RMOP vs SCMB

RMOPCRockefeller Opportunistic Municipal Bond ETF

SCMBASchwab Municipal Bond ETF

In short

RMOP Not an index tracker: RMOP is an actively run muni portfolio that leans into the high-yield end of the market, hunting mispriced bonds for monthly federally tax-exempt income. The fee is 0.80%.

SCMB Schwab's take on the core muni sleeve: three basis points, thousands of AMT-free bonds from across the country, and a monthly distribution. Bottom-of-the-table pricing, no frills attached.

Stated mandate

RMOP The Fund seeks current income exempt from federal income tax and long-term capital appreciation.

SCMB The fund seeks to track, before fees and expenses, the total return of an index representing the U.S. AMT-free municipal bond market.

Why people hold it

• RMOP Run by three managers who came over from Invesco together in 2024 after two decades investing side by side, covering both high-yield and high-grade munis in one mandate.rockco.com
• Tax-exempt by design: at least 80% of net assets go to bonds whose interest is exempt from federal income tax, and the portfolio has stayed tight to that stated mandate.yahoo.com
• Income arrives monthly, not quarterly, and the fund trades with moderate volume for an actively managed muni product.

• SCMB Three basis points a year, against a 0.30% median for muni bond funds. Among the top-graded names in the category, only Vanguard's VTEB matches that fee.
• Follows the ICE AMT-Free Core U.S. National Municipal Index across thousands of bonds and issuers, so no single borrower or state drives the portfolio.
• Plain passive plumbing done well: it stays close to its index, trades actively, and pays monthly. One of the stronger implementations in the muni aisle.

Worth knowing

• RMOP The 0.80% fee sits above the muni category median, and far above broad index options like VTEB at 0.03% and MUB at 0.05%. Security selection has to carry that gap.
• Non-diversified, with a benchmark blended 60% toward high-yield munis. Single positions can run large and lower-rated munis trade thinly, so swings run hotter than a broad index.yahoo.comrockco.com
• Launched in August 2024, so the track record is short and covers only one stretch of the rate cycle.

• SCMB Launched in 2022, so its live record is shorter than muni staples like MUB and VTEB, even though the strategy is the same broad-market idea.
• Bond math still applies. This is a portfolio of municipal bonds, so share prices move opposite to interest rates.
• National in scope, not single-state like NYF, so it is not built around any one state's tax rules.

Full RMOP profile⁠

Full SCMB profile⁠