GCAL ETF — Goldman Sachs Dynamic California Municipal Income ETF

Goldman Sachs Dynamic California Municipal Income ETF (GCAL)

Updated October 16, 2026.

GCAL is an ETF. its distribution rate is 3.33%, its trailing-12-month yield is 3.69%, its expense ratio is 0.30%. Dividend Vision Distribution Safety Score™ is 98/100 (Safe). Total return is 5.3% over the past 2.2 years, 40.2 points behind SPY at 45.5%.

This ETF invests at least 80% of its assets in municipal bonds issued by California and other U.S. states and their political subdivisions, with interest that is exempt from regular federal income tax and California personal income tax. The fund distributes income monthly and carries a low expense ratio of 0.30%. It appeals to income-focused investors, particularly those in higher tax brackets seeking tax-advantaged fixed income in a concentrated California municipal strategy.

GCAL performance versus SPY

Price and return data through 2026-10-16.

Total return is 5.3% over the past 2.2 years, 40.2 points behind SPY at 45.5%. Over the past year its total return — price change plus distributions reinvested — is -0.1%. Its deepest 1-year drawdown was 5.4%.

GCAL key facts

Distribution Safety Score™

98 · Safe

Safety-Adjusted Yield

3.26%

Issuer

Goldman Sachs

Asset type

ETF

Asset class

Fixed Income

Inception date

07/23/2024

Expense ratio

0.30%

Distribution rate

3.33%

Distribution frequency

Monthly

Trailing yield

3.69%

Last close

$49.07 (as of 2026-10-16)

AUM

$210,609,772

Average volume

61845.0

Dividend

$0.13621

Ex-dividend date

10/01/2026

Payment date

10/07/2026

How Dividend Vision calculates yield and returns

Distribution rate (3.33%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.69%) 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: Goldman Sachs; 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.

GCAL risks and drawbacks

GCAL'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 5.4%.

Who may consider GCAL — and who may not

GCAL may suit someone looking for 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.

More on GCAL

• All tickers starting with G

Tagged: Fixed Income.

Frequently asked questions

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