Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Dimensional - California Municipal Bond ETF
$48.01+0.18 (+0.38%)
- 0.19%
- $519M
- −1.6%
- 2.88%
- 0.2M sh
- $47.87
- low $47.30high $50.78
The ETF.net DFCA Grade
B
Score 68 out of 100
- 18 of 63
Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A79 out of 100Rank 14 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A72 out of 100Rank 50 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C47 out of 100Rank 33 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 13 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B58 out of 100Rank 30 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 22 of 63
Our read on DFCA
BCalifornia munis, run the Dimensional way: an actively managed intermediate portfolio hunting income exempt from federal and California state income tax, priced at 0.19% a year, below the typical muni bond ETF.
The Fund seeks current income expected to be exempt from federal personal income tax and California state personal income taxes.
Why people hold it
- 0.19% a year, under the median fee in the muni ETF group, and that buys active management rather than straight index replication.sec.gov
- Leans into longer bonds when the curve pays for term risk and shorter when it does not, staying within a duration band set around its California AMT-free benchmark.sec.gov
- A fundamental policy puts at least 80% of assets in bonds whose interest escapes both federal and California personal income tax. Income arrives monthly.sec.gov
- Roughly 300 positions across revenue, general obligation and lease bonds, broad for a one-state book, and it sits in the upper tier of the muni ETFs we grade.sec.gov
Worth knowing
- One state's finances drive the whole portfolio. National muni funds such as VTEB (0.03%) and MUB (0.05%) spread credit across the country for less.
- The California half of the tax break counts only for California taxpayers; everyone else is left with the federal exemption alone.sec.gov
- Intermediate maturities mean rates drive prices, and as a 2023 launch that trades in moderate volume, spreads can run wider than the giant national muni funds.sec.gov
DFCA Holdings
- Bonds
- 415
- 13%
- Californi 5.% 04/01/35
Geography
- United States100.00%
DFCA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
DFCA$9,840
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | DFCA |
|---|---|
| Year to date | −2.7% |
| 1 month | −1.7% |
| 3 months | −3.8% |
| 1 year | −1.6% |
| 3 years | +2.0% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | DFCA |
|---|---|---|
| 2026 YTD | −2.7% | |
| 2025 | +3.0% | |
| 2024 | +1.5% | |
| 2023 | +2.6% |
DFCA in the news
DFCA Dividends
- 2.88%
- $1.38
- $0.13 per share
- Monthly
Distribution history
DFCA Risk
- 3.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.68
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −5.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.56
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
DFCA Cost
0.19%
DFCA0.19%
- The middle half of Other Municipal Bond funds
- Median 0.30%
13 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BHMOPHartford Municipal Opportunities ETFExpense ratio 0.29%1 year return −1.6%
- BAVMUAvantis Core Municipal Fixed Income ETFExpense ratio 0.15%1 year return −2.5%
- BFMBFirst Trust Managed Municipal ETFExpense ratio 0.39%1 year return −2.2%
- BCATFAmerican Century California Municipal Bond ETFExpense ratio 0.25%1 year return −1.7%
- BPWZInvesco California AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −3.7%