Launched Jun 20, 2017 · SEC filings

First Trust California Municipal High Income ETF

FCALNasdaqFirst TrustC

$47.72+0.05 (+0.10%)

At close: Nov 2, 2026, 4:00 PM ET

C51/ 100

Rank 16 of 19 in High-Yield Municipal Bonds

C51/100Rank 16 of 19inHigh-Yield Municipal Bonds

Expense ratio: 0.65%
Fund size: $212M
1Y total return: +0.1%
Yield · Last 12 months: 3.56%
Holdings: 280
Avg volume · 30D: 28.8K sh
52W range: low $45.78high $50.13
Launched: Jun 20, 2017
Filings: SEC EDGAR

The ETF.net FCAL Grade

Score 51 out of 100

Category: High-Yield Municipal Bonds⁠
Rank: 16 of 19

Cost
F8 out of 100
Rank 17 of 19
Mission
A92 out of 100
Rank 6 of 18
Risk
C54 out of 100
Rank 7 of 19
Tradability
B63 out of 100
Rank 7 of 19
Holdings
B61 out of 100
Rank 10 of 19
Durability
C52 out of 100
Rank 11 of 19

Our read on FCAL

ETF.net Research

In short

CA California-only muni fund that actually reaches for yield: at least half investment grade, up to half high yield, actively picked. Double tax exemption at home, at 0.65% a year.

Stated mandate

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

Income exempt from regular federal and California income taxes, so in-state holders dodge two tax bills instead of one.ftportfolios.com
Up to half the portfolio can sit below investment grade, a credit dial most California muni funds never touch; at least half stays investment grade.sec.gov
Actively managed since 2017, around 300 bonds deep, and it pays monthly.sec.gov

Worth knowing

0.65% a year, no waiver trimming it, above the category median. National high-income muni peers like HYD (0.32%) and FMUB (0.30%) charge less.
Credit risk is the trade-off: the high-yield sleeve can include bonds already in default, and results ride on California issuers alone.sec.gov
Thinly traded and on the small side. Limit orders matter, and the market price can drift from the value of the bonds inside.

FCAL Holdings

Holdings pillarB61Rank 10 of 19 in High-Yield Municipal Bonds

Asset class: Bonds
Holdings: 280
Top-10 weight: 11%
Largest holding: SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/20491.4%

Geography

United States98.18%
Puerto Rico1.03%

Guam0.74%
Canada0.05%

The fund’s holdings, weight-ordered — page 1 of 19.
#	Ticker	Company	Weight %	Shares	Market value	Held by ETFs
1	No data	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2049	1.42%	3,040,000	$2.98M	1
2	No data	STHRN CA PUBLIC PWR AUTH REV 5%, due 11/01/2033	1.24%	2,500,000	$2.6M	4
3	No data	STOCKTON-EAST CA WTR DIST 5%, due 03/01/2050	1.09%	2,250,000	$2.29M	1
4	No data	CALIFORNIA ST 5%, due 08/01/2046	1.00%	2,000,000	$2.09M	4
5	No data	CALIFORNIA CMNTY CHOICE FING AUTH Variable rate, due 10/01/2056	1.00%	2,000,000	$2.09M	2
6	No data	CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV Variable rate, due 12/01/2055	0.99%	2,000,000	$2.08M	6
7	No data	FRESNO CA JT PWRS FING AUTH 5.25%, due 04/01/2050	0.98%	2,000,000	$2.06M	1
8	No data	CALIFORNIA ST HLTH FACS FING AUTH 5%, due 12/01/2044	0.97%	2,000,000	$2.03M	1
9	No data	ANAHEIM CA HSG & PUBLIC IMPT AUTH Variable rate, due 10/01/2054	0.96%	2,000,000	$2M	1
10	No data	CALIFORNIA ST MUNI FIN AUTH REV Variable rate, due 11/01/2035	0.96%	2,000,000	$2M	1
11	No data	CALIFORNIA ST MUNI FIN AUTH SOL WST DISP Variable rate, due 11/01/2041	0.95%	2,000,000	$1.99M	2
12	No data	CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.45%, due 12/01/2042	0.93%	2,000,000	$1.94M	3
13	No data	IRVINE RANCH CA WTR DIST Variable rate, due 10/01/2041	0.91%	1,900,000	$1.9M	1
14	No data	FONTANA CA SPL TAX 5%, due 09/01/2039	0.87%	1,790,000	$1.83M	1
15	No data	CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.40%, due 12/01/2043	0.87%	2,000,000	$1.81M	1

