FT83 California Municipal Income Closed-End ETF is a unit investment trust designed to provide monthly income that is largely exempt from federal, California state, and, in some cases, local income taxes. The portfolio achieves this by investing in a carefully selected mix of closed-end funds and exchange-traded funds, all of which primarily hold municipal bonds issued within California. These underlying funds target different tiers of municipal debt, including high-quality and alternative minimum tax-free options, providing broad diversification across issuers and maturities. This structure enables the fund to capture various segments of the California municipal bond market, making it a strategic tool for those seeking tax-efficient income. The ETF’s distributions are structured to be largely tax-exempt, though some income may still be taxable depending on the specifics of the underlying holdings. As part of a regulated investment company framework, it offers systematic monthly distributions and operates with a defined life cycle, aligning with the targeted nature of unit investment trusts in the municipal bond space. FT83 California Municipal Income Closed-End ETF plays a specialized role in the fixed-income market, especially for investors with a focus on California tax-advantaged income.
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