Franklin California Municipal Income ETF(AMEX:FTCA)

FTCA aims to provide safety of principal and maximize total return, after accounting for federal and state taxes for California residents. The fund invests in municipal securities exempt from California state income tax, with maturities of three years or longer. The fund primarily holds investment-grade bonds, but up to 25% of assets may be in junk bonds. Interest from its holdings is generally exempt from federal and California state personal income tax, though some may be subject to the alternative minimum tax (AMT). The ETF was launched through the conversion of a mutual fund, Putnam California Tax Exempt Income Fund, bringing $82.7 million in assets.