Goldman Sachs Dynamic California Municipal Income ETF
GCAL
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- Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is an actively managed exchange-traded fund that seeks a high level of current income exempt from regular federal income tax and California personal income tax by primarily investing in municipal securities, private activity bonds, and affiliated or unaffiliated investment companies. The fund dynamically allocates across the California municipal yield curve and credit quality spectrum to maximize total return, with duration flexibility between 2 and 8 years, option-adjusted duration of approximately 5.92 years, and the ability to hold up to 30% or 100% of net assets in non-investment grade or private activity bonds, respectively; it maintains a diversified portfolio of around 267-292 holdings, including investment-grade bonds predominantly rated AA and A, exposure to sectors such as hospitals, special assessments, water/sewer, school districts, airports, sales tax, charter schools, municipal electric, and universities; and it tracks closely but with flexibility against the Bloomberg Municipal Bond Quality Intermediate-California Index. GCAL targets investors in higher tax brackets seeking tax-efficient income, operates within the municipal bond segment of the fixed income industry, and trades on NYSE Arca under the ticker GCAL with a net expense ratio of 0.30% (gross 0.35%), as of September 30, 2025 managing approximately $119 million in net assets. Launched on July 23, 2024, by Goldman Sachs Asset Management, L.P., a division of The Goldman Sachs Group, Inc., headquartered in New York, New York, the fund is part of the Goldman Sachs ETF Trust and benefits from a tenured municipal bond team led by portfolio managers including Scott Diamond, Joseph Wenzel, David Westbrook, Todd Henry, and Sylvia Yeh. In July 2024, Goldman Sachs Asset Management launched GCAL alongside three other active municipal bond ETFs—Goldman Sachs Ultra Short Municipal Income ETF (GUMI), Goldman Sachs Municipal Income ETF (GMUB), and Goldman Sachs Dynamic New York Municipal Income ETF (GMNY)—to enhance its fixed income ETF offerings. More recently, in November 2025, Goldman Sachs announced its agreement to acquire Innovator Capital Management for approximately $2 billion, expected to close in Q2 2026 pending regulatory approval, adding $28 billion in assets under supervision across 159 defined outcome ETFs and strengthening its position as a top-10 active ETF provider.