iShares California Muni Bond ETF (CMF) is an exchange-traded fund in the Muni California Long category. It has $4.54B in assets, an expense ratio of 0.08% and a 2.94% dividend yield. 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.