---
ticker: "FCAL"
name: "First Trust California Municipal High Income ETF"
url: "https://etf.net/etf/FCAL"
grade: "B"
score: 55
graded_at: "2026-10-12"
category: "High-Yield Municipal Bonds"
category_rank: "14 of 19"
methodology: "https://etf.net/methodology"
---

# FCAL: First Trust California Municipal High Income ETF

Grade **B**, Score 55 of 100. Rank 14 of 19 in High-Yield Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 22 | 13 of 19 |
| Mission | 90 | 7 of 18 |
| Risk | 47 | 11 of 19 |
| Tradability | 65 | 5 of 19 |
| Holdings | 64 | 7 of 19 |
| Durability | 53 | 11 of 19 |

## Top holdings

The fund holds 279 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2049 | 1.39% |
| 2 | — | STHRN CA PUBLIC PWR AUTH REV 5%, due 11/01/2033 | 1.24% |
| 3 | — | CALIFORNIA ST ENTERPRISE DEV AUTH 5.25%, due 11/01/2049 | 1.22% |
| 4 | — | STOCKTON-EAST CA WTR DIST 5%, due 03/01/2050 | 1.09% |
| 5 | — | CALIFORNIA ST 5%, due 08/01/2046 | 0.99% |
| 6 | — | CALIFORNIA CMNTY CHOICE FING AUTH Variable rate, due 10/01/2056 | 0.99% |
| 7 | — | FRESNO CA JT PWRS FING AUTH 5.25%, due 04/01/2050 | 0.98% |
| 8 | — | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV Variable rate, due 12/01/2055 | 0.98% |
| 9 | — | CALIFORNIA ST MUNI FIN AUTH REV Variable rate, due 11/01/2035 | 0.98% |
| 10 | — | ANAHEIM CA HSG & PUBLIC IMPT AUTH Variable rate, due 10/01/2054 | 0.98% |
| 11 | — | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP Variable rate, due 11/01/2041 | 0.97% |
| 12 | — | CALIFORNIA ST HLTH FACS FING AUTH 5%, due 12/01/2044 | 0.95% |
| 13 | — | IRVINE RANCH CA WTR DIST Variable rate, due 10/01/2041 | 0.93% |
| 14 | — | CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.45%, due 12/01/2042 | 0.89% |
| 15 | — | CALIFORNIA ST MUNI FIN AUTH MF HSG REV 4.40%, due 12/01/2043 | 0.87% |
| 16 | — | FONTANA CA SPL TAX 5%, due 09/01/2039 | 0.87% |
| 17 | — | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV 5%, due 08/01/2034 | 0.83% |
| 18 | — | RIVERSIDE CA SWR REVENUE 5%, due 08/01/2040 | 0.77% |
| 19 | — | CALIFORNIA ST MUNI FIN AUTH SPL FAC REV N/C, 4%, due 07/15/2029 | 0.77% |
| 20 | — | CALIFORNIA ST POLL CONTROL FING AUTH 5%, due 07/01/2036 | 0.76% |
| 21 | — | SANTA CLARA CA WSTWTR REV CTFS PARTN 4.25%, due 02/01/2041 | 0.76% |
| 22 | — | SAN DIEGO CA UNIF SCH DIST 5%, due 07/01/2042 | 0.75% |
| 23 | — | CALIFORNIA ST HLTH FACS FING AUTH 5.50%, due 11/15/2052 | 0.75% |
| 24 | — | CORONA-NORCO CA UNIF SCH DIST 5%, due 08/01/2046 | 0.75% |
| 25 | — | CALIFORNIA ST MUNI FIN AUTH REV 5%, due 11/15/2042 | 0.74% |
| 26 | — | FONTANA CA PUBLIC FIN AUTH LEASE REV 5%, due 11/01/2050 | 0.74% |
| 27 | — | UNIV OF CALIFORNIA REVENUES Variable rate, due 05/15/2048 | 0.73% |
| 28 | — | CALIFORNIA ST POLL CONTROL FIN AUTH Variable rate, due 07/01/2043 | 0.73% |
| 29 | — | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REV 4%, due 07/01/2056 | 0.73% |
| 30 | — | ORANGE CNTY CA CMNTY FACS DIST 5%, due 08/15/2046 | 0.71% |

Source: etf.net, https://etf.net/etf/FCAL. Please cite the page URL.