Dimensional California Municipal Bond ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About DFCA
The California Municipal Bond ETF will seek to achieve itsinvestment objective by investing primarily in a universe of investment grade municipal securities, theinterest on which is exempt from regular federal income tax and the state personal income tax of California.Municipal securities in which the Portfolio may invest include, among others, revenue bonds, generalobligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variablerate demand obligations and other instruments (including participation interests in such securities)issued by or on behalf of California state or local governments and their agencies, instrumentalities,and regional government authorities. The interest on the municipal securities purchased by the Portfolio,in the opinion of bond counsel for the issuers and under current tax law, is exempt from California andfederal personal income taxes (i.e., excludable from gross income for individuals for California andfederal income tax purposes). As a fundamental investment policy, under normal market conditions, the Portfolio will invest atleast 80% of its net assets in municipal securities that pay interest exempt from California and federalpersonal income taxes. The Portfolio does not currently intend to invest its assets in municipal securitieswhose interest is subject to the federal alternative minimum tax.Undernormal circumstances, the Portfolio will generally maintain a weighted average duration of no more thanone half year greater than, and no less than one year below, the average duration of the S&P IntermediateTerm California AMT-Free Municipal Bond Index, which was approximately 5.05 years as of December 31,2025. From time to time, the Portfolio may deviate from this duration range when Dimensional Fund AdvisorsLP (the “Advisor”) determines it to be appropriate under the circumstances. In making purchasedecisions, if the expected term premium is greater for longer-term securities, the Advisor will focusinvestment in longer-term securities, otherwise, the Portfolio will focus investment in shorter-termsecurities. If a security has been or is expected to be redeemed by the issuer at a date prior to thestated final maturity date for the purposes of the above duration restriction, the early redemption dateshall be considered the maturity date regardless of the stated final maturity. If a security's couponor interest rate is periodically reset, the reset date will be considered for the purposes of the aboveduration restriction. Duration is a measure of the sensitivity of a security’s price to changesin interest rates. The longer a security’s duration, the more sensitive it will be to changes ininterest rates.The fixed income securities in which the Portfolio investsare considered investment grade at the time of purchase (e.g., rated AAA to BBB- by S&P Global Ratings(“S&P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Ratings(“Moody’s”) or an equivalent rating assigned by another nationally recognized statisticalrating organization, or that are unrated but have been determined by the Advisor to be of comparablequality).Municipal securities are often issued to obtain funds forvarious public purposes, including the construction of a wide range of public facilities, such as bridges,highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities,such as water and sewer works. Municipal securities include municipal leases, certificates of participation,municipal obligation components and municipal custody receipts. The Portfolio may invest more than 25%of its assets in municipal securities issued to finance projects in a particular segment of the bondmarket including, but not limited to, health care, housing, education, utilities, and transportation.The Portfolio also may invest more than 25% of its assets in industrial development bonds. The Portfoliomay (1) purchase certain municipal securities that are insured, (2) invest in municipal securities securedby mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities,(4) purchase tax-exempt municipal securities on a “when-issued” basis, and (5) use derivatives,such as fixed income related futures and options contracts, credit default swaps and interest rate swapsto hedge against changes in interest rates.The Portfolio may also invest inexchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipalbonds. The Portfolio may also invest in money market funds. The Portfolio also may purchase or sell futurescontracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes,such as a substitute for direct investment or to increase or decrease market exposure based on actualor expected cash inflows to or outflows from the Portfolio.Although the Portfolioattempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated,that a portion of its assets may be invested in securities that pay taxable interest, including interestthat may be subject to the federal alternative minimum tax. These investments could generate taxableincome for shareholders.The Portfolio is an actively managed exchange-traded fundand does not seek to replicate the performance of a specific index and may have a higher degree of portfolioturnover than such index funds.The Portfolio is primarily designed for investment by Californiataxpayers.
DFCA News
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- (DFCA) Movement as an Input in Quant Signal Sets
- Liquidity Mapping Around (DFCA) Price Events
- Liquidity Mapping Around (DFCA) Price Events
- Why (DFCA) Price Action Is Critical for Tactical Trading
- Understanding Momentum Shifts in (DFCA)
Data for DFCA is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.