Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
RJ Eagle Municipal Income ETF
$24.12+0.10 (+0.42%)
- 0.41%
- $37M
- −2.0%
- 0M sh
- $23.97
- low $23.77high $26.09
The ETF.net RJMI Grade
C
Score 49 out of 100
- 51 of 63
Score 49 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F19 out of 100Rank 51 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A97 out of 100Rank 11 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C52 out of 100Rank 27 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D32 out of 100Rank 48 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B62 out of 100Rank 27 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F11 out of 100Rank 62 of 63
Our read on RJMI
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.
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
- Explicit 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.
- Diversified and national by design, not a single-state sleeve like NYF, so the tax-exempt exposure spreads across many issuers.
- No 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
- 0.41% 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.
- It 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.
- Payouts have arrived irregularly rather than on the fixed monthly rhythm many muni funds keep.
RJMI Holdings
- Bonds
- 117
- 18%
- Texas Municipal Gas Acquisition & Supply Corp IV 5.5% 01/01/2054
RJMI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
RJMI$9,801
Returns run to the Oct 12, 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.
| Period | RJMI |
|---|---|
| Year to date | −3.7% |
| 1 month | −1.8% |
| 3 months | −5.4% |
| 1 year | −2.0% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | RJMI |
|---|---|---|
| 2026 YTD | −3.7% | |
| 2025 | +2.8% |
RJMI in the news
RJMI Dividends
- $0.08 per share
- Monthly
Distribution data unavailable.
Distribution history
RJMI Risk
- —
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.
- —
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.
- −7.1%
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.
- 0.14
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
0.41%
RJMI0.41%
- The middle half of Other Municipal Bond funds
- Median 0.30%
50 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CMMMANYLI MacKay Muni Allocation ETFExpense ratio 0.40%1 year return —
- CSCNMSterling Capital National Municipal Bond ETFExpense ratio 0.35%1 year return —
- CMINNMairs & Power Minnesota Municipal Bond ETFExpense ratio 0.25%1 year return −4.2%
- CRMCARockefeller California Municipal Bond ETFExpense ratio 0.55%1 year return −3.4%
- DLTAXNomura Tax-Free USA ETFExpense ratio 0.39%1 year return —