CMFvsTAFLETF Comparison
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iShares California Muni Bond ETF (CMF) and AB Tax-Aware Long Municipal ETF (TAFL) belong to the same industry segment: Municipal Bonds. CMF's top 2 sector exposures are Municipal and Non-Corporate. In contrast, TAFL's top sector exposures are Municipal. CMF is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.28% for TAFL. CMF is down -1.77% year-to-date (YTD) with +$920M in YTD flows. TAFL performs better with -1.15% YTD performance, and +$21M in YTD flows. Run a side-by-side ETF comparison of CMF and TAFL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CMF vs TAFL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF TAFL | -2.42%-3.02% | -2.77%-3.17% | -1.77%-1.15% | -0.13%+0.96% | +7.71%n/a | +0.15%n/a |
| Flows | CMF TAFL | +$51M+$6M | +$254M+$11M | +$920M+$21M | +$1.31B+$39M | +$2.42B- | +$2.97B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF TAFL | +2.99%+3.58% | +2.40%+3.07% | +3.49%n/a | +3.47%n/a |
| Max drawdown | CMF TAFL | -3.60%-4.16% | -3.77%-4.16% | -5.18%n/a | -12.25%n/a |
| Max drawdown duration | CMF TAFL | 67d66d | 194d66d | 275dn/a | 1346dn/a |
Trading data
CMF | TAFL | |
Last sale 9/11/2026 at 1:30 PM | $55.34 | $24.07 |
| Previous close 09/10/2026 | $55.09 | $24.00 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 13, 2026
1-year trailing difference
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TAFL
is actively managed and doesn’t replicate an indexCMF | TAFL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
CMF | TAFL | |
|---|---|---|
| Last price | $55.34 | $24.07 |
| 1D performance | +0.45% | +0.29% |
| AuM | $4.54 B | $66.05 M |
| E/R | 0.08% | 0.28% |
Characteristics
CMF | TAFL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | iShares | AllianceBernstein |
| Benchmark | ICE AMT-Free California Municipal Index | - |
| N° of holdings | 930 | 64 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 4, 2007 | December 13, 2023 |
| ESG | No | No |
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Exposure
Countries
CMF
USA
61.5%
Other
38.5%
TAFL
USA
63.23%
Other
36.77%
Sectors
CMF
Municipal
61.5%
Other
38.5%
TAFL
Municipal
63.23%
Other
36.77%
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Diversification
CMF
Total weight of top 15 holdings out of 15
5.91%
TAFL
Total weight of top 15 holdings out of 15
29.64%
Top 15 holdings
Data as of July 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.50%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
US79905CAB90
0.43%
California Educational Facilities Authority, 5% 1may2045, USD
0.43%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.41%
University of California, 5% 15may2036, USD (2025)
0.39%
US032556NJ70
0.39%
California, 5% 1mar2055, USD
0.38%
US4636324Q95
0.36%
California, 5.25% 1aug2032, USD
0.35%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
East Bay Municipal Utility District, 5% 1jun2039, USD (2026B)
0.31%
US842475M859
0.31%
TAFL
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.68%
Chicago, 5.25% 1nov2061, USD (2026A)
2.60%
West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B)
2.23%
New York Dormitory Authority, 5% 15mar2055, USD (2025C)
2.07%
South Carolina Public Service Authority, 5.25% 1dec2054, USD (2024)
2.03%
US812643C776
1.97%
US494791UA28
1.84%
US59333P7M43
1.81%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.79%
Cuyahoga, 5.5% 1dec2061, USD (2026)
1.79%
Denver Airport System, 5% 15nov2036, USD (2022A)
1.78%
Massachusetts Development Finance Agency, 5.5% 1dec2056, USD
1.77%
US79766DTP41
1.76%
US576000E334
1.76%
Houston Convention and Entertainment Facilities Department, 5.5% 1sep2058, USD (2026C)
1.76%
Frequently asked questions about CMF and TAFL
How have the CMF and TAFL ETFs performed in 2026?
As of September 11, 2026, CMF is down -1.77% year-to-date (YTD), while TAFL has lost -1.15%. That puts TAFL better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or TAFL?
Year-to-date, the CMF ETF saw +$920M in flows, compared to +$21M for TAFL.
Which ETF is more volatile: CMF or TAFL?
Over the past year, CMF had a volatility of 2.4%, while TAFL experienced 3.07%.
Which ETF is bigger: CMF or TAFL?
As of September 11, 2026, CMF holds $4.54 B in assets under management (AUM), while TAFL manages $66.05 M.
What sectors do the CMF and TAFL ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, TAFL focuses on Municipal.
What are the top holdings of the CMF ETF and TAFL ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), Los Angeles Unified School District, 5% 1jul2031, USD (2024) and University of California, 5.5% 15may2040, USD. TAFL holds in its top three: Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025), Chicago, 5.25% 1nov2061, USD (2026A) and West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B).
Which ETF is more diversified: CMF or TAFL?
CMF holds 1640 securities with 5.91% of its assets in the top 15. TAFL has 119 securities and a top 15 weight of 29.64%.
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Latest news about CMF & TAFL
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