Franklin California Municipal Income ETF
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- Franklin California Municipal Income ETF (FTCA) is an actively managed exchange-traded fund that seeks high current income exempt from federal income tax and California personal income tax as is consistent with preservation of capital. The fund invests primarily in investment-grade California municipal bonds with intermediate- to long-term maturities, including bonds from sectors such as housing; special tax; education; industrial development revenue and pollution control; local government; health care; utilities; other revenue bonds; transportation; lease revenue; and state general obligation bonds, with at least 80% of net assets typically allocated to municipal securities exempt from these taxes (though a small portion may be subject to the federal alternative minimum tax). It lists on NYSE Arca, pays monthly dividends, and as of December 2025 maintains total net assets of approximately $596 million, an effective duration of 8.10 years, and an average weighted maturity of 19.01 years. In a major strategic reorganization effective October 24, 2025, the ETF succeeded the Putnam California Tax Exempt Income Fund, which reorganized into FTCA after market close, adopting an identical investment objective and substantially similar strategies; the ETF listed for trading on NYSE Arca on October 27, 2025. This conversion formed part of Franklin Templeton's broader initiative announced May 19, 2025, to transform 10 Putnam municipal bond mutual funds into ETFs between Q4 2025 and Q1 2026 following Franklin Templeton's January 2024 acquisition of Putnam Investments, expanding its active municipal bond ETF offerings. The predecessor Putnam fund originated in 1983, providing continuity in its focus on California tax-exempt municipal income for residents seeking tax-advantaged, high-quality fixed-income exposure. FTCA operates within the municipal bond segment, targeting California residents and tax-sensitive investors, with geographic focus on California-issued securities to maximize state tax exemptions; it is managed by Franklin Templeton, one of the largest active municipal bond managers, from headquarters in San Mateo, California. The portfolio comprises approximately 302 holdings as of late 2025, emphasizing high credit quality and diversification across municipal sectors while navigating interest rate, credit, and state-specific regulatory risks. Franklin Distributors, LLC serves as distributor, and the fund trades like a stock with potential premiums or discounts to net asset value.