# Portfolio overlap — GCAL vs SCACX Comparing **Goldman Sachs Dynamic California Municipal Income ETF** (2026-02-28) and **Western Asset California Municipals Fund** (2026-02-27). - Shared positions: 15 - Goldman Sachs Dynamic California Municipal Income ETF covered by Western Asset California Municipals Fund: 0.04469960170371544327324464672 - Western Asset California Municipals Fund covered by Goldman Sachs Dynamic California Municipal Income ETF: 0.04469960170371544327324464672 ## Goldman Sachs Dynamic California Municipal Income ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Mulitple Capital Projects I, Build America Taxable Bond Series 2 | 0.017073 | | | GUAM WTRWKS AUTH-A | 0.011494 | | | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK NATIONAL CHARTR | 0.010997 | | | UNITED STATES VIRGIN ISLANDS FEDERAL EXCISE TAX 5.0% 10-01-39 | 0.010141 | | | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE | 0.009569 | | | UNIV OF CALIFORNIA CA RGTS MED UNVHGR 05/45 ADJUSTABLE VAR | 0.009500 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.009355 | | | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.009332 | | | RESTRUCTURED-SER A1 | 0.009137 | ✓ | | CA SUOSCD 0 02/01/2031 | 0.008981 | | | Santa Rita Union Elementary School District Sch Facs Improvement Dist No 2022-1 | 0.008493 | | | Chino Community Facilities District | 0.008440 | | | STHERN CA LOGISTICS-A | 0.008430 | | | City of Glendale, Series 2025 | 0.008416 | | | SAN MATEO CA US 5% 9/1/2032 | 0.008373 | | | CA OXNSCD 0 02/01/2031 | 0.008359 | | | CITY & COUNTY SAN FRANCISCO CA INFRASTRUCTURE & REVITALIZATION FING DIST 1 FACS 5.0% 09-01-35 | 0.008324 | | | LOS ANGELES WTR & PWR | 0.008183 | | | TRANSBAY JT PWRS-A | 0.008035 | | | SAN MARCOS SD-B | 0.007980 | | | REDDING JT PWRS -A | 0.007771 | | | CA TXB-VAR PURP | 0.007533 | | | UNIV OF CALIFORNIA CA | 0.007479 | | | CA MUNI FIN AUTH-A | 0.007443 | | | State of California, Series 2007 | 0.007427 | | | California Community Choice Financing Authority, Series F | 0.007354 | | | CALIFORNIA ST HLTH FACS FING A CASMED 08/48 FIXED 4 | 0.007326 | | | SACRAMENTO CNTY CA ARPT SYS REVENUE | 0.007316 | | | RESTRUCTURED-SER A-2 | 0.007290 | ✓ | | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE | 0.007244 | | | CA PCFA WTR FUR 5% 7/1/2029 | 0.007221 | | | PALM DESERT -REF | 0.007124 | | | GUAM PWR AUTH REVENUE GUAM POWER AUTHORITY | 0.007098 | | | CALIFORNIA ST MUNI FIN AUTH RE CALIFORNIA MUNICIPAL FINANCE AUTHORITY | 0.007026 | | | Los Angeles County Public Works Financing Authority, Series 2025, RB | 0.006957 | | | UNIV OF CALIFORNIA CA REVENUES | 0.006956 | | | LOS ANGELES WTR-A-REF | 0.006933 | | | Inglewood Joint Powers Authority, Series 2025 | 0.006889 | | | City of San Jose CA | 0.006870 | | | Municipal Improvement Corp of Los Angeles | 0.006865 | | | Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund | 0.006861 | | | Los Angeles (City of), CA Department of Airports, Series 2018 B, Ref. RB | 0.006691 | | | Glendale (City of), AZ, Series 2025, RB | 0.006661 | | | Territory of Guam, Series 2025G | 0.006620 | | | Sacramento (County of), CA, Series 2018 C, Ref. RB | 0.006592 | | | California Health Facilities Financing Authority | 0.006527 | | | SACRAMENTO-WTR REV | 0.006513 | | | City of Atwater CA Wastewater Revenue | 0.006507 | | | UNITED AIRLINES INC 4.0% 07-15-29 | 0.006502 | ✓ | | American Samoa Economic Development Authority, Series 2025 B | 0.006478 | | ## Western Asset