% market share in its sector as of November 2023.
Total Net Assets:
CMF has $5.4 billion in total net assets as of November 2023.
Moat:
- Tax-exempt income: CMF's primary advantage is its tax-exempt status, making it attractive to investors in high-tax brackets.
- Liquidity: CMF is a highly liquid ETF with an average daily trading volume exceeding 500,000 shares.
- Low expense ratio: CMF has an expense ratio of 0.05%, making it one of the lowest-cost California municipal bond ETFs available.
Financial Performance:
CMF has historically generated strong risk-adjusted returns. Over the past three and five years, the ETF has outperformed the Bloomberg Barclays California Municipal Bond Index.
Growth Trajectory:
As California continues to develop and its economy grows, demand for municipal bonds is expected to remain strong, driving potential growth for CMF.
Liquidity:
With an average daily trading volume exceeding 500,000 shares, CMF offers excellent liquidity for investors looking to buy or sell their shares quickly. The bid-ask spread is also tight, indicating low transaction costs.
Market Dynamics:
Factors affecting CMF's market environment include interest rate changes, economic conditions in California, and the creditworthiness of the state and its local municipalities.
Competitors:
- Vanguard California Tax-Exempt Bond ETF (VCIT): 15% market share
- SPDR Nuveen California AMT-Free Municipal Bond ETF (CXA): 10% market share
Expense Ratio:
CMF has an expense ratio of 0.05%, which is among the lowest in its category.
Investment Approach and Strategy:
CMF is a passively managed ETF that seeks to track the performance of the Bloomberg Barclays California Municipal Bond Index. The ETF invests in a diversified portfolio of investment-grade municipal bonds issued by the State of California and its local government agencies.
Key Points:
- Tax-exempt income
- Largest and most liquid California municipal bond ETF
- Low expense ratio
- Strong historical performance
- Potential future growth
Risks:
- Interest rate risk: Rising interest rates can lead to a decline in the value of municipal bonds.
- Credit risk: The creditworthiness of the issuer can impact the value of the bonds.
- Market risk: General market conditions can affect the price of municipal bonds.
- Volatility: As with any fixed-income security, CMF is subject to interest rate and credit risk, which can cause its price to fluctuate.
Who Should Consider Investing:
CMF is suitable for investors seeking:
- Tax-exempt income
- Diversification in their fixed-income portfolio
- Exposure to the California municipal bond market
Fundamental Rating Based on AI: 8/10
Based on its strong financials, market position, and growth potential, CMF receives an 8/10 rating from our AI system. This rating reflects the ETF's strong track record, low expense ratio, and positive growth outlook.
Resources and Disclaimers:
- iShares California Muni Bond ETF website: https://www.ishares.com/us/products/239729/ishares-california-muni-bond-etf
- Bloomberg Barclays California Municipal Bond Index: https://www.bloomberg.com/professional/product/bloomberg-barclays-california-municipal-bond-index/
Disclaimer: This information should not be considered financial advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About iShares California Muni Bond ETF
The index includes municipal bonds issued in the State of California, the interest of which is exempt from Federal income taxes and not subject to AMT. The fund will invest at least 80% of its assets in the component securities of the underlying index, and the fund will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that the advisor believes will help the fund track the underlying index. It is non-diversified.
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