DFCA ETF — Dimensional California Municipal Bond ETF

Dimensional California Municipal Bond ETF (DFCA)

DFCA is a low-cost ETF. its distribution rate is 2.61%, its trailing-12-month yield is 2.81%, its expense ratio is 0.19%. Dividend Vision Distribution Safety Score™ is 93/100 (Safe). Total return is 5.7% over the past 3.2 years, 78.8 points behind SPY at 84.5%.

At the current 2.61% distribution rate, a $10,000 investment would generate approximately $261 per year, or $21.75 per month.

Dimensional California Municipal Bond ETF is an exchange-traded fund that invests primarily in investment-grade municipal bonds issued in California, whose interest is exempt from federal income tax and California state personal income tax. The fund distributes income monthly at a modest current distribution rate, with an expense ratio of 0.19%. The fund appeals to income-focused investors in California seeking tax-advantaged municipal bond exposure.

DFCA performance versus SPY

Price and return data through 2026-09-21.

Total return is 5.7% over the past 3.2 years, 78.8 points behind SPY at 84.5%. Over the past year its total return — price change plus distributions reinvested — is -0.2%. Its deepest 1-year drawdown was 3.1%.

DFCA key facts

Distribution Safety Score™

93 · Safe

Safety-Adjusted Yield

2.43%

Issuer

Dimensional

Asset type

ETF

Asset class

Fixed Income

Inception date

06/26/2023

Expense ratio

0.19%

Distribution rate

2.61%

Distribution frequency

Monthly

Trailing yield

2.81%

Last close

$48.34 (as of 2026-09-22)

NAV

$48.56

Premium / discount

0.45% discount

AUM

$661,636,055

Average volume

241372.0

Last dividend

$0.105

Last ex-dividend date

08/18/2026 (as of 2026-08-18)

Last payment date

08/20/2026 (as of 2026-08-20)

Beta

0.57

How Dividend Vision calculates yield and returns

Distribution rate (2.61%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (2.81%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Dimensional; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

DFCA risks and drawbacks

DFCA's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 3.1%.

Who may consider DFCA — and who may not

DFCA may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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