Showing 1–15 of 280 holdings

FCAL Performance

Launched Jun 20, 2017

FCAL$10,012

$11,199

Oct 31, 2025 – Oct 30, 2026

Trailing total return for FCAL. Periods over one year show the average yearly return.
Period	FCAL
Year to date	−0.5%
1 month	+3.4%
3 months	−1.1%
1 year	+0.1%
3 years	per year+4.0%
5 years	per year+0.3%
10 yearsFund is under 10 years old	per yearNo data

With distributions reinvested.

Annual total returns for FCAL
Year	Return bar	FCAL
2026 YTD		−0.5%
2025		+3.2%
2024		+1.9%
2023		+6.1%
2022		−9.5%
2021		+3.3%
2020		+3.5%

FCAL in the news

Filtered to FCAL · High-Yield Municipal Bonds

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026AHIC+0.16%
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026VMHY+0.23%
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026VMHY+0.23%
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026MMHI+0.27%
ETF Filings
Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank
Sep 16, 2026XAGG+0.08%

FCAL Dividends

: 3.56%Last 12 months
Payout per share: $1.70Last 12 months

Last payment: $0.15 per share
Paid on: Oct 30, 2026
: Oct 21, 2026
Frequency: Monthly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
Oct 21, 2026	Oct 30, 2026	$0.15
Sep 24, 2026	Sep 30, 2026	$0.15
Aug 21, 2026	Aug 31, 2026	$0.14
Jul 21, 2026	Jul 31, 2026	$0.14
Jun 25, 2026	Jun 30, 2026	$0.14
May 21, 2026	May 29, 2026	$0.14
Apr 21, 2026	Apr 30, 2026	$0.14
Mar 26, 2026	Mar 31, 2026	$0.14
Feb 20, 2026	Feb 27, 2026	$0.14
Jan 21, 2026	Jan 30, 2026	$0.14
Dec 12, 2025	Dec 31, 2025	$0.14
Nov 21, 2025	Nov 28, 2025	$0.14

See all 112 payments⁠

$10,000 in FCAL 5 years ago paid $1,317 in dividends.⁠

FCAL Risk

Risk pillarC54Rank 7 of 19 in High-Yield Municipal Bonds

: 5.5%; Annualised · 36 months to Oct 2026; 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.
: −0.07; vs 3-month T-bills · to Oct 2026; 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%; Trough Oct 2022; 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; vs its asset-class index; How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.

FCAL Cost

Compare FCAL and FMUB

Overpaying vs FMUB, cheapest in High-Yield Municipal Bonds

$6,568

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FCAL 0.65%
$12,717
FMUB 0.30% Cheapest
$6,149

Amount$10,000

Years30 years

Cost over time

FCAL 0.65%
FMUB 0.30%
Overpaying

Year by year

Year	FCAL	FMUB	Overpaying
10	$1,163	$545	$618
20	$4,440	$2,113	$2,327
30	$12,717	$6,149	$6,568

Other funds in High-Yield Municipal Bonds

BFMHIFirst Trust Municipal High Income ETFExpense ratio 0.70%1 year return +0.6%
CJMHIJPMorgan High Yield Municipal ETFExpense ratio 0.52%1 year return −0.4%
CHTAXNomura National High-Yield Municipal Bond ETFExpense ratio 0.49%1 year return +0.5%
CMFLXFirst Trust Flexible Municipal High Income ETFExpense ratio 0.49%1 year return +0.2%
DFMNYFirst Trust New York Municipal High Income ETFExpense ratio 0.65%1 year return −0.5%

See others

First Trust California Municipal High Income ETF

Cost

Mission

Risk

Tradability

Holdings

Durability