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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.
Ticker | FCAL |
Fund Type | Tax-Free Fixed Income |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Brown Brothers Harriman |
CUSIP | 33739P863 |
ISIN | US33739P8639 |
Intraday NAV | FCALIV |
Fiscal Year-End | 07/31 |
Exchange | Nasdaq |
Inception | 6/20/2017 |
Inception Price | $50.00 |
Inception NAV | $50.00 |
Gross Expense Ratio* | 0.65% |
Net Expense Ratio* | 0.50% |
* As of 12/1/2021
First Trust has contractually agreed to waive management fees of 0.15% of average daily net assets until November 30, 2022.
Closing NAV1 | $48.17 |
Closing Market Price2 | $48.09 |
Bid/Ask Midpoint | $48.29 |
Bid/Ask Premium | 0.24% |
30-Day Median Bid/Ask Spread3 | 0.42% |
Total Net Assets | $120,430,878 |
Outstanding Shares | 2,500,002 |
Daily Volume | 41,732 |
Average 30-Day Daily Volume | 36,688 |
Closing Market Price 52-Week High/Low | $55.63 / $47.85 |
Closing NAV 52-Week High/Low | $55.44 / $47.98 |
Number of Holdings (excluding cash) | 263 |
Weighted Average Effective Duration (Includes Short Positions)11 | 6.49 Years |
Weighted Average Effective Duration (Long Positions)11 | 6.92 Years |
Weighted Average Modified Duration12 | 5.70 Years |
Weighted Average Maturity | 12.93 Years |
Weighted Average Price | $102.99 |
Weighted Average Coupon | 4.20% |
Short Position - US Treasury Futures | -4.37% |
Holding |
Percent |
SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2035 |
1.80% |
GOLDEN ST TOBACCO SECURITIZATION CORP CA N/C, 5%, due 06/01/2023 |
1.73% |
LOS ANGELES CA DEPT OF WTR & PWR Variable rate, due 07/01/2051 |
1.51% |
UNIV OF CALIFORNIA CA RGTS MED CTR 5%, due 05/15/2037 |
1.39% |
CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REV 4%, due 07/01/2056 |
1.34% |
SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR 5%, due 01/15/2029 |
1.34% |
SANGER CA FING AUTH WSTWTR REV 5%, due 06/15/2034 |
1.34% |
LOS ANGELES CA DEPT OF WTR & PWR Variable rate, due 07/01/2035 |
1.26% |
GOLDEN ST TOBACCO SECURITIZATION CORP CA 5%, due 06/01/2029 |
1.17% |
PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034 |
1.10% |
* Excluding cash.
Holdings are subject to change.
Past performance is not indicative of future results.
Years |
Percent |
0 - 0.99 Years |
3.06% |
1 - 1.99 Years |
1.41% |
2 - 2.99 Years |
0.67% |
3 - 3.99 Years |
1.30% |
4 - 4.99 Years |
1.83% |
5 - 5.99 Years |
3.28% |
6 - 6.99 Years |
2.59% |
7 - 7.99 Years |
2.57% |
8 - 8.99 Years |
5.21% |
9 - 9.99 Years |
5.46% |
10 - 14.99 Years |
30.79% |
15 - 19.99 Years |
23.74% |
20 - 24.99 Years |
6.41% |
25 - 29.99 Years |
6.07% |
30 Years & Over |
2.69% |
Cash |
2.92% |
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2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Days Traded at Premium |
133 |
30 |
7 |
--- |
Days Traded at Discount |
119 |
32 |
28 |
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Cash
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2.92%
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AAA
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1.49%
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AA
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33.43%
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A
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18.11%
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BBB
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12.88%
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BB
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5.92%
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B
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0.96%
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A-1+ (Short-term)
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0.49%
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NR
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23.80%
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The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc., 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 ratings are 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.
SPECIAL ASSESSMENT
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13.56%
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INSURED
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12.09%
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GO-UNLTD
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11.39%
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EDUCATION
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7.99%
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HOSPITAL
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7.32%
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TOBACCO
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4.77%
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CCRC
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4.69%
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IDB
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4.63%
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DEDICATED TAX
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3.89%
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HIGHER ED
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2.85%
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Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FCAL |
6.76% |
0.96 |
1.24 |
0.04 |
0.91 |
Bloomberg 10 Year California Exempt Index |
5.02% |
--- |
1.00 |
-0.11 |
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.
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.
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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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