Skip to content
etf.net

RJMI

GradeCNew York Stock Exchange Arca

RJ Eagle Municipal Income ETF

Municipal Bond · Raymond James · Inception 2025-10-02 · SEC filings

$24.23−0.21 (−0.88%)

As of Sep 23, 2026, 1:55 PM EDT

History starts Oct 2, 2025.History starts Oct 2, 2025.
Intraday session: down, 4 prints from 24.45 to 24.23. Range 24.23 to 24.47. Use the arrow keys to read each point.$24.30$24.35$24.40$24.4510 AM12 PM2 PM4 PM
Expense ratio
0.41%
Fund size
$37M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
115
Volume · 30D
0M sh
NAV per share
$24.43
52W range
low $24.39high $26.09

The ETF.net RJMI Grade

C

46/ 100

Rank 51 of 63 in Other Municipal Bond⁠

Confidence High

Six-pillar profile for RJMI. Scores out of 100: Cost 15, Risk 68, Mission 92, Tradability 20, Holdings 58, Durability 11. Strongest: Mission (92). Weakest: Durability (11). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 15
    Category rank54/63 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 92
    Category rank15/57 · top 26%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 68
    Category rank6/62 · top 10%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 20
    Category rank54/63 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 58
    Category rank31/63 · top 49%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 11
    Category rank62/63 · bottom quartile

Graded as of Sep 22, 2026

Our read on RJMI

ETF.net Research

CA 2025 debut from Raymond James: a national muni bond ETF built bond by bond, aimed at income exempt from federal tax. The trade-off is price, in a corner of the market where the index giants charge three basis points.

Stated mandate

The fund seeks to invest at least 80% of its assets in a diversified portfolio of debt securities whose interest is exempt from federal income tax, as determined by issuer bond counsel.

Why people hold it

  1. 01Explicit mandate: at least 80% of assets in bonds whose interest is exempt from federal income tax, as determined by issuer bond counsel. The portfolio has stuck closely to that label.
  2. 02Diversified and national by design, not a single-state sleeve like NYF, so the tax-exempt exposure spreads across many issuers.
  3. 03No benchmark to clone. It doesn't share a declared index with the category's big trackers, so the manager picks bonds rather than replicate a list.

Worth knowing

  1. 010.41% a year sits above the typical muni ETF and many times the 0.03% at VTEB and SCMB. In a low-coupon category, fees take a visible bite out of tax-free income.
  2. 02It opened in October 2025 with a small asset base and light trading, so bid-ask spreads can run wider than at the category's household names.
  3. 03Payouts have arrived irregularly rather than on the fixed monthly rhythm many muni funds keep.

RJMI Holdings

As of Sep 20, 2026, 9:12 AM
Asset class
Bonds
Holdings
115
Top-10 weight
19%
Largest holding
Texas Municipal Gas Acquisition & Supply Corp IV 5.5% 01/01/20542.6%
The fund’s holdings, weight-ordered — page 1 of 8.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Texas Municipal Gas Acquisition & Supply Corp IV 5.5% 01/01/20542.58%900,000$946K6
002—Kentucky Municipal Energy Agency 5% 01/01/20372.03%710,000$744K1
003—New York City Transitional Finance Authority Future Tax Secured Revenue 5% 05/01/20442.00%725,000$732K6
004—County of Broward FL Port Facilities Revenue 4% 09/01/20441.88%795,000$690K2
005—Godwin Heights Public Schools 5% 05/01/20421.87%680,000$685K1
006—Rensselaer County Capital Resource Corp 5.25% 04/01/20451.83%650,000$670K2
007—U.S. Bank Money Market Deposit Account 06/01/20311.79%657,639$658K100
008—Buckeye Tobacco Settlement Financing Authority 5% 06/01/20361.71%605,000$625K3
009—City of Salt Lake City UT Airport Revenue 5% 07/01/20311.68%605,000$616K2
010—Southeast Energy Authority A Cooperative District 5.25% 11/01/20551.67%590,000$613K6
011—County of Cuyahoga OH 5% 01/01/20411.65%600,000$605K1
012—City of Houston TX Airport System Revenue 5% 07/01/20301.63%585,000$597K1
013—Arlington Higher Education Finance Corp 5% 12/01/20321.60%550,000$588K1
014—City of Westfield MA 4% 05/01/20431.58%640,000$580K1
015—Ohio Higher Educational Facility Commission 4% 07/01/20391.57%620,000$575K1

Showing 1–15 of 114 holdings

RJMI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

RJMI$9,771
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. RJMI $9,771. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for RJMI. Periods over one year show the average yearly return.
PeriodRJMI
Year to date−2.3%
1 month−2.4%
3 months−4.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RJMI
YearReturn barRJMI
2026 YTD−2.3%
2025+2.8%

Since listing, Oct 2, 2025

RJMI in the news

ETF.net Research hasn’t filed on RJMI yet — coverage lands here as it’s written.

RJMI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.07 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 11 payments from 2025 to 2026 YTD. Oct 31, 2025 $0.04; Nov 28, 2025 $0.05; Dec 31, 2025 $0.06; Jan 30, 2026 $0.06; Feb 27, 2026 $0.06; Mar 31, 2026 $0.08; Apr 30, 2026 $0.07; May 29, 2026 $0.07; Jun 30, 2026 $0.07; Jul 31, 2026 $0.08; Aug 31, 2026 $0.07. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 31, 2026Sep 1, 2026$0.07
Jul 31, 2026Aug 3, 2026$0.08
Jun 30, 2026Jul 1, 2026$0.07
May 29, 2026Jun 1, 2026$0.07
Apr 30, 2026May 1, 2026$0.07
Mar 31, 2026Apr 1, 2026$0.08
Feb 27, 2026Mar 2, 2026$0.06
Jan 30, 2026Feb 2, 2026$0.06
Dec 31, 2025Jan 2, 2026$0.06
Nov 28, 2025Dec 1, 2025$0.05
Oct 31, 2025Nov 3, 2025$0.04

RJMI Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Oct 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Oct 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Oct 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.14
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

RJMI Cost

Expense ratio0.41%
  • The middle half of Other Municipal Bond funds
  • Median 0.30%

53 of the 62 Other Municipal Bond funds charge less.

RJMI costs $41.00 a year on $10,000. The median Other Municipal Bond fund costs $30.00.