A side-by-side comparison of Invesco BulletShares (R) 2027 Municipal Bond ETF (BSMR) and iShares Short-Term California Muni Active ETF (CALI) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | BSMR | CALI |
|---|---|---|
| YTD Return | +0.14% | +0.17%✓ |
| 1-Day Change | -0.08% | -0.07%✓ |
| 1-Week Change | +0.21%✓ | +0.17% |
| 1-Month Change | +0.97%✓ | +0.73% |
| Current Price | $23.54 | $50.25 |
| AUM | $374M | $701M✓ |
| MER (Expense Ratio) | 0.18%✓ | 0.21% |
| Dividend Yield | 2.64%✓ | 2.58% |
| Distribution Frequency | — | — |
| Inception Date | 2019-09-25 | 2023-07-11 |
| Holdings Count | 10 | 1 |
| MorningStar Rating | — | — |
| Category | US Municipal Bonds | US Municipal Bonds |
| Beta | 0.42 | -41.78 |
| 52-Week High | $23.57 | $50.98 |
| 52-Week Low | $23.01 | $49.28 |
| 50-Day MA | $23.43 | $50.06 |
| 200-Day MA | $23.60 | $50.37 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | BSMR | CALI |
|---|---|---|
| YTD | +0.14% | +0.17%✓ |
| 1 Year | +2.53%✓ | +1.97% |
| 3 Year | +3.57%✓ | +3.00% |
| 5 Year | +0.61% | — |
| 10 Year | +0.00% | — |
| 1Y Volatility | 2.11% | 1.69% |
| Sharpe Ratio (3Y) | -0.15 | -1.17 |
Past performance is not a guarantee of future results.
Sector Weights
| Sector | BSMR | CALI |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About BSMR
The fund generally will invest at least 80% of its total assets in securities that comprise the underlying index. The underlying index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or, in some cases, "effective maturities," in the year 2027 (collectively, "2027 Bonds").
About CALI
Under normal circumstances, the fund will primarily invest in U.S. dollar-denominated investment-grade short-term fixed- and floating-rate municipal securities issued by California with remaining maturities of five years or less, such as municipal bonds, municipal notes and variable rate demand obligations, as well as money market instruments and registered investment companies. The fund is non-diversified.
Which ETF is Right for You?
Both BSMR and CALI are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, CALI scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between BSMR and CALI?
BSMR (Invesco BulletShares (R) 2027 Municipal Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Canadian-listed ETFs. Key differences include their AUM ($374M vs $701M), dividend yield (2.64% vs 2.58%), and year-to-date performance (+0.14% vs +0.17%).
Is BSMR better than CALI?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy BSMR and CALI on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both BSMR and CALI should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
Free newsletter · Every Saturday morning
The Saturday TSX Wrap
The week on the TSX, in five minutes.
- The biggest gainers and losers, and why they moved
- Sector and momentum moves at a glance
- The Canadian market stories you missed