Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Rockefeller California Municipal Bond ETF
$22.52−0.05 (−0.22%)
- 0.55%
- $18M
- −3.4%
- 4.71%
- 0M sh
- $22.56
- low $22.35high $24.61
The ETF.net RMCA Grade
C
Score 42 out of 100
- 53 of 63
Score 42 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.F7 out of 100Rank 58 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A96 out of 100Rank 16 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C42 out of 100Rank 44 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C42 out of 100Rank 39 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D35 out of 100Rank 54 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F13 out of 100Rank 61 of 63
Our read on RMCA
CMost muni ETFs buy the whole country. RMCA buys California, actively, going after income exempt from both federal and California state tax. A boutique single-state take from the Rockefeller name, launched in 2024.
The Fund seeks tax-exempt income at both the U.S. federal and California state levels through investments in California municipal bonds.
Why people hold it
- Single-state by design: California municipal bonds, targeting income exempt from both federal and California state income tax.finance.yahoo.com
- Actively managed, not an index clone: at least 80% of net assets go into bonds whose interest is exempt from federal and California state tax.finance.yahoo.com
- Income arrives monthly rather than quarterly.
- What it holds matches what it advertises: the portfolio stays inside the California muni brief in its prospectus.
Worth knowing
- 0.55% a year against a 0.30% median for muni bond ETFs, and national index funds like VTEB and MUB charge a few basis points.
- A small fund that trades lightly, so bid-ask spreads can run wider than at the category's giants.
- Non-diversified and tied to one state, so California budget and credit news moves it more than a 50-state portfolio would.finance.yahoo.com
RMCA Holdings
- Bonds
- 89
- 24%
- California Municipal Finance Authority 5.5% 07/01/2060
RMCA 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.
RMCA$9,659
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 | RMCA |
|---|---|
| Year to date | −3.8% |
| 1 month | −3.1% |
| 3 months | −6.6% |
| 1 year | −3.4% |
| 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 | RMCA |
|---|---|---|
| 2026 YTD | −3.8% | |
| 2025 | +2.3% | |
| 2024 | −0.1% |
RMCA in the news
RMCA Dividends
- 4.71%
- $1.06
- $0.08 per share
- Monthly
Distribution history
RMCA Risk
- 5.8%
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.
- −0.81
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.
- −7.7%
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.
- 0.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
RMCA Cost
0.55%
RMCA0.55%
- The middle half of Other Municipal Bond funds
- Median 0.30%
57 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CRJMIRJ Eagle Municipal Income ETFExpense ratio 0.41%1 year return −2.0%
- CMINNMairs & Power Minnesota Municipal Bond ETFExpense ratio 0.25%1 year return −4.2%
- DLTAXNomura Tax-Free USA ETFExpense ratio 0.39%1 year return —
- DRMNYRockefeller New York Municipal Bond ETFExpense ratio 0.55%1 year return −2.5%
- DMBNDState Street Nuveen Municipal Bond ETFExpense ratio 0.40%1 year return −2.7%