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First Trust California Municipal High Income ETF (FCAL)
Investment Objective/Strategy - The First Trust California Municipal High Income ETF's primary investment objective will be to seek to provide current income that is exempt from regular federal income taxes and California income taxes, and its secondary objective will be long-term capital appreciation. Under normal market conditions, 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 (collectively, "Municipal Securities").
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerFCAL
Fund TypeTax-Free Fixed Income
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
CUSIP33739P863
ISINUS33739P8639
Intraday NAVFCALIV
Fiscal Year-End07/31
ExchangeNasdaq
Inception6/20/2017
Inception Price$50.00
Inception NAV$50.00
Expense Ratio*0.65%
* As of 12/1/2023
Current Fund Data (as of 6/21/2024)
Closing NAV1$49.67
Closing Market Price2$49.80
Bid/Ask Midpoint$49.76
Bid/Ask Premium0.17%
30-Day Median Bid/Ask Spread30.28%
Total Net Assets$243,371,531
Outstanding Shares4,900,002
Daily Volume2,514
Average 30-Day Daily Volume21,493
Closing Market Price 52-Week High/Low$50.06 / $46.46
Closing NAV 52-Week High/Low$49.94 / $46.55
Number of Holdings (excluding cash)301
Top Holdings (as of 6/21/2024)*
Holding Percent
IRVINE CA SPL TAX 5.25%, due 09/01/2053 1.38%
SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2050 1.30%
ESTRN CA MUNI WTR DIST WTR & WSTWTR REV Variable rate, due 07/01/2046 1.28%
IRVINE CA FACS FING AUTH LEASE REV 5.25%, due 05/01/2048 1.27%
CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REV Variable rate, due 01/01/2050 1.25%
CALIFORNIA ST ENTERPRISE DEV AUTH 5.25%, due 11/01/2049 1.16%
SAN FRANCISCO CALIF CITY & CNTY APRTS COMMN 5%, due 05/01/2034 1.16%
RIVER ISLANDS CA PUBLIC FING AUTH 4.50%, due 09/01/2053 1.01%
UNIV OF CALIFORNIA CA REVENUES 5%, due 05/15/2042 0.94%
CALIFORNIA CMNTY CHOICE FING AUTH Variable rate, due 02/01/2052 0.93%

* Excluding cash.  Holdings are subject to change.

Distribution Information
Dividend per Share Amt (as of 6/24/2024)4$0.1210
30-Day SEC Yield (as of 5/31/2024)52.71%
Taxable Equivalent 30-Day SEC Yield (as of 5/31/2024)65.90%
12-Month Distribution Rate (as of 5/31/2024)72.88%
Distribution Rate (as of 5/31/2024)82.97%
Taxable Equivalent Annualized Distribution Rate (as of 5/31/2024)96.47%
Fund Characteristics (as of 5/31/2024)
Weighted Average Effective Duration (Includes Short Positions)106.59 Years
Weighted Average Effective Duration (Long Positions)106.65 Years
Weighted Average Modified Duration115.54 Years
Weighted Average Maturity14.36 Years
Weighted Average Price$102.45
Weighted Average Coupon4.59%
Weighted Average Yield-to-Worst124.02%
Short Position - US Treasury Futures0.00%
Maturity Exposure (as of 5/31/2024)
Years Percent
Cash 1.55%
0 - 0.99 Years 10.84%
1 - 1.99 Years 2.14%
2 - 2.99 Years 1.51%
3 - 3.99 Years 1.41%
4 - 4.99 Years 1.63%
5 - 5.99 Years 3.31%
6 - 6.99 Years 1.44%
7 - 7.99 Years 3.12%
8 - 8.99 Years 1.93%
9 - 9.99 Years 3.75%
10 - 14.99 Years 12.24%
15 - 19.99 Years 28.15%
20 - 24.99 Years 13.28%
25 - 29.99 Years 12.61%
30 Years & Over 1.09%
Credit Quality (as of 5/31/2024)
Credit Quality Percent
Cash 1.55%
AAA 5.99%
AA 40.13%
A 18.48%
MIG1/SP-1+ 1.09%
BBB 11.10%
BB 2.56%
NR 19.10%
The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Bid/Ask Premium/Discount (as of 6/21/2024)
  2023 Q1 2024 Q2 2024 Q3 2024
Days Traded at Premium 159 35 37 ---
Days Traded at Discount 91 26 21 ---
Top Sector Exposure (as of 5/31/2024)
INSURED 13.38%
SPECIAL ASSESSMENT 9.97%
AIRPORT 8.58%
GO-UNLTD 8.23%
IDB 7.73%
HOSPITAL 7.21%
COP 6.76%
WATER & SEWER 5.70%
EDUCATION 4.84%
GAS 4.16%
Hypothetical Growth of $10,000 Since Inception (as of 6/20/2024) *


