First Trust California Municipal High Income ETF
$46.56+0.26 (+0.56%)
- 0.49%
- $209M
- −2.3%
- 3.65%
- 0M sh
- $46.34
- low $45.78high $50.13
The ETF.net FCAL Grade
B
Score 55 out of 100
- 14 of 19
Score 55 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.F22 out of 100Rank 13 of 19Mission
Whether the fund did what it promised, tested against its stated mandate.A90 out of 100Rank 7 of 18Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C47 out of 100Rank 11 of 19Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B65 out of 100Rank 5 of 19Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B64 out of 100Rank 7 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C53 out of 100Rank 11 of 19
Our read on FCAL
BA California-only muni portfolio for in-state investors: income that aims to sidestep both federal and California income tax, spread across roughly 300 bonds and paid out monthly.
FCAL seeks current income exempt from regular federal and California income taxes, with long-term capital appreciation as a secondary objective. Normally, it invests at least 80% of net assets in municipal debt securities whose interest is exempt from those taxes.
Why people hold it
- Interest income is meant to be exempt from regular federal and California income taxes, the double break a national muni fund can't hand a California taxpayer.
- At least 80% of net assets sits in munis exempt from those taxes, spread across roughly 300 issues, so no single bond drives the payout.
- Pays monthly, and the portfolio tracks the job in its prospectus: current income first, long-term appreciation as the secondary goal.
- Trading since 2017, a long run for a single-state muni ETF in a category whose biggest names are national portfolios.
Worth knowing
- The 0.49% expense ratio is rich for muni exposure. Broad national trackers like VTEB and MUB charge a few basis points, though neither carries the California angle.
- Thinly traded next to the category's giants, so the bid-ask spread can matter as much as the fee.
- One state's credit story drives the whole portfolio, and the state-tax half of the break only counts for California taxpayers.
FCAL Holdings
- Bonds
- 279
- 11%
- SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2049
FCAL 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.
FCAL$9,775
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 | FCAL |
|---|---|
| Year to date | −3.6% |
| 1 month | −2.2% |
| 3 months | −5.6% |
| 1 year | −2.3% |
| 3 years | +2.5% |
| 5 years | −0.3% |
| 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 | FCAL |
|---|---|---|
| 2026 YTD | −3.6% | |
| 2025 | +3.2% | |
| 2024 | +1.9% | |
| 2023 | +6.1% | |
| 2022 | −9.5% | |
| 2021 | +3.3% | |
| 2020 | +3.5% |
FCAL in the news
FCAL Dividends
- 3.65%
- $1.69
- $0.15 per share
- Monthly
Distribution history
FCAL Risk
- 5.2%
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.
- −0.36
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.
- −14.0%
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.
- 0.85
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FCAL Cost
0.49%
FCAL0.49%
- The middle half of High-Yield Municipal Bonds funds
- Median 0.40%
12 of the 19 High-Yield Municipal Bonds funds charge less.
Other funds in High-Yield Municipal Bonds
- BSHYMiShares Short Duration High Yield Muni Active ETFExpense ratio 0.42%1 year return +1.0%
- BEVYMEaton Vance High Income Municipal ETFExpense ratio 0.40%1 year return −1.2%
- CHTAXNomura National High-Yield Municipal Bond ETFExpense ratio 0.49%1 year return −2.2%
- CJMHIJPMorgan High Yield Municipal ETFExpense ratio 0.52%1 year return −2.8%
- DMFLXFirst Trust Flexible Municipal High Income ETFExpense ratio 0.49%1 year return −2.7%