First Trust California Municipal High Income ETF
FCAL
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- First Trust California Municipal High Income ETF (FCAL) is an actively managed exchange-traded fund that seeks current income exempt from regular federal and California state income taxes through investment in a portfolio of California municipal debt securities; at least 80% of its net assets, including borrowings for investment purposes, are allocated to such securities, which include investment-grade and high-yield municipal bonds across various maturities, revenue bonds, general obligation bonds, and pre-refunded securities issued by California state and local governments, agencies, and authorities. The fund holds approximately 257 positions, primarily U.S. municipal tax-exempt bonds comprising 98.31% of assets, supplemented by cash equivalents; it targets California residents and tax-sensitive investors seeking high current income with a secondary objective of capital appreciation. FCAL trades on the Nasdaq exchange, with shares redeemable in large creation/redemption units by authorized participants. Launched on June 20, 2017, FCAL is a series of First Trust Exchange-Traded Fund III, advised by First Trust Advisors L.P., headquartered in Wheaton, Illinois; the issuer, established in 1991, also operates from offices in Austin, Texas, and Franklin, Tennessee, and serves brokerage firms, registered investment advisors, institutions, and individual investors nationwide. The fund's portfolio managers include Johnathan Wilhelm (since inception), Thomas Byron (since 2022), and Shawn O'Leary (since 2024). In recent developments, First Trust Advisors announced a temporary fee waiver for FCAL in December 2025, reducing the unitary management fee by 0.16% to 0.49% annually to enhance investor returns amid competitive fixed-income markets; the fund has maintained consistent monthly distributions, declaring $0.136 per share payable December 31, 2025, following increases such as a 0.8% dividend hike earlier in the year. Ongoing board enhancements include trustee elections and re-elections in August 2025 and new appointments to the board and audit committee in March 2024, alongside routine semi-annual and annual reports confirming stable operations through July 31, 2024, with assets under management around $192-268 million. No major acquisitions, partnerships, or strategic shifts specific to FCAL were reported in 2024-2025, though the parent firm continues expanding its broader ETF lineup.