Goldman Sachs Dynamic California Municipal Income ETF
The ETF.net GCAL Grade
B
Score 61 out of 100
- 25 of 63
Score 61 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.C48 out of 100Rank 30 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 33 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B68 out of 100Rank 4 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 38 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C54 out of 100Rank 36 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C54 out of 100Rank 35 of 63
Our read on GCAL
In short
BGoldman's California-only muni fund: actively run rather than index-tracking, with a two-to-eight-year duration band and room for up to 30% junk-rated muni credit. It chases income exempt from both federal and California income tax.
Stated mandate
The Fund seeks a high level of current income exempt from regular federal income tax and California personal income tax.
Why people hold it
Worth knowing
GCAL 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.Not enough history yet.
GCAL$10,116
Returns run to the Oct 30, 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 | GCAL |
|---|---|
| Year to date | +0.5% |
| 1 month | +3.0% |
| 3 months | −0.4% |
| 1 year | +1.2% |
| 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 | GCAL |
|---|---|---|
| 2026 YTD | +0.5% | |
| 2025 | +4.6% | |
| 2024 | +103.6% |
GCAL in the news
GCAL Dividends
- 3.63%
- $1.81
- $0.14 per share
- Monthly
GCAL Risk
- 4.4%
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.
- −0.29
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.
- −5.4%
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.
- 0.16
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.
GCAL Cost
Overpaying vs VTEB, tied cheapest in Other Municipal Bond
$5,511
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
GCAL 0.30%
$6,149
VTEB 0.03% Tied cheapest
$638
Cost over time
Year by year
| Year | GCAL | VTEB | Overpaying |
|---|---|---|---|
| 10 | $545 | $55 | $490 |
| 20 | $2,113 | $216 | $1,897 |
| 30 | $6,149 | $638 | $5,511 |
You pay 0.30%Waived by Goldman Sachs 0.05%
Full fee 0.35% waiver 0.05% you pay 0.30%
Other funds in Other Municipal Bond
- BPMIOPGIM Municipal Income Opportunities ETFExpense ratio 0.25%1 year return +1.5%
- BMMINNYLI MacKay Muni Insured ETFExpense ratio 0.30%1 year return +0.2%
- BMINOPIMCO Municipal Income Opportunities Active Exchange-Traded FundExpense ratio 0.39%1 year return +0.2%
- BFTMUFranklin Municipal Income ETFExpense ratio 0.30%1 year return +0.4%
- BMUSTColumbia Multi-Sector Municipal Income ETFExpense ratio 0.23%1 year return −1.1%
