Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Rockefeller Opportunistic Municipal Bond ETF
$23.54+0.20 (+0.86%)
- 0.80%
- $473M
- −1.9%
- 5.57%
- 0.1M sh
- $23.32
- low $23.13high $25.61
The ETF.net RMOP Grade
C
Score 52 out of 100
- 47 of 63
Score 52 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.F5 out of 100Rank 60 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.B57 out of 100Rank 19 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B67 out of 100Rank 17 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B60 out of 100Rank 29 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C48 out of 100Rank 41 of 63
Our read on RMOP
CA boutique wealth manager's swing at munis: the mandate chases federally tax-free income and long-term price appreciation, not just coupons. You pay 0.55% a year for that discretion in a category where the index giants charge three basis points.
The Fund seeks current income exempt from federal income tax and long-term capital appreciation.
Why people hold it
- Two-sided mandate. It seeks income exempt from federal income tax plus long-term capital appreciation, so the manager can hunt price gains, not just clip coupons.
- Income lands monthly rather than quarterly, a cadence that lines up with how most household budgets actually run.
- Plain 1940 Act fund wrapper. A 1099 at tax time, no K-1, no partnership paperwork bolted onto a bond position.
Worth knowing
- Cost is the trade-off: 0.55% a year against a 0.30% muni-cohort median, while index heavyweights VTEB and SCMB run at 0.03%. Discretion carries a price tag.
- It opened in 2024, so the record is short. The opportunistic approach hasn't yet been tested across a full stretch of muni market weather.
- Smaller and only moderately traded next to the category's index behemoths, so bid-ask spreads are worth a look at the point of trade.
RMOP Holdings
- Bonds
- 361
- 20%
- Medical University Hospital Authority 5.25% 11/15/2054
RMOP 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.
RMOP$9,811
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 | RMOP |
|---|---|
| Year to date | −3.1% |
| 1 month | −3.6% |
| 3 months | −7.2% |
| 1 year | −1.9% |
| 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 | RMOP |
|---|---|---|
| 2026 YTD | −3.1% | |
| 2025 | +3.9% | |
| 2024 | +2.6% |
RMOP in the news
RMOP Dividends
- 5.57%
- $1.30
- $0.10 per share
- Monthly
Distribution history
RMOP Risk
- 6.6%
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.
- −0.41
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.
- −8.1%
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.
- 0.21
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
RMOP Cost
0.80%
RMOP0.80%
- The middle half of Other Municipal Bond funds
- Median 0.30%
59 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CTAXMBondBloxx IR+M Tax-Aware ETF for Massachusetts ResidentsExpense ratio 0.35%1 year return −2.7%
- CFTOHPutnam ETF Trust - Franklin Ohio Municipal Income ETFExpense ratio 0.36%1 year return —
- CMMMANYLI MacKay Muni Allocation ETFExpense ratio 0.40%1 year return —
- CSCNMSterling Capital National Municipal Bond ETFExpense ratio 0.35%1 year return —
- CRJMIRJ Eagle Municipal Income ETFExpense ratio 0.41%1 year return −2.0%