First Trust California Municipal High Income ETF

Frequently Asked Questions About FCAL

What does FCAL invest in?

The fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes and California income taxes. It will invest no more than 50% of its net assets in Municipal Securities that are, at the time of investment, not investment grade, commonly referred to as "high yield" or "junk" bonds.

What is the expense ratio of FCAL?

First Trust California Municipal High Income ETF (FCAL) charges an expense ratio of 0.49%. This is the annual fee deducted from fund assets to cover management and operations.

What is FCAL's dividend yield?

FCAL's trailing-twelve-month yield is 3.42%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of FCAL?

Effective duration measures FCAL's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. FCAL's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of FCAL?

FCAL's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of FCAL?

Yield to maturity (YTM) is the total return you'd earn from FCAL if every bond in the portfolio is held to maturity at the current price. FCAL's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.