ETF Evaluator:
First Trust California Muni Hi Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni California Long Over the Last Year
| 7.8% | Invesco California AMT-Free Muni Bd ETF (PWZ) |
| 7.1% | Franklin California Municipal Income ETF (FTCA) |
| 7.0% | Rockefeller California Municipal Bd ETF (RMCA) |
| 6.4% | Muni California Long () |
| 5.6% | First Trust California Muni Hi Inc ETF (FCAL) |
Risk
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Risk
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ETF Details
First Trust California Muni Hi Inc ETF Overview
First Trust California Muni Hi Inc ETF (FCAL) is an actively managed Municipal Bond Muni California Long exchange-traded fund (ETF). First Trust launched the ETF in 2017.
The investment seeks to provide current income that is exempt from regular federal income taxes and California income taxes, and its secondary objective is long-term capital appreciation.
The fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes and California income taxes. It will invest no more than 50% of its net assets in Municipal Securities that are, at the time of investment, not investment grade, commonly referred to as "high yield" or "junk" bonds.
About First Trust California Muni Hi Inc ETF (FCAL)
There are 3 members of the management team with an average tenure of 5.26 years: Johnathan Wilhelm (2017), Shawn O'Leary (2024) and Thomas Byron (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg 10 Y California Exempt TR USD index with a weighting of 100%. First Trust California Muni Hi Inc ETF has 279 securities in its portfolio. The top 10 holdings constitute 10.6% 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.
First Trust California Muni Hi Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. First Trust California Muni Hi Inc ETF has 2.5% 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 99.2% (96.7% domestic bond, 2.5% foreign bond and 0.0% convertible bond). First Trust California Muni Hi Inc ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $218 million in total assets, which is below the $1 billion average for the Muni California Long 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.
FCAL 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 First Trust California Muni Hi Inc ETF expense ratio is average compared to funds in the Muni California Long category. First Trust California Muni Hi Inc ETF has an expense ratio of 0.49%, which is 40% higher than its category average, making the fund expense ratio grade a D. 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. First Trust California Muni Hi Inc ETF has a portfolio turnover rate of 58%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 24% for the Muni California Long category.
Recently, in the month of July 2026, First Trust California Muni Hi Inc ETF returned -1.8%, which earned it a grade of C, as the Muni California Long category had an average return of -1.9%. 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.
First Trust California Muni Hi Inc ETF has a trailing yield of 3.43%, which is below the 3.65% category average.
The fund normally distributes its income monthly.
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.
First Trust California Muni Hi Inc ETF Grades
Year to date, the ETF has returned 0.6%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.6% over the past year (grade of D), 3.0% over the past three years (grade of B) and 0.2% per year over the past five years (grade of D).
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FCAL 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 |
|
| FCAL Return (NAV) | -1.8% | -0.5% | 5.6% | 3.0% | 0.2% | na |
| FCAL Return (Price) | -1.8% | -0.6% | 5.7% | 2.9% | 0.2% | na |
| NAV +/- Price Return | -0.025% | 0.061% | -0.132% | 0.087% | 0.011% | na |
| Muni California Long Avg | -1.9% | -0.4% | 6.4% | 2.9% | 0.2% | 1.8% |
| FCAL Grade (NAV) | C | D | D | B | D | na |
| +/- Category (NAV) | 0.1% | -0.1% | -0.8% | 0.1% | 0.1% | na |
| FCAL Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FCAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FCAL Return (NAV) | 0.6% | 3.1% | 2.1% | 5.9% | -9.4% | 3.3% | 3.6% | 9.7% | 1.1% | na | na |
| FCAL Return (Price) | 0.6% | 3.2% | 1.9% | 6.1% | -9.5% | 3.3% | 3.5% | 9.3% | 0.3% | na | na |
| NAV +/- Price Ret | -0.041% | 0.046% | -0.082% | 0.032% | 0.011% | -0.012% | -0.027% | -3.8% | -72.3% | na | na |
| Muni California Long Avg | 0.8% | 2.7% | 1.9% | 6.5% | -9.8% | 2.0% | 4.7% | 8.5% | 0.7% | 5.9% | 0.2% |
| FCAL Grade (NAV) | D | C | B | D | B | A | F | A | A | na | na |
| +/- Category | -0.2% | 0.4% | 0.1% | -0.6% | 0.4% | 1.3% | -1.1% | 1.2% | 0.4% | na | na |
| Risk Measures | |
| Beta: | 0.86 |
| R-Squared: | 98% |
| Standard Deviation: | 5.0% |
| Category Risk Index: | 0.82 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.40 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 219 Mil |
| Share Class Assets: | $ 219 Mil |
| Turnover: | 58.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.1 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Wilhelm Johnathan (2017), Byron Thomas (2022), O'Leary Shawn (2024) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 279 |
| % in Top 10 Holdings: | 10.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.7% |
| Foreign Bond: | 2.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | First Trust |
| Phone Number: | 800-621-1675 |
| Website: | www.ftportfolios.com |
| Inception Date: | June 20, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.35% |
