ETF Evaluator:
Dimensional California Municipal Bd ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni California Intermediate Over the Last Year
| 5.8% | American Century California Muni Bd ETF (CATF) |
| 5.3% | Goldman Sachs Dynamic CA Muncpl Inc ETF (GCAL) |
| 4.9% | Vanguard California Tax-Exempt Bond ETF (VTEC) |
| 4.6% | Muni California Intermediate () |
| 4.1% | JPMorgan California Tax Free Bond ETF (JCAL) |
Risk
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Risk
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ETF Details
Dimensional California Municipal Bd ETF Overview
Dimensional California Municipal Bd ETF (DFCA) is an actively managed Municipal Bond Muni California Intermediate exchange-traded fund (ETF). Dimensional Fund Advisors launched the ETF in 2023.
The investment seeks to provide current income that is expected to be exempt from federal personal income tax and California state personal income taxes.
The fund will seek to achieve its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax and the state personal income tax of California. The portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds.
About Dimensional California Municipal Bd ETF (DFCA)
There are 3 members of the management team with an average tenure of 3.10 years: David Plecha (2023), Travis Meldau (2023) and Joseph Kolerich (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P National AMT Free Muni TR USD index with a weighting of 100% and S&P Interm National AMT Free Muni USD index with a weighting of 100%. Dimensional California Municipal Bd ETF has 506 securities in its portfolio. The top 10 holdings constitute 10.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Dimensional California Municipal Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Dimensional California Municipal Bd ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.1% (96.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dimensional California Municipal Bd ETF has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $706 million in total assets, which is below the $772 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFCA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Dimensional California Municipal Bd ETF expense ratio is low compared to funds in the Muni California Intermediate category. Dimensional California Municipal Bd ETF has an expense ratio of 0.19%, which is 25% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Dimensional California Municipal Bd ETF has a portfolio turnover rate of 57%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Muni California Intermediate category.
Recently, in the month of July 2026, Dimensional California Municipal Bd ETF returned -1.2%, which earned it a grade of A, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Dimensional California Municipal Bd ETF has a trailing yield of 2.77%, which is below the 3.27% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Dimensional California Municipal Bd ETF Grades
Year to date, the ETF has returned 0.3%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 3.6% over the past year (grade of F) and 2.4% over the past three years (grade of F).
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DFCA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFCA Return (NAV) | -1.2% | -0.4% | 3.6% | 2.4% | na | na |
| DFCA Return (Price) | -1.1% | -0.4% | 3.6% | 2.4% | na | na |
| NAV +/- Price Return | -0.069% | -0.074% | 0.029% | 0.007% | na | na |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.6% | 2.9% | 0.5% | 1.4% |
| DFCA Grade (NAV) | A | B | F | F | na | na |
| +/- Category (NAV) | 0.4% | 0.1% | -1.0% | -0.5% | na | na |
| DFCA Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
DFCA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFCA Return (NAV) | 0.3% | 3.0% | 1.6% | na | na | na | na | na | na | na | na |
| DFCA Return (Price) | 0.3% | 3.0% | 1.5% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.117% | -0.004% | -0.073% | na | na | na | na | na | na | na | na |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.6% | 5.4% | -9.3% | -0.1% | 4.1% | 5.7% | 1.2% | 3.6% | -0.6% |
| DFCA Grade (NAV) | C | F | C | na | na | na | na | na | na | na | na |
| +/- Category | 0.0% | -1.0% | 0.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.56 |
| R-Squared: | 98% |
| Standard Deviation: | 3.3% |
| Category Risk Index: | 0.81 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.27 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 2.8% |
| Total Assets: | $ 707 Mil |
| Share Class Assets: | $ 707 Mil |
| Turnover: | 57.0% |
| Expense Ratio: | 0.19% |
| Index Fund: | No |
| Index Tracked: | S&P National AMT Free Muni TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Plecha David (2023), Meldau Travis (2023), Kolerich Joseph (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 506 |
| % in Top 10 Holdings: | 10.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 512-306-7400 |
| Website: | https://www.dimensional.com |
| Inception Date: | June 26, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.25% |
