The folks at a four-year-old, fixed income ETF shop in the Bay Area and a $115-billion-AUM institutional asset manager in the Bay State again.

This morning, Tony Kelly, co-founder of BondBloxx [profile], and Erinn King, chief strategy officer and co-head of the client team at Income Research + Management (IR+M), unveiled the launch of the BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM on the NYSE Arca) and the BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI). The two firms also filed to launch the BondBloxx IR+M Tax-Aware ETF for California Residents (TAXC) and the BondBloxx IR+M Tax-Aware ETF for New York Residents (TAXN). Larkspur, California-based BondBloxx Investment Management Corporation will serve as investment advisor to all four ETFs, and Boston-based IR+M will serve as subadvisor.

TXXI and TAXM's inception date is today, and the ETFs debuted with about $5 million in AUM each. TAXM, TXXI, TAXC, and TAXN will each come the same expense ratio: 35 basis points.

The two new ETFs and the two planned ETFs will all use the same, nine-person PM team from IR+M. That team includes: Rachel Campbell, director of securitized research; Jim Gubitosi, co-chief investment officer; Allysen Mattison, director of investment research; Bill O'Neill, senior portfolio manager; Jake Remley, senior PM; Elya Schwartzman, fixed income PM; Mike Sheldon deputy CIO; and Matt Walker, senior PM.

Today's dual launch comes a year after the BondBloxx and IR+M folks first teamed up on another "tax-aware" ETF, TAXX. That fund has since grown to $153 million in AUM.

Kelly notes that TXXI "is positioned to become a key component of the intermediate sleeve of a core bond portfolio." And King shares the IR+M team's "great pride in being the first to market with an ETF designed specifically for Massachusetts residents."

"We are thrilled to grow our partnership with the BondBloxx team as together we expand our suite of tax-aware ETFs," King states.

TXXI, TAXM, TAXC, and TAXN will each be actively managed series of the BondBloxx ETF Trust. Their other service providers will include: Brown Brothers Harriman & Co. (BBH) as administrator, custodian, dividend disbursing agent, and transfer agent; Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; and Ropes & Gray LLP as counsel. 

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