DFCA ETF — Dimensional California Municipal Bond ETF

Dimensional California Municipal Bond ETF (DFCA)

Updated November 12, 2026.

DFCA is a low-cost ETF. Its distribution rate is 3.54%, its trailing-12-month yield is 2.86%, its expense ratio is 0.19%. Dividend Vision Distribution Safety Score™ is 93/100 (Safe). Total return is 7.6% over the past 3.4 years, 73.0 points behind SPY at 80.6%.

At the current 3.54% distribution rate, a $10,000 investment would generate approximately $354 per year, or $29.50 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

As of Nov 12, 2026

Total return is 7.6% over the past 3.4 years, 73.0 points behind SPY at 80.6%. Over the past year its total return — price change plus distributions reinvested — is 0.8%. Its deepest 1-year drawdown was 5.0%.

DFCA key facts

Distribution Safety Score™

93 · Safe

Safety-Adjusted Yield

3.29%

Issuer

Dimensional

Asset type

ETF

Asset class

Fixed Income

Inception date

06/26/2023

Expense ratio

0.19%

Distribution rate

3.54%

Distribution frequency

Monthly

Trailing yield

2.86%

Last close

$49.18 (as of 2026-11-12)

AUM

$540,551,541

Average volume

73,689

Dividend

$0.145

Ex-dividend date

10/20/2026

Payment date

10/22/2026

Beta

0.61

How Dividend Vision calculates yield and returns

Distribution rate (3.54%) uses latest regular dividend ($0.145) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.86%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. 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.

Yield and safety methodology · 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 5.0%.

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.

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Tagged: Fixed Income.

Frequently asked questions

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