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Upturn AI SWOT - About
First Trust California Municipal High Income ETF (FCAL)
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Upturn Advisory Summary
10/24/2025: FCAL (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type ETF | Historic Profit -0.37% | Avg. Invested days 35 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/24/2025 |
Key Highlights
Volume (30-day avg) - | Beta 0.87 | 52 Weeks Range 46.06 - 49.60 | Updated Date 06/29/2025 |
52 Weeks Range 46.06 - 49.60 | Updated Date 06/29/2025 |
Upturn AI SWOT
First Trust California Municipal High Income ETF
ETF Overview
Overview
The First Trust California Municipal High Income ETF (FCA) seeks to provide current income exempt from federal and California state income taxes by investing primarily in California municipal bonds.
Reputation and Reliability
First Trust is a well-established ETF provider with a reputation for innovation and a broad range of investment products.
Management Expertise
First Trust's management team has extensive experience in fixed income markets and ETF management.
Investment Objective
Goal
To provide current income exempt from federal and California state income taxes.
Investment Approach and Strategy
Strategy: The ETF does not track a specific index. It uses an active management approach to select California municipal bonds deemed to offer attractive yields and risk-adjusted returns.
Composition The ETF primarily holds California municipal bonds across various sectors and credit qualities.
Market Position
Market Share: FCA holds a relatively small market share within the California municipal bond ETF category.
Total Net Assets (AUM): 248594570.9
Competitors
Key Competitors
- VTEB
- SCHP
- MUB
- PZA
Competitive Landscape
The California municipal bond ETF market is dominated by larger, passively managed ETFs like VTEB and MUB. FCA differentiates itself with an active management approach, seeking to outperform passive benchmarks. Its active management has not guaranteed higher returns, and it charges a premium compared to its competitors.
Financial Performance
Historical Performance: Historical performance data is readily available from financial websites.
Benchmark Comparison: The ETF's performance can be compared to the S&P Municipal Bond Index or a similar benchmark.
Expense Ratio: 0.47
Liquidity
Average Trading Volume
The average trading volume is moderate, which could affect the ease of entering and exiting positions.
Bid-Ask Spread
The bid-ask spread is typically reasonable, though it can widen during periods of market volatility.
Market Dynamics
Market Environment Factors
Interest rate movements, California's fiscal health, and overall municipal bond market conditions significantly impact FCA's performance.
Growth Trajectory
The ETF's growth trajectory depends on investor demand for California tax-exempt income and the fund's ability to deliver competitive returns.
Moat and Competitive Advantages
Competitive Edge
FCA's competitive advantage lies in its active management approach focused on California municipal bonds. This approach aims to identify undervalued opportunities and generate higher income than passively managed alternatives. This focus on California provides tax benefits to California residents. However, active management comes at a higher cost, and its performance is subject to the manager's skill and judgment. Investors should carefully assess whether the potential benefits of active management outweigh the higher expense ratio.
Risk Analysis
Volatility
The ETF's volatility is influenced by interest rate sensitivity and credit risk of the underlying municipal bonds.
Market Risk
Risks include interest rate risk, credit risk (default risk of the bonds), and state-specific risks related to California's economy and fiscal policies.
Investor Profile
Ideal Investor Profile
The ideal investor is a California resident seeking tax-exempt income and who is comfortable with moderate risk.
Market Risk
The ETF is suitable for long-term investors seeking tax-advantaged income and diversification within their fixed-income portfolio.
Summary
The First Trust California Municipal High Income ETF seeks to provide tax-exempt income to California residents through active management of a portfolio of California municipal bonds. It offers a potential alternative to passively managed ETFs but comes with a higher expense ratio and the risks associated with active management. The ETF's performance is influenced by interest rates, credit quality of the bonds, and California's economic conditions. Investors should carefully consider their risk tolerance, tax situation, and investment goals before investing.
Peer Comparison
Sources and Disclaimers
Data Sources:
- First Trust Website
- ETF.com
- Morningstar
- Bloomberg
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Investors should consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results. Market data is subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About First Trust California Municipal High Income ETF
Exchange NASDAQ | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website | ||
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.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.