It is an actively managed bond ETF that freely adjusts credit quality, maturity and geography in the US municipal bond market, actively selecting undervalued municipal bonds. It seeks interest income that is exempt from federal tax.

It suits investors who want to add active management to municipal bonds in pursuit of tax-advantaged returns, while understanding the risks that come with active management.

It is an ETF run by Rockefeller using an active (actively managed) approach.

The fund freely adjusts credit quality, maturity and geography in the US municipal bond market, actively selecting undervalued municipal bonds. Not bound by a benchmark, it looks for opportunities and uses not only investment-grade bonds but also some high-yield municipal bonds, taking an active approach that pursues tax-advantaged interest income exempt from federal tax.

• Active management that uncovers opportunities in municipal bonds
• A combination of federal tax exemption and active selection

Assets under management (AUM) stand at $499.8M, and the expense ratio is 0.80% per year.

Compared with the passive national municipal bond ETFs MUB and VTEB, the main points of comparison are its active management and opportunistic approach.

Municipal bond ETFs are driven by the direction of interest rates. Prices are generally pressured when rates rise and tend to be strong when rates fall. Because of its active structure, the fund has room to adjust credit quality and maturity in response to market conditions, but credit risk can increase depending on the share of high-yield municipal bonds.

Fund flows into municipal bonds diverge depending on demand for tax benefits and the interest rate cycle, and money sometimes moves into related products when interest in active tax-advantaged management rises. It is also worth noting that performance varies with the interest rate and credit environment.

Federal tax savings and active opportunity capture are its strengths, while credit risk, interest rate risk and active management fees are considerations.

For simpler national municipal bond exposure, direct substitutes include TFI, which covers broad municipal bonds, and for shorter maturities, products such as SUB, which focuses on short-term municipal bonds, are also worth comparing. To focus on high-yield municipal bonds, products like HYD can also be considered. The three products shown in the table, MUB, VTEB and JMUB, differ in how they capture opportunities, using passive and active municipal bond strategies respectively. This ETF is differentiated by its active management that finds opportunities in the municipal bond market.

Here are the points to review before investing in RMOP. Tax savings and active opportunity capture are appealing, but credit risk, interest rate risk and management fees need to be checked in advance. It is also a good idea to compare it with passive municipal bond products.

Rising interest rates and credit risk tied to the share of high-yield municipal bonds are the main variables for short-term performance, and if active management calls go wrong, the fund could lag passive municipal bonds. The tax benefit also varies depending on whether the investor's home state applies state tax.

It is a suitable candidate for investors who want to add active management to municipal bonds in pursuit of tax-advantaged returns. If cost and simple passive exposure are the priority, products such as MUB and VTEB are options, while if active opportunity capture matters more, it makes sense to compare this fund alongside them before choosing.