On October 6, 2025, AllianceBernstein Holding L.P. (AB) announced the launch of the AB California Intermediate Municipal ETF (CAM), an actively managed exchange‑traded fund listed on the New York Stock Exchange. Jane Street was named the lead market maker for the fund, ensuring liquidity and efficient price discovery from the outset.
CAM is designed to provide California residents with a state‑specific municipal bond investment that seeks safety of principal while maximizing total return after federal and state taxes. The fund’s objective is to deliver a tax‑efficient, income‑focused strategy that aligns with the unique tax environment of California investors.
AB’s municipal platform, which manages more than $82 billion in municipal assets, underpins the new ETF with proprietary technology, deep research expertise, and tailored solutions. The launch reflects AB’s long‑standing commitment to expanding its municipal bond capabilities and responding to client demand for state‑specific options.
By adding CAM to its ETF suite, AB broadens its product offering, enhances its competitive position in the municipal ETF market, and opens a new fee‑generating channel that can contribute to the firm’s ongoing margin expansion and shareholder return strategy.
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