Goldman Sachs Dynamic California Municipal Income ETF (GCAL)

The Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is an actively managed exchange-traded fund from Goldman Sachs Asset Management, launched in 2024. It seeks a high level of current income exempt from federal and California personal income taxes.

The fund invests mainly in municipal securities issued by California and its local governments and agencies, as well as other issuers whose interest is exempt from both taxes. Holdings are primarily investment grade, and the portfolio's duration is generally kept in an intermediate range. Goldman Sachs' municipal team actively adjusts credit and interest-rate positioning.