MUB vs RJMI

MUBAiShares National Muni Bond ETF

RJMICRJ Eagle Municipal Income ETF

In short

MUB Municipal bonds, indexed and cheap. Since 2007, MUB has packaged investment-grade national munis into tax-exempt monthly income for five basis points a year, and it sits among the deepest pools in the muni-ETF aisle.

RJMI A 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

MUB The fund seeks to track an index of investment-grade U.S. municipal bonds, providing diversified exposure to the national municipal-bond market and tax-exempt income.

RJMI 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

• MUB 0.05% a year against a muni-ETF median near 0.30%. In a category built on modest, tax-exempt yields, that fee gap is real money left in the fund.
• The benchmark is AMT-free: the ICE AMT-Free US National Municipal Index screens out munis whose interest can be pulled into the alternative minimum tax.ishares.com
• Tracks its index closely, one of the tighter jobs in its peer group, and distributes monthly. A multi-billion-dollar fund that trades actively.
• Broad investment-grade exposure across the national muni market, spread over thousands of issuers rather than one state's budget.ishares.com

• RJMI 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

• MUB Two rivals undercut it: VTEB and SCMB both run 0.03%. A two-basis-point gap is small, but it is a gap.
• A bond fund with no maturity date to hold to. Share prices move with interest rates and muni credit conditions, both directions.
• National by design, so no single-state tilt and no in-state tax angle. iShares runs state-specific muni funds such as NYF for that job.

• RJMI 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.

Full MUB profile⁠

Full RJMI profile⁠