ETF Evaluator:
Franklin California Municipal Income 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
Index
Risk
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ETF Details
Franklin California Municipal Income ETF Overview
Franklin California Municipal Income ETF (FTCA) is an actively managed Municipal Bond Muni California Long exchange-traded fund (ETF). Franklin Templeton Investments launched the ETF in 2018.
The investment seeks as high a level of current income exempt from federal income tax and California personal income tax as the adviser believes to be consistent with preservation of capital.
The fund invests mainly in bonds that pay interest that is exempt from federal income tax and California personal income tax (but that may be subject to federal alternative minimum tax), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). The adviser may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
About Franklin California Municipal Income ETF (FTCA)
There are 4 members of the management team with an average tenure of 3.77 years: Michael Conn (2024), John Bonelli (2024), Garrett Hamilton (2016) and Christopher Sperry (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Franklin California Municipal Income ETF has 287 securities in its portfolio. The top 10 holdings constitute 17.7% 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.
Franklin California Municipal Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Franklin California Municipal Income ETF has 0.5% 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 97.3% (96.8% domestic bond, 0.5% foreign bond and 0.0% convertible bond). Franklin California Municipal Income ETF has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $562 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.
FTCA 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 Franklin California Municipal Income ETF expense ratio is below average compared to funds in the Muni California Long category. Franklin California Municipal Income ETF has an expense ratio of 0.35%, which is the same as its category average, making the fund expense ratio grade a C. 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. Franklin California Municipal Income ETF has a portfolio turnover rate of 17%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 24% for the Muni California Long category.
Recently, in the month of July 2026, Franklin California Municipal Income ETF returned -1.9%, which earned it a grade of D, 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.
Franklin California Municipal Income ETF has a trailing yield of 3.64%, which is below the 3.65% 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.
Franklin California Municipal Income ETF Grades
Year to date, the ETF has returned 1.1%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 7.1% over the past year (grade of B), 3.7% over the past three years (grade of A) and 0.5% per year over the past five years (grade of A) and 2.1% per year over the past 10 years (grade of A).
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FTCA 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 |
|
| FTCA Return (NAV) | -1.9% | -0.1% | 7.1% | 3.7% | 0.5% | 2.1% |
| FTCA Return (Price) | -1.6% | 0.1% | 7.4% | 3.7% | 0.6% | na |
| NAV +/- Price Return | -0.322% | -0.260% | -0.221% | -0.071% | -0.042% | na |
| Muni California Long Avg | -1.9% | -0.4% | 6.4% | 2.9% | 0.2% | 1.8% |
| FTCA Grade (NAV) | D | A | B | A | A | A |
| +/- Category (NAV) | 0.0% | 0.2% | 0.7% | 0.8% | 0.4% | 0.4% |
| FTCA Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | na |
FTCA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTCA Return (NAV) | 1.1% | 3.1% | 2.9% | 7.4% | -10.1% | 2.0% | 5.6% | 8.6% | 0.4% | 6.1% | 0.1% |
| FTCA Return (Price) | 1.4% | 3.0% | 2.9% | 7.4% | -10.1% | 2.0% | 5.6% | 8.6% | na | na | na |
| NAV +/- Price Ret | 0.231% | -0.018% | 0.000% | 0.000% | 0.000% | 0.002% | 0.000% | 0.0% | na | 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% |
| FTCA Grade (NAV) | B | B | A | A | D | D | A | D | D | C | C |
| +/- Category | 0.4% | 0.4% | 1.0% | 1.0% | -0.3% | -0.0% | 0.9% | 0.0% | -0.2% | 0.2% | -0.2% |
| Risk Measures | |
| Beta: | 1.15 |
| R-Squared: | 96% |
| Standard Deviation: | 6.7% |
| Category Risk Index: | 1.11 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.54 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 563 Mil |
| Share Class Assets: | $ 563 Mil |
| Turnover: | 17.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal 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: 4 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Hamilton Garrett (2016), Sperry Christopher (2024), Conn Michael (2024), Bonelli John (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 287 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.8% |
| Foreign Bond: | 0.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnaminvestments.com |
| Inception Date: | May 22, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.35% |
