The folks at a $15.2-billion-AUM (as of June 30), institutional asset manager in Gotham are teaming up to enter the exchange-traded fund space.

Yesterday, Alex Petrone, director of fixed income at Rockefeller Capital Management's Rockefeller Asset Management arm, and Scott Cottier, managing director and portfolio manager at RAM, unveiled the launch of RAM's first three ETFs: the Rockefeller California Municipal Bond ETF (RMCA on the NYSE Arca, Inc.); the Rockefeller New York Municipal Bond ETF (RMNY); and the Rockefeller Opportunistic Municipal Bond ETF (RMOP). RAM sponsors and subadvises all three new ETFs, while Tidal Investments LLC [profile] serves as investment advisor.

RMOP, RMNY, and RMCA's inception date was Monday (August 12), and they are all actively managed series of Tidal Trust III. As of yesterday, each of the new funds had $2.5 million in AUM, and they come with an expense ratio of 55 basis points.

The three new muni bond ETFs all have the same three PMs: Michael Camarella, senior vice president at RAM; Mark Demitry, SVP at RAM; and Cottier. The triple launch comes after the PM trio joined RAM earlier this year after leaving Invesco. Petrone lauds the "deeply tenured team that has managed strategies through many market cycles with a yield-driven total return approach seeking to capitalize on inefficiencies in the municipal market."

"We believe higher yielding municipal bond represent a compelling asset class with tax-efficient yields and income as well as historically low correlations versus equities," Petrone states. "We are thrilled to expand our capabilities."

Cottier calls high yield muni bonds "an essential component of a diversified investment portfolio for high taxpayers."

"We are excited to leverage our collective experience and capabilities to identify opportunities across the credit and duration spectrum as we seek to deliver alpha through these actively managed strategies," Cottier states.

RMCA, RMNY, and RMOP's other service providers include: Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; Sullivan & Worcester LLP as counsel; Tidal ETF Services LLC as administrator; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, sub-administrator, and transfer agent; and U.S. Bank National Association as custodian. 

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