NYSE Arca · ETF
Invest in CMF ETF from India
Indian and foreign residents can buy iShares California Muni Bond ETF (CMF) units directly through Paasa.
By Paasa · Updated
CMF at a glance
- Price
- $54.05-$0.34 (0.63%)
- Expense ratio
- 0.08%
- Day range
- $54.05 – $54.39
- Assets
- $4.7B
- Domicile
- the US
- Holdings
- 1,773
- Launched
- 2007
- Dividends
- Distributing
- 1 month
- -4.45%
- 6 months
- -4.71%
- YTD
- -5.89%
- 1 year
- -5.03%
- 5 years
- -13.34%
Price change, excluding dividends.
Top 10 holdings
- 1SOUTHERN CALIF PUB PWR AUTH PW 07/01/20360.6%
- 2SAN FRANCISCO CALIF CITY & CNT 05/01/20580.5%
- 3UNIVERSITY CALIF REVS FOR PREV 05/15/20480.5%
- 4LOS ANGELES CALIF UNI SCH DIST 5.00% 07/01/20340.5%
- 5EAST BAY CALIF MUN UTIL DIST W 5.00% 06/01/20390.5%
- 6LOS ANGELES CALIF UNI SCH DIST 5.00% 07/01/20310.5%
- 7UNIVERSITY CALIF REVS 5.50% 05/15/20400.4%
- 8UNIVERSITY CALIF REVS 5.00% 05/15/20360.4%
- 9CALIFORNIA EDL FACS AUTH REV 5.00% 05/01/20450.4%
- 10CALIFORNIA ST UNIV REV 5.50% 11/01/20550.4%
CMF holds 1,773 securities in total. These 10 are 4.7% of the fund.
Where the money is invested
Countries
- United States100.0%
How to invest in CMF from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search CMF and buy
Find the fund by its ticker, CMF, on NYSE Arca, and place your order. Fractional units are available and there is no minimum trade size, so you can buy by amount.
Why invest in CMF from India
What CMF holds
The iShares California Muni Bond ETF is designed to mirror the financial performance of an underlying index. This index consists of highly-rated municipal debt securities that have been issued by various entities within the state of California.
Hold a dollar asset
CMF is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Buy a fraction of a unit
Buy by amount, not by unit, and get the matching fraction of one CMF unit. There is no minimum trade size.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Planning to hold more than $60,000 in US ETFs? Here's what US estate tax means for you.
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family.
A UCITS ETF tracking a similar market sits outside US estate tax.
Frequently asked questions
Can I buy CMF from India?
Yes. Indian residents can buy iShares California Muni Bond ETF (CMF) through Paasa. It is listed on NYSE Arca and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does CMF invest in?
iShares California Muni Bond ETF holds 1,773 securities. Its largest holdings are SOUTHERN CALIF PUB PWR AUTH PW 07/01/2036 (0.6%), SAN FRANCISCO CALIF CITY & CNT 05/01/2058 (0.5%) and UNIVERSITY CALIF REVS FOR PREV 05/15/2048 (0.5%). It is a distributing fund domiciled in the US.
What is the expense ratio of CMF?
iShares California Muni Bond ETF has an expense ratio of 0.08% a year, taken from the fund's assets rather than billed to you. The fund manages about $4.7B.
How are CMF dividends taxed in India?
iShares California Muni Bond ETF is a distributing fund. It pays the dividends from its holdings out to you in cash. Dividends are taxed at your slab rate in India. Paasa's dividend report lists the gross dividend and any tax withheld for each payment.
What tax do I pay in India when I sell CMF?
The US does not levy capital gains tax on shares for Indian residents. Gains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling. The gain is worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.
Can I buy a fraction of one CMF unit?
Yes. You can buy by amount rather than by unit and add to your position over time. One unit is $54.05, and there is no minimum trade size.
What happens to my CMF units if I pass away?
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family. A UCITS ETF tracking a similar market sits outside US estate tax. Paasa's US estate tax calculator shows the exposure for a given portfolio value.