Goldman Sachs Dynamic California Municipal Income ETF
$48.96−0.40 (−0.81%)
- Expense ratio
- 0.35%
- Fund size
- $190M
- 1Y return
- +1.0%
- Yield · Last 12 months
- 3.71%
- Holdings
- 372
- Volume · 30D
- 0M sh
- NAV per share
- $49.30
- 52W range
The ETF.net GCAL Grade
Score 57 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.DScore 36Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 90Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 70Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 39Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 57Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 52Category rank
Our read on GCAL
BMost muni ETFs buy the whole country and call it a day. GCAL narrows to California and hands the keys to a live manager, going after income exempt from both regular federal income tax and California state income tax.
The Fund seeks a high level of current income exempt from regular federal income tax and California personal income tax.
Why people hold it
- The double-exemption play: it targets a high level of current income free of regular federal income tax and California personal income tax, which national muni funds don't attempt.gsam.com
- Actively managed, not index-bound. A manager picks the bonds and can shift across California credits and maturities instead of owning whatever the benchmark holds.
- Income arrives monthly, from a focused book of California bonds rather than a thousand-line index sleeve.
Worth knowing
- 0.35% a year is real money next to plain national muni index funds like VTEB (0.03%) and MUB (0.05%). The single-state focus and active management are what the extra buys.
- Launched in 2024 and thinly traded beside the muni giants, so the record is short and spreads can run wider than on the headline names.
- One state, one tax code: California issuers drive the portfolio, so the diversification is narrower than a national muni fund's.
GCAL Holdings
- Bonds
- 372
- 13%
- FTIXX
Sectors
- Financials100.0%
Geography
- United States100.00%
GCAL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | −0.7% |
| 1 month | −1.9% |
| 3 months | −2.5% |
| 1 year | +1.0% |
| 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 | −0.7% | |
| 2025 | +4.6% | |
| 2024 | +103.6% |
GCAL in the news
ETF.net Research hasn’t filed on GCAL yet — coverage lands here as it’s written.
GCAL Dividends
- 3.71%
- $1.83
- $0.15 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 8, 2026 | $0.15 |
| Aug 3, 2026 | Aug 7, 2026 | $0.15 |
| Jul 1, 2026 | Jul 8, 2026 | $0.16 |
| Jun 1, 2026 | Jun 5, 2026 | $0.15 |
| May 1, 2026 | May 7, 2026 | $0.15 |
| Apr 1, 2026 | Apr 8, 2026 | $0.16 |
| Mar 2, 2026 | Mar 6, 2026 | $0.14 |
| Feb 2, 2026 | Feb 6, 2026 | $0.15 |
| Dec 31, 2025 | Jan 7, 2026 | $0.16 |
| Dec 1, 2025 | Dec 5, 2025 | $0.14 |
| Nov 3, 2025 | Nov 7, 2025 | $0.15 |
| Oct 1, 2025 | Oct 7, 2025 | $0.16 |
GCAL Risk
- 3.3%
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.
- −0.28
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.
- −4.4%
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.
GCAL Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
35 of the 62 Other Municipal Bond funds charge less.