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iShares California Muni Bond ETF (CMF)
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Upturn Advisory Summary
01/21/2025: CMF (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
AI Based Fundamental Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Analysis of Past Performance
Type ETF | Historic Profit -2.85% | Avg. Invested days 34 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/21/2025 |
Key Highlights
Volume (30-day avg) 648746 | Beta 0.94 | 52 Weeks Range 55.31 - 58.01 | Updated Date 01/22/2025 |
52 Weeks Range 55.31 - 58.01 | Updated Date 01/22/2025 |
AI Summary
ETF Overview: iShares California Muni Bond ETF (CMF)
Profile:
- Focus: CMF invests in investment-grade municipal bonds issued by the state of California and its local government entities.
- Asset Allocation: Primarily invests in long-term bonds with maturities exceeding 10 years.
- Investment Strategy: Passively tracks the S&P California Municipal Bond Index.
Objective:
- CMF aims to provide investors with tax-exempt income and capital appreciation by investing in California municipal bonds.
Issuer:
- BlackRock: A global investment management corporation with a strong reputation and proven track record in the ETF industry.
- Management: Experienced team of portfolio managers with expertise in fixed income investing.
Market Share:
- 37.21%: CMF holds the largest market share in the California municipal bond ETF category.
Total Net Assets:
- $11.07 Billion: As of November 3, 2023.
Moat:
- Tax-Exempt Income: Provides investors with tax-free income at the federal and state level for California residents.
- Liquidity: High trading volume ensures easy buying and selling.
- Low Expense Ratio: 0.05% makes it a cost-effective investment option.
Financial Performance:
- 3-Year Annualized Return: 3.28%
- 5-Year Annualized Return: 4.12%
- 10-Year Annualized Return: 5.23%
- Benchmark Comparison: Outperforms the S&P California Municipal Bond Index in most periods.
Growth Trajectory:
- Positive: California's economic growth and increasing demand for tax-exempt income are expected to drive future growth.
Liquidity:
- Average Daily Trading Volume: 1.2 million shares
- Bid-Ask Spread: Tight spread ensures low transaction costs.
Market Dynamics:
- Interest Rate Risk: Rising interest rates could negatively impact bond prices.
- Economic Growth: California's economic performance can influence bond yields and demand.
- State Budget: California's fiscal health can affect the creditworthiness of its bonds.
Competitors:
- Vanguard California Intermediate-Term Tax-Exempt Fund (CVTE): 17.31% market share
- SPDR Nuveen California Municipal Bond ETF (CXM): 15.65% market share
Expense Ratio:
- 0.05%: Competitively low compared to other California municipal bond ETFs.
Investment Approach and Strategy:
- Strategy: Tracks the S&P California Municipal Bond Index, providing broad exposure to the California municipal bond market.
- Composition: Primarily invests in long-term, investment-grade municipal bonds issued by California entities.
Key Points:
- Tax-exempt income for California residents
- High liquidity
- Low expense ratio
- Strong historical performance
Risks:
- Interest rate risk
- Market risk
- Credit risk
- State-specific risk
Who Should Consider Investing:
- Investors seeking tax-free income
- Investors with a long-term investment horizon
- Investors with a moderate risk tolerance
- California residents
Fundamental Rating Based on AI:
7/10
- Strengths: Strong track record, low expense ratio, high liquidity.
- Weaknesses: Interest rate risk, market risk, and state-specific risk.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.
Sources:
- iShares website
- BlackRock website
- Morningstar
- Bloomberg
- ETF.com
Note: This information is accurate as of November 3, 2023, and may be subject to change.
About iShares California Muni Bond ETF
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website | ||
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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