Rockefeller Opportunistic Municipal Bond ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About RMOP
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks current income exempt from federal income taxand seeks long-term capital appreciation by investing in municipal bonds. Undernormal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in debt securitieswhose interest is, in the opinion of bond counsel for the issuer at the time of issuance and under current tax law, exempt fromfederal income tax (“Municipal Bonds”). Municipal Bonds generally are issued by or on behalf of states and local governmentsand their agencies, authorities and other instrumentalities. TheFund expects to typically invest at least 50% of its total assets in Municipal Bonds that have an investment rating of BBB+/Baa1or lower (which includes high yield or “junk” bonds) by Moody’s Investors Service, Inc. (“Moody’s”),or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, Inc. (“Fitch”),or, if unrated, determined by Rockefeller Asset Management (“RAM”) to be of comparable quality at time of purchase.If ratings services assign different ratings to the same security, RAM will use the highest rating as the credit rating for thatsecurity. The Fund may also invest, without limitation, in higher rated securities. TheFund may invest without limitation in “private activity” bonds whose interest is a tax-preference item for purposesof the federal alternative minimum tax (“AMT”). For shareholders subject to the AMT, distributions derived from “privateactivity” bonds must be included in their AMT calculations, and as such, a portion of the Fund’s distribution maybe subject to federal income tax. TheFund invests in securities across various maturity ranges and can hold both short-term and long-term securities. However, theFund expects to generally focus on longer-term securities to seek higher yields. TheFund may invest in inverse floating rate bonds, commonly referred to as “Inverse Floaters.” TheInverse Floaters in which the Fund may invest are a type of tender option bond issued by a trust. Effectively, the Fund will depositmunicipal securities into a Tender-Option Bond Trust (“TOB Trust”) administered by an unaffiliated third party. TheTOB Trust then issues two types of securities, one a short-term floating rate security with a fixed principal amount that is typicallysold to third parties, such as money market funds. The proceeds from the sale of those floating rate bonds is delivered by theTOB Trust to the Fund in payment of the deposited municipal securities and is a form of borrowing, allowing the Fund to investthose proceeds in other municipal securities. The second type of security issued by the TOB Trust is an Inverse Floating ratesecurity that is also delivered to the Fund (along with the cash received from the sale of the floating rate security) in paymentof the deposited municipal securities. Wheninterest is paid on the underlying municipal bonds which have been deposited into the TOB Trust, such proceeds are first usedto pay interest owing to holders of the short-term floating rate securities, with any remaining amounts (less other fees associatedwith the TOB Trust) being paid to the Fund as the holder of the Inverse Floater. Accordingly, the amount of such interest paidto the Fund is inversely related to the rate of interest on the short-term floating rate securities. Inverse Floaters produceless income when short-term interest rates rise (and, in extreme cases, may pay no income) and more income when short-term interestrates fall. Thus, if short-term interest rates rise after the issuance of the Inverse Floater, any yield advantage to the Fundis reduced and may be eliminated. Asowner of the Inverse Floater, which has a value less than the total value of the underlying municipal bond, the Fund has fullexposure to the underlying bond’s market opportunity and risk, creating a leveraged investment. Accordingly, the Fund bearssubstantially all of the underlying bond’s downside risk, and also benefits disproportionately from any appreciation ofthe underlying bond’s value. Forexample, because the principal amount of the short-term floating rate security is fixed and is not adjusted in response to changesin the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflectedentirely in a change to the value of the Inverse Floater. Upon the occurrence of certain adverse events, a TOB Trust may be collapsedand the underlying municipal bond liquidated, and the Fund could lose the entire amount of its investment in the Inverse Floaterand may, in some cases, be contractually required to pay the negative difference, if any, between the liquidation value of theunderlying municipal bond and the principal amount of the short-term floating rate securities. TheFund may invest in TOB Trusts on either a recourse or non-recourse basis. TOB Trusts are typically supported by a liquidity facilityprovided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows holders of thefloating rate securities to tender their securities in exchange for payment of par plus accrued interest. When the Fund investsin a TOB Trust on a non-recourse basis, and the Liquidity Provider is required to make a payment under the liquidity