ETF Evaluator:
AB California Intermediate Municipal ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni Single State Short Over the Last Year
| 4.0% | AB New York Intermediate Municipal ETF (NYM) |
| 4.0% | AB California Intermediate Municipal ETF (CAM) |
| 3.4% | Muni Single State Short () |
| 2.3% | iShares Short-Term CA Muni Act ETF (CALI) |
Risk
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Risk
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ETF Details
AB California Intermediate Municipal ETF Overview
AB California Intermediate Municipal ETF (CAM) is an actively managed Municipal Bond Muni Single State Short exchange-traded fund (ETF). AllianceBernstein launched the ETF in 1990.
The investment seeks to provide safety of principal and maximize total return after taking account of federal and state taxes for California residents.
The fund invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of California or its political subdivisions, or otherwise exempt from California state income tax. It seeks to maintain an effective duration of three and one-half years to seven years. It is non-diversified.
About AB California Intermediate Municipal ETF (CAM)
There are 3 members of the management team with an average tenure of 7.62 years: Daryl Clements (2022), Matthew Norton (2016) and Andrew Potter (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg 1-10 year Blend TR USD index with a weighting of 100%. AB California Intermediate Municipal ETF has 439 securities in its portfolio. The top 10 holdings constitute 16.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AB California Intermediate Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. AB California Intermediate Municipal ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.9% (94.2% domestic bond, 2.7% foreign bond and 0.0% convertible bond). AB California Intermediate Municipal ETF has 3.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $980 million average for the Muni Single State Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CAM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AB California Intermediate Municipal ETF expense ratio is below average compared to funds in the Muni Single State Short category. AB California Intermediate Municipal ETF has an expense ratio of 0.27%, which is 9% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AB California Intermediate Municipal ETF has a portfolio turnover rate of 2%, which indicates that it holds its assets around / 0.5 years. By way of comparison, the average portfolio turnover is 38% for the Muni Single State Short category.
Recently, in the month of July 2026, AB California Intermediate Municipal ETF returned -1.1%, which earned it a grade of F, as the Muni Single State Short category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
AB California Intermediate Municipal ETF has a trailing yield of 3.08%, which is above the 2.81% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AB California Intermediate Municipal ETF Grades
Year to date, the ETF has returned 0.6%, 0.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.0% over the past year (grade of C), 3.4% over the past three years (grade of A) and 1.3% per year over the past five years (grade of A) and 1.7% per year over the past 10 years (grade of A).
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CAM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CAM Return (NAV) | -1.1% | -0.2% | 4.0% | 3.4% | 1.3% | 1.7% |
| CAM Return (Price) | -1.1% | -0.2% | 4.1% | 3.4% | 1.3% | 1.8% |
| NAV +/- Price Return | 0.007% | 0.048% | -0.138% | -0.041% | -0.018% | -0.010% |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.4% | 3.2% | 1.2% | 1.7% |
| CAM Grade (NAV) | F | C | C | A | A | A |
| +/- Category (NAV) | -0.3% | -0.2% | 0.5% | 0.2% | 0.1% | 0.1% |
| CAM Tax-Cost Ratio | na | na | -0.1% | -0.0% | -0.0% | -0.0% |
CAM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CAM Return (NAV) | 0.6% | 4.4% | 2.2% | 5.1% | -4.7% | 0.7% | 3.4% | 5.2% | 1.0% | 3.0% | -0.4% |
| CAM Return (Price) | 0.6% | 4.5% | 2.2% | 5.1% | -4.7% | 0.7% | 3.4% | 5.2% | 1.0% | 3.0% | -0.4% |
| NAV +/- Price Ret | -0.020% | 0.013% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Muni Single State Short Avg | 0.8% | 3.8% | 2.4% | 5.1% | -5.2% | 1.2% | 3.1% | 5.4% | 0.9% | 3.0% | -0.3% |
| CAM Grade (NAV) | F | A | C | F | A | F | A | F | A | F | F |
| +/- Category | -0.2% | 0.6% | -0.1% | -0.1% | 0.5% | -0.5% | 0.2% | -0.1% | 0.1% | -0.0% | -0.1% |
| Risk Measures | |
| Beta: | 0.60 |
| R-Squared: | 97% |
| Standard Deviation: | 3.5% |
| Category Risk Index: | 1.32 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.29 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.1% |
| Total Assets: | $ 1,203 Mil |
| Share Class Assets: | $ 1,203 Mil |
| Turnover: | 2.0% |
| Expense Ratio: | 0.27% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 7.6 years | |||
| Managers (Year): Norton Matthew (2016), Potter Andrew (2018), Clements Daryl (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 439 |
| % in Top 10 Holdings: | 16.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.2% |
| Foreign Bond: | 2.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AllianceBernstein |
| Phone Number: | 800-243-5994 |
| Website: | www.bernstein.com |
| Inception Date: | August 6, 1990 |
Expenses and Fees
| Expense Ratio (%): | 0.27% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.25% |
