NASDAQ · ETF
Invest in FCAL ETF from India
Indian and foreign residents can buy First Trust California Municipal High ETF (FCAL) units directly through Paasa.
By Paasa · Updated
FCAL at a glance
- Price
- $45.90-$0.12 (0.26%)
- Expense ratio
- 0.49%
- Day range
- $45.78 – $46.11
- Assets
- $211.3M
- Domicile
- the US
- Holdings
- 278
- Launched
- 2017
- Dividends
- Distributing
- 1 month
- -5.11%
- 6 months
- -5.65%
- YTD
- -6.82%
- 1 year
- -5.94%
- 5 years
- -15.96%
Price change, excluding dividends.
Top 10 holdings
- 1SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/20491.4%
- 2CALIFORNIA ST ENTERPRISE DEV AUTH 5.25%, due 11/01/20491.2%
- 3STHRN CA PUBLIC PWR AUTH REV 5%, due 11/01/20331.2%
- 4STOCKTON-EAST CA WTR DIST 5%, due 03/01/20501.1%
- 5CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REV Variable rate, due 12/01/20551.0%
- 6CALIFORNIA CMNTY CHOICE FING AUTH Variable rate, due 10/01/20561.0%
- 7CALIFORNIA ST 5%, due 08/01/20461.0%
- 8FRESNO CA JT PWRS FING AUTH 5.25%, due 04/01/20501.0%
- 9CALIFORNIA ST MUNI FIN AUTH REV Variable rate, due 11/01/20351.0%
- 10ANAHEIM CA HSG & PUBLIC IMPT AUTH Variable rate, due 10/01/20541.0%
FCAL holds 278 securities in total. These 10 are 10.9% of the fund.
Where the money is invested
Countries
- Other100.0%
How to invest in FCAL from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search FCAL and buy
Find the fund by its ticker, FCAL, on NASDAQ, and place your order. Fractional units are available and there is no minimum trade size, so you can buy by amount.
Why invest in FCAL from India
What FCAL holds
The fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes and California income taxes. It will invest no more than 50% of its net assets in Municipal Securities that are, at the time of investment, not investment grade, commonly referred to as "high yield" or "junk" bonds.
Hold a dollar asset
FCAL is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Buy a fraction of a unit
Buy by amount, not by unit, and get the matching fraction of one FCAL unit. There is no minimum trade size.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Planning to hold more than $60,000 in US ETFs? Here's what US estate tax means for you.
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family.
A UCITS ETF tracking a similar market sits outside US estate tax.
Frequently asked questions
Can I buy FCAL from India?
Yes. Indian residents can buy First Trust California Municipal High ETF (FCAL) through Paasa. It is listed on NASDAQ and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does FCAL invest in?
First Trust California Municipal High ETF holds 278 securities. Its largest holdings are SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2049 (1.4%), CALIFORNIA ST ENTERPRISE DEV AUTH 5.25%, due 11/01/2049 (1.2%) and STHRN CA PUBLIC PWR AUTH REV 5%, due 11/01/2033 (1.2%). It is a distributing fund domiciled in the US.
What is the expense ratio of FCAL?
First Trust California Municipal High ETF has an expense ratio of 0.49% a year, taken from the fund's assets rather than billed to you. The fund manages about $211.3M.
How are FCAL dividends taxed in India?
First Trust California Municipal High ETF is a distributing fund. It pays the dividends from its holdings out to you in cash. Dividends are taxed at your slab rate in India. Paasa's dividend report lists the gross dividend and any tax withheld for each payment.
What tax do I pay in India when I sell FCAL?
The US does not levy capital gains tax on shares for Indian residents. Gains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling. The gain is worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.
Can I buy a fraction of one FCAL unit?
Yes. You can buy by amount rather than by unit and add to your position over time. One unit is $45.90, and there is no minimum trade size.
What happens to my FCAL units if I pass away?
US-domiciled ETFs held in your own name fall under US estate tax rules. If your US holdings cross $60,000, the amount above that can be taxed at up to 40% when the account passes to your family. A UCITS ETF tracking a similar market sits outside US estate tax. Paasa's US estate tax calculator shows the exposure for a given portfolio value.