ETF Evaluator:
Goldman Sachs Dynamic CA Muncpl Inc 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
Goldman Sachs Dynamic CA Muncpl Inc ETF Overview
Goldman Sachs Dynamic CA Muncpl Inc ETF (GCAL) is an actively managed Municipal Bond Muni California Intermediate exchange-traded fund (ETF). Goldman Sachs launched the ETF in 2024.
The investment seeks a high level of current income that is exempt from regular federal income tax and California personal income tax.
The fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in fixed income securities issued by or on behalf of the state of California and its political subdivisions, agencies and instrumentalities and other states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax and California personal income tax. The fund is non-diversified.
About Goldman Sachs Dynamic CA Muncpl Inc ETF (GCAL)
There are 5 members of the management team with an average tenure of 2.02 years: Joseph Wenzel (2024), David Westbrook (2024), Todd Henry (2024), Sylvia Yeh (2024) and Scott Diamond (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Muni Qty Interm CA TR USD index with a weighting of 100%. Goldman Sachs Dynamic CA Muncpl Inc ETF has 347 securities in its portfolio. The top 10 holdings constitute 11.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Goldman Sachs Dynamic CA Muncpl Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Goldman Sachs Dynamic CA Muncpl Inc ETF has 12.8% 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 98.4% (85.7% domestic bond, 12.8% foreign bond and 0.0% convertible bond). Goldman Sachs Dynamic CA Muncpl Inc ETF has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $173 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.
GCAL 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 Goldman Sachs Dynamic CA Muncpl Inc ETF expense ratio is below average compared to funds in the Muni California Intermediate category. Goldman Sachs Dynamic CA Muncpl Inc ETF has an expense ratio of 0.30%, which is 18% higher than 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. Goldman Sachs Dynamic CA Muncpl Inc ETF has a portfolio turnover rate of 134%, 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, Goldman Sachs Dynamic CA Muncpl Inc ETF returned -1.2%, which earned it a grade of B, 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.
Goldman Sachs Dynamic CA Muncpl Inc ETF has a trailing yield of 3.42%, which is above 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.
Goldman Sachs Dynamic CA Muncpl Inc ETF Grades
Year to date, the ETF has returned 0.9%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 5.3% over the past year (grade of B).
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GCAL 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 |
|
| GCAL Return (NAV) | -1.2% | -0.1% | 5.3% | na | na | na |
| GCAL Return (Price) | -1.1% | -0.0% | 5.5% | na | na | na |
| NAV +/- Price Return | -0.163% | -0.098% | -0.201% | na | na | na |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.6% | 2.9% | 0.5% | 1.4% |
| GCAL Grade (NAV) | B | A | B | na | na | na |
| +/- Category (NAV) | 0.3% | 0.4% | 0.7% | na | na | na |
| GCAL Tax-Cost Ratio | na | na | 0.0% | na | na | na |
GCAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GCAL Return (NAV) | 0.9% | 4.4% | na | na | na | na | na | na | na | na | na |
| GCAL Return (Price) | 1.0% | 4.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.063% | 0.028% | na | 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% |
| GCAL Grade (NAV) | A | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.7% | 0.4% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 174 Mil |
| Share Class Assets: | $ 174 Mil |
| Turnover: | 134.0% |
| Expense Ratio: | 0.30% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Muni Qty Interm CA 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: 5 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Wenzel Joseph (2024), Westbrook David (2024), Henry Todd (2024), Yeh Sylvia (2024), Diamond Scott (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 347 |
| % in Top 10 Holdings: | 11.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 12.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 85.7% |
| Foreign Bond: | 12.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Goldman Sachs |
| Phone Number: | 800-621-2550 |
| Website: | am.gs.com |
| Inception Date: | July 23, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.25% |
