GCAL ETF — Goldman Sachs Dynamic California Municipal Income ETF

Goldman Sachs Dynamic California Municipal Income ETF (GCAL)

GCAL is an ETF. As of August 19, 2026, its distribution rate is 3.68%, its trailing-12-month yield is 3.61%, its expense ratio is 0.30%. Dividend Vision Distribution Safety Score™ is 98/100 (Safe). Fund total return is 7.6% over the past 2.1 years, 38.3 points behind SPY at 45.9%.

At the current 3.68% distribution rate, a $10,000 investment would generate approximately $368 per year, or $30.67 per month on an equivalent basis.

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

Data as of August 19, 2026.

Fund total return is 7.6% over the past 2.1 years, 38.3 points behind SPY at 45.9%. Its deepest 1-year drawdown was 2.2%.

GCAL key facts

Data as of August 19, 2026.

Distribution Safety Score™

98 · Safe

Safety-Adjusted Yield

3.61%

Issuer

Goldman Sachs

Asset type

ETF

Asset class

Fixed Income

Inception date

07/23/2024

Expense ratio

0.30%

Distribution rate

3.68%

Distribution frequency

Monthly

Trailing yield

3.61%

Last close

$50.44

AUM

$180,767,802

Average volume

16724.0

Last dividend

$0.1546

Ex-dividend date

08/03/2026

Payment date

08/07/2026

How Dividend Vision calculates yield and returns

Distribution rate (3.68%) 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 (3.61%) 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. We show a 30-day SEC yield when the fund publishes one. Schwab and other issuers may report a TTM distribution yield or SEC yield on a different date — all can be valid; they are not interchangeable. Fund total return uses split-adjusted close with distributions reinvested from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is what the fund did, not your personal gain/loss. Figures below use Dividend Vision data as of August 19, 2026.

Distribution rate methodology · Distribution Safety Score methodology · SEC yield

Sources and review

Data as of August 19, 2026.

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 2.2%.

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.

Frequently asked questions

More funds from Goldman Sachs.