Fixed Income

CALI

iShares Short-Term California Muni Active ETF

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  • NAV as of Nov 11, 2024 $50.25
    52 WK: 49.90 - 50.47
  • 1 Day NAV Change as of Nov 11, 2024 0.02 (0.04%)
  • NAV Total Return as of Nov 11, 2024 YTD: 2.60%
  • Fees as stated in the prospectus Expense Ratio: 0.26%
    Net Expense Ratio: 0.20%

Overview

Why CALI?

1. Tax-exempt income: Pursue tax-exempt income through a diversified portfolio of short-term California municipal bonds

 

2. Active expertise: Actively managed by the experienced BlackRock municipal bond team

 

3. Put cash to work: Use CALI to step out of cash while seeking to reduce tax obligations and manage interest rate risk

INVESTMENT OBJECTIVE

The iShares Short-Term California Muni Active ETF seeks to maximize tax-free current income by investing in short-term municipal bonds issued in the State of California.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 4.51 - - - 3.67
Market Price (%) 4.57 - - - 3.72
Benchmark (%) 4.25 - - - 3.53
After Tax Pre-Liq. (%) 4.51 - - - 3.67
After Tax Post-Liq. (%) 3.98 - - - 3.48
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.48 0.39 1.39 2.14 4.51 - - - 4.51
Market Price (%) 2.46 0.27 1.40 2.06 4.57 - - - 4.57
Benchmark (%) 2.45 0.27 1.35 2.17 4.25 - - - 4.32
After Tax Pre-Liq. (%) 2.48 0.39 1.39 2.14 4.51 - - - 4.51
After Tax Post-Liq. (%) 2.33 0.33 1.14 1.91 3.98 - - - 4.27
  2019 2020 2021 2022 2023
Total Return (%) - - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 11, 2024
$40,201,351
Exchange
NASDAQ
Benchmark Index
Bloomberg CA IG Only 0-2yr Index
Distribution Frequency
Monthly
CUSIP
092528884
30 Day Avg. Volume
as of Nov 11, 2024
9,831.00
Daily Volume
as of Nov 11, 2024
26,477.00
Fund Launch Date
Jul 11, 2023
Asset Class
Fixed Income
Shares Outstanding
as of Nov 11, 2024
800,000
Premium/Discount
as of Nov 11, 2024
0.09%
Closing Price
as of Nov 11, 2024
50.30
30 Day Median Bid/Ask Spread
as of Nov 11, 2024
0.08%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 11, 2024
54
30 Day SEC Yield
as of Nov 11, 2024
3.03%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Nov 11, 2024
3.10%
Weighted Avg Coupon
as of Nov 11, 2024
3.96
Effective Duration
as of Nov 11, 2024
0.98 yrs
Option Adjusted Spread
as of Nov 11, 2024
49.68 bps
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Nov 11, 2024
3.13%
Unsubsidized 30-Day SEC Yield
as of Nov 11, 2024
2.98%
Tax Equiv. SEC Yield
as of Nov 11, 2024
6.60%
Weighted Avg Maturity
as of Nov 11, 2024
1.04 yrs
Convexity
as of Nov 11, 2024
0.02
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Nov 11, 2024
0.00%
MSCI - Nuclear Weapons
as of Nov 11, 2024
0.00%
MSCI - Civilian Firearms
as of Nov 11, 2024
0.00%
MSCI - Tobacco
as of Nov 11, 2024
0.00%
MSCI - UN Global Compact Violators
as of Nov 11, 2024
0.00%
MSCI - Thermal Coal
as of Nov 11, 2024
0.00%
MSCI - Oil Sands
as of Nov 11, 2024
0.00%
Business Involvement Coverage
as of Nov 11, 2024
9.30%
Percentage of Fund not covered
as of Nov 11, 2024
90.70%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

as of current prospectus
Management Fee 0.25%
Acquired Fund Fees and Expenses 0.01%
Other Expenses 0.00%
Expense Ratio 0.26%
Fee Waivers 0.06%
Net Expense Ratio 0.20%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Sep 30, 2024)
Analyst-Driven % as of Sep 30, 2024
10.00
Data Coverage % as of Sep 30, 2024
87.00

Holdings

Holdings

as of Nov 11, 2024
Issuer Weight (%)
CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY 7.34
CALIFORNIA STATE PUBLIC WORKS BOARD 3.62
LOS ANGELES DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL AIR 3.19
AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO 2.03
CALIFORNIA (STATE OF) 2.00
Issuer Weight (%)
TEMECULA VALLEY UNIFIED SCHOOL DISTRICT FINANCING AUTHORITY 1.97
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 1.95
NORTHERN CALIF ENERGY AUTH 1.84
CALIFORNIA POLLUTION CTL FING AUTH 1.84
BURBANK CALIF WTR & PWR ELEC 1.62
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date
Detailed Holdings and Analytics
Holdings are subject to change.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

Exposure Breakdowns

Exposure Breakdowns

as of Nov 11, 2024

% of Market Value

Type Fund
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product's total holdings, excluding currency holdings. Percentages do not reflect fair valuation. In some instances, percentages may reflect the location where the issuer of the securities carries out much of their business. Bonds are included in U.S. bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer.
as of Nov 11, 2024

% of Market Value

Type Fund
as of Nov 11, 2024

% of Market Value

Type Fund
Maturity is provided in days. Maturity exposure is calculated by aggregating the percent par of holdings of individual securities in the portfolio by the legal final maturity date, or for securities that have a demand feature, the date in which the demand feature is exercised and proceeds received. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds).
as of Nov 11, 2024

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security, and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Kristi Manidis
Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Kristi Manidis, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to moving to her current role in 2009, Ms. Manidis was a trader and portfolio manager on various high net worth equity and balanced separately managed accounts. Previously, she was responsible for institutional client service and marketing for BlackRock's Cash Management Group. Ms. Manidis began her career at BlackRock in 2003.

 

Ms. Manidis earned a BS degree in Business Administration, with concentrations in Finance and Management Information Systems, from Drexel University in 2003.

Christian Romaglino, CFA
Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

Christian Romaglino, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business within BlackRock's Portfolio Management Group.
Prior to joining BlackRock in 2017, Mr. Romaglino was a Portfolio Manager at Brown Brothers Harriman focusing on a diverse set of institutional mandates and high net worth SMAs. Mr. Romaglino also held various trading and portfolio construction positions at Brown Brothers Harriman across several taxable fixed income sectors prior to 2010 when he transitioned to Municipals.
Mr. Romaglino earned a BS degree in Industrial Engineering from Lehigh University.

Alicia De Lorenzo
Alicia De Lorenzo

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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