Month End Performance (as of 5/31/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception13
Fund Performance *
Net Asset Value (NAV) -0.91% -0.75% 3.62% -1.26% 1.12% N/A 2.24%
After Tax Held -1.20% -1.24% 2.41% -2.27% 0.13% N/A 1.19%
After Tax Sold -0.54% -0.44% 2.13% -1.38% 0.44% N/A 1.27%
Market Price -0.92% -0.73% 3.51% -1.23% 1.11% N/A 2.25%
Index Performance **
Bloomberg 10 Year California Exempt Index -2.85% -3.26% 0.98% -1.28% 0.75% N/A 1.53%
Bloomberg Municipal Bond Index -1.53% -1.91% 2.67% -1.29% 0.93% N/A 1.70%
Quarter End Performance (as of 3/28/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception13
Fund Performance *
Net Asset Value (NAV) 0.24% 0.24% 3.89% -0.37% 1.79% N/A 2.45%
After Tax Held -0.05% -0.05% 2.69% -1.36% 0.80% N/A 1.39%
After Tax Sold 0.14% 0.14% 2.28% -0.70% 0.95% N/A 1.43%
Market Price 0.16% 0.16% 3.70% -0.32% 1.77% N/A 2.44%
Index Performance **
Bloomberg 10 Year California Exempt Index -0.66% -0.66% 2.35% -0.12% 1.64% N/A 1.97%
Bloomberg Municipal Bond Index -0.39% -0.39% 3.13% -0.41% 1.59% N/A 1.98%
3-Year Statistics (as of 5/31/2024)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FCAL 6.79% -0.21 0.95 -0.59 0.98
Bloomberg 10 Year California Exempt Index 6.95% --- 1.00 -0.57 1.00
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

Bloomberg 10 Year California Exempt Index - The Index is the subset of bonds of the Bloomberg Municipal Bond Index that were issued by California issuers and have 10 years to maturity.

Bloomberg Municipal Bond Index - The Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares.
2 Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
5 The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.
6 The taxable equivalent yield is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt yield using the highest federal and California state tax brackets and Medicare tax for 2024. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal and California state personal income tax and Medicare tax.
7 12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.
8 Distribution Rate is calculated by dividing the fund's most recent ordinary distribution paid or declared, on an annualized basis, by the NAV price. Distribution rates may vary.
9 The taxable equivalent annualized distribution rate is for illustrative purposes only. This information illustrates approximately what you would have to earn on taxable investments to equal the tax-exempt annualized distribution rate using the highest federal and California state tax bracket and Medicare tax for 2024. This information is based on present law as of the date of publication and does not account for any proposed changes in tax rates. This information does not account for limitations on deductions, the alternative minimum tax or taxes other than Federal and California state personal income tax and Medicare tax.
10 A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. It accounts for the likelihood of changes in the timing of cash flows in response to interest rate movements.
11 A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. In contrast to effective duration, modified duration assumes that the timing of cash flows remain constant.
12 YTW is the measure of the lowest possible yield that can be received on a fixed income security with an early retirement provision without the issuer defaulting. The calculation does not include the effect of fund fees and expenses.
13 Inception Date is 6/20/2017

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

Stocks with growth characteristics tend to be more volatile than certain other stocks and their prices may fluctuate more dramatically than the overall stock market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Industrials and producer durables companies are subject to certain risks, including the general state of the economy, intense competition, consolidation, domestic and international politics, excess capacity and consumer demand and spending trends. They may also be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, delays in modernization, labor relations, and government regulations.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

There can be no assurance that the securities held by a fund will stay within a fund's intended market capitalization range.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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