CALI ETF — iShares Short-Term California Muni Active ETF

iShares Short-Term California Muni Active ETF (CALI)

Updated October 16, 2026.

CALI is a low-cost ETF. its distribution rate is 2.50%, its trailing-12-month yield is 2.51%, its expense ratio is 0.20%. Dividend Vision Distribution Safety Score™ is 83/100 (Safe). Total return is 9.3% over the past 3.3 years, 67.4 points behind SPY at 76.7%.

This ETF is an actively managed fund that holds short-duration California municipal bonds and related fixed-income securities with maturities of five years or less, targeting tax-exempt income for investors subject to federal and California state income taxes. The fund carries a modest expense ratio of 0.20% and distributes income monthly. It appeals primarily to tax-conscious income investors in higher tax brackets seeking California-specific municipal bond exposure with minimal interest-rate risk.

CALI performance versus SPY

Price and return data through 2026-10-16.

Total return is 9.3% over the past 3.3 years, 67.4 points behind SPY at 76.7%. Over the past year its total return — price change plus distributions reinvested — is 1.3%. Its deepest 1-year drawdown was 1.2%.

CALI key facts

Distribution Safety Score™

83 · Safe

Safety-Adjusted Yield

2.08%

Issuer

iShares

Asset type

ETF

Asset class

Fixed Income

Inception date

07/11/2023

Expense ratio

0.20%

Distribution rate

2.50%

Distribution frequency

Monthly

Trailing yield

2.51%

Last close

$50.02 (as of 2026-10-16)

AUM

$554,689,645

Average volume

149669.0

Dividend

$0.104

Ex-dividend date

10/01/2026

Payment date

10/06/2026

How Dividend Vision calculates yield and returns

Distribution rate (2.50%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.51%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: iShares or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

CALI risks and drawbacks

CALI's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.2%.

Who may consider CALI — and who may not

CALI may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on CALI

• All tickers starting with C

Tagged: Active, Bonds, Tax Efficient.

Frequently asked questions

More securities from iShares.