facility,the Liquidity Provider will typically liquidate all or a portion of the municipal securities held in the TOB Trust and then fundthe balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the “Liquidity Shortfall”). Ifthe Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement agreement with the LiquidityProvider where the Fund is required to reimburse the Liquidity Provider for any Liquidity Shortfall. As a result, if the Fundinvests in a TOB Trust on a recourse basis, the Fund will bear the risk of loss with respect to any Liquidation Shortfall. TheFund has the ability to expose up to 35% of its total assets to the effects of leverage from these investments. Inverse Floatersare considered Municipal Bonds for purposes of the Fund’s 80% policy described above. The Fund’s strategy in usingInverse Floaters is to enhance its tax-exempt income and improve overall returns. See “Additional Information About theFund,” for information about how Inverse Floaters are structured. TheFund may be the initial sponsor of a TOB Trust. The TOB Trust will engage an administrator to provide operational and transactionalsupport, which may give rise to certain additional risks including compliance, securities law and operational risks. TheFund tends to invest heavily in Municipal Bonds with higher issuance volumes. As a result, the Fund may invest significantly in MunicipalBonds of specific projects, including those that finance education, health care, housing, transportation, utilities and other similarprojects, and industrial development bonds. Likewise, the Fund may invest significantly in California, New York, and Puerto Rico MunicipalBonds, reflecting its focus on areas with substantial bond offerings. In addition, the Fund may invest in tobacco settlement bonds, aswell as land-secured or “dirt” bonds, which are issued to support the development and redevelopment of residential, commercial,and industrial areas. TheFund may invest in other types of fixed income instruments, which include bonds, debt securities and other similar instrumentsissued by various U.S. and non-U.S. public- or private-sector entities. The Fund may purchase and sell securities on a when-issued,delayed delivery or forward commitment basis (i.e., securities transactions that involve a commitment by the Fund to purchaseor sell particular securities with payment and delivery taking place at a future date, thereby allowing the Fund to lock in priceor yield at the time of the transaction). The Fund may, without limitation, seek to obtain market exposure to the securities inwhich it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (suchas buy backs or dollar rolls, which are financing transactions involving the sale of a security with an agreement to repurchasea similar security at a later date). Subjectto the Fund’s policy of investing at least 80% of its net asset, plus borrowings for investment purposes, in Municipal Bonds,a portion of the Fund’s net assets may be invested in securities that pay taxable interest, including interest that maybe subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders. RAMmakes decisions to buy and sell securities based on several factors, including: 1. Relative value considerations: Assessing the value of securities compared to others based on expected return relative to risk. Factors that influence these considerations include macroeconomic conditions, credit-related fundamentals, shape of the yield curve, and credit spreads. 2. Market supply and demand: Evaluating the availability and demand for securities in the bond market. 3. Market dislocations: Identifying situations where market prices deviate significantly from their expected values. 4. Situation-specific opportunities: Recognizing unique chances to buy or sell securities based on specific circumstances. For example, if there is a significant downturn in the stock market and investors seek safer investment options, municipal bonds from financially stable municipalities may become more attractive. In that case, RAM might identify this as an opportunity to purchase such bonds at a relatively lower price before their value potentially increases further due to heightened demand. RAM’spurchase and sell decisions may involve: ● Adjusting the Fund’s exposure to macro risks like duration, yield curve positioning, and sector exposure. ● Limiting or reducing the Fund’s exposure to a specific security or issuer. ● Responding to changes in an issuer’s credit quality. ● Meeting the Fund’s general liquidity needs. RAMdoes not prioritize potential capital gains or losses resulting from interest rate changes. Additionally, the frequency of portfolioturnover is not a significant limitation if RAM determines it is otherwise beneficial to buy or sell securities. As a result,the Fund is expected to have a high annual portfolio turnover rate over certain time periods. For example, the Fund may have higherportfolio turnover during periods of rising interest rates and/or widening credit spreads that potentially allow for investmentin higher yielding securities and tax loss harvesting. TheFund is classified as “non-diversified” under the 1940 Act.
RMOP News
Data for RMOP is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.