CMF Fees and Costs — iShares California Muni Bond ETF
Data updated: 2026-07-24
The net expense ratio is 0.08%. There are no sales loads or redemption fees. Portfolio turnover was 16%.
CMF Fees and Expenses
Annual operating expenses and sales charges of CMF. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.08% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.08% |
| Fee waiver | — |
| Net expense ratio | 0.08% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CMF Costs Over Time
On $10,000 invested in CMF, assuming 5% a year before costs, total costs come to $51 over 5 years, cutting the return by 0.08% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.08%) | $8 | $26 | $46 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $8 | $28 | $51 |
| Value after costs | $10,492 | $11,548 | $12,712 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
CMF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.2B
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
CMF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.4B | 36.42% |
| Wells Fargo Securities, LLC | $467.7M | 11.85% |
| Goldman Sachs & Co. LLC | $390.3M | 9.89% |
| Morgan Stanley & Co. LLC | $367.1M | 9.30% |
| Barclays Capital, Inc. | $295.8M | 7.49% |
| BlackRock Liquidity Funds T-Fund | $294.9M | 7.47% |
| BofA Securities, Inc. | $218.3M | 5.53% |
| Jefferies LLC | $188.2M | 4.77% |
| National Financial Services LLC | $144.1M | 3.65% |
| Pershing LLC | $143.2M | 3.63% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.