Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Franklin California Municipal Income ETF
$6.87+0.05 (+0.73%)
- 0.35%
- $690M
- 0.5M sh
- $6.82
- low $6.75high $7.47
The ETF.net FTCA Grade
C
Score 53 out of 100
- 44 of 63
Score 53 of 100 falls in the C 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.C41 out of 100Rank 33 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A80 out of 100Rank 43 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 35 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B58 out of 100Rank 24 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.F20 out of 100Rank 61 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B68 out of 100Rank 21 of 63
Our read on FTCA
CRoots back to 1983 and one job since: California muni income the fund seeks to keep exempt from both the federal and the state tax bill. About 300 investment-grade bonds, maturities of three years and up.
The fund seeks high current income exempt from federal and California personal income taxes while preserving capital. It primarily invests in investment-grade municipal bonds with maturities of at least three years.
Why people hold it
- Goes for the double exemption: income the fund targets as free from federal and California personal income taxes, not just the federal side.
- The strategy's inception dates to 1983, decades before most of today's muni ETF shelf existed.
- Spread across roughly 300 investment-grade municipal bonds with maturities of at least three years, so no single issuer carries the portfolio.
- Run by Franklin Templeton and benchmarked to the Bloomberg Municipal Bond Index, so its results are measured against the broad muni market rather than a niche yardstick.
Worth knowing
- The 0.35% fee sits above the muni-ETF norm, and broad index rivals like VTEB (0.03%) and MUB (0.05%) charge a fraction of it. Single-state coverage costs more.
- One state, one credit story. California budgets and issuers drive it, without the geographic spread of a national muni fund.
- Current income is the stated goal, but the fund doesn't lock in a payout frequency, so distribution timing isn't on a fixed calendar.
FTCA Holdings
- Bonds
- 304
- 37%
- PGLXX
FTCA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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FTCA$9,604
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 | FTCA |
|---|---|
| Year to date | −4.0% |
| 1 month | −2.9% |
| 3 months | −6.7% |
| 1 year | — |
| 3 years | — |
| 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 | FTCA |
|---|---|---|
| 2026 YTD | −4.0% | |
| 2025 | +0.1% |
FTCA in the news
FTCA Dividends
- $0.03 per share
- Monthly
Distribution data unavailable.
Distribution history
FTCA Risk
- —
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.
- —
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.
- —
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.
- 0.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FTCA Cost
0.35%
FTCA0.35%
- The middle half of Other Municipal Bond funds
- Median 0.30%
32 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CMUNXAMG GW&K Muni Income ETFExpense ratio 0.29%1 year return —
- CPZTInvesco New York AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −5.1%
- CFTNYFranklin New York Municipal Income ETFExpense ratio 0.37%1 year return —
- CTAXMBondBloxx IR+M Tax-Aware ETF for Massachusetts ResidentsExpense ratio 0.35%1 year return −2.7%
- CFTOHPutnam ETF Trust - Franklin Ohio Municipal Income ETFExpense ratio 0.36%1 year return —