California Municipals Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY (TOBS) | 0.075258 | | | CHANNELSIDE WATER RESOURCES LP 5.0% 11-21-45 | 0.050773 | ✓ | | NRTHRN CA ENRGY | 0.038262 | | | CALIFORNIA COMMUNITY VAR | 0.032705 | | | Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB | 0.029465 | | | STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE | 0.026291 | | | San Diego County Regional Airport Authority, Series B | 0.026163 | | | STATE OF CALIFORNIA 5.0% 11-01-50 | 0.025973 | | | Sacramento Municipal Utility District, Series 2024M | 0.025689 | | | Los Angeles Department of Water & Power, Series 2017C | 0.024628 | | | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 E | 0.024474 | | | California Community Choice Financing Authority, Series A | 0.020195 | | | CALIFORNIA ST MUNI FIN AUTH REVENUE | 0.019642 | ✓ | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C | 0.019641 | | | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/49 FIXED 5 | 0.019049 | | | California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB | 0.018551 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB | 0.018544 | | | CALIFORNIA ST INFRASTRUCTURE ECON DEV BANK REVEN | 0.018501 | | | LA CA AIRPT 5% 5/15/34@ | 0.017067 | | | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 A, Ref. RB | 0.015396 | | | STOCKTON PUBLIC FINANCING AUTHORITY | 0.015325 | | | Southern California Water Replenishment District | 0.015133 | | | California Community Choice Financing Authority, Series B-1 | 0.014898 | ✓ | | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2018 D, RB | 0.014657 | ✓ | | Mountain House Public Financing Authority | 0.014424 | | | GOLDEN ST TOBACCO SECURITIZATI REGD B/E 5.00000000 | 0.013950 | | | Alameda Corridor Transportation Authority, Series 2022C | 0.013787 | | | LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A | 0.013106 | | | TOBACCO SECURITIZATION AUTH ST TOBGEN 06/48 FIXED 5 | 0.012643 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.012117 | | | Port of Los Angeles | 0.011350 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.011235 | | | Port of Los Angeles 5.00% 08/01/2035 | 0.011196 | | | San Mateo Joint Powers Financing Authority | 0.010231 | | | SAN MATEO JT PWRS-A | 0.010059 | | | California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB | 0.010025 | | | Southern California Water Replenishment District | 0.009949 | | | CA ST UNIV REV 4% 11/1/2045 | 0.009712 | | | CLASSICAL ACADEMY OBLIGATED GROUP 5.0% 10-01-52 | 0.009478 | | | California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB | 0.009475 | | | CHF-DAVIS II LLC BAM 4.0% 05-15-46 | 0.009293 | | | CA ST MUNI FIN AUTH-A | 0.008870 | | | CALIFORNIA ST SCH FIN AUTH COL REGD B/E 5.00000000 | 0.008465 | | | Folsom Cordova Unified School District | 0.008139 | | | RIVER ISLANDS PUBLIC FINANCING RVIGEN 09/48 FIXED 5 | 0.008042 | | | RIVER ISLANDS PUBLIC FINANCING RVIGEN 09/53 FIXED OID 5.625 | 0.008025 | | | California (State of) School Finance Authority (KIPP LA), Series 2015 A, RB | 0.007969 | | | California Community Choice Financing Authority, Series 2023 E-1 | 0.007838 | | | San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB | 0.007623 | | | CALIFORNIA ST MUNI FIN AUTH REVENUE | 0.007219 | | ## Sources - N-PORT (fund A) — accession `0000940400-26-015189` (as of 2026-02-28) - N-PORT (fund B) — accession `0000940400-26-014629` (as of 2026-02-27) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _