Rockefeller California Municipal Bond ETF
RMCA
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- Rockefeller California Municipal Bond ETF (RMCA) is an actively managed exchange-traded fund that seeks current income exempt from U.S. federal and California state income taxes, plus long-term capital appreciation, through investments primarily in California municipal bonds issued by or on behalf of the State of California and its political subdivisions, financing authorities, and agencies. The fund employs a value-oriented, credit-intensive process featuring relative value bottom-up fundamental credit analysis to capitalize on municipal market inefficiencies and deliver high levels of tax-free income and yield-driven total returns across market cycles; under normal circumstances, it invests at least 80% of its net assets, plus borrowings for investment purposes, in such debt securities, including a mix across investment-grade and high-yield categories (typically rated BB+/Ba1 or lower by S&P/Fitch or Moody's, respectively), with varying maturities, a weighted average maturity of approximately 22.7 years, an option-adjusted duration of 10.2 years, and exposure to sectors such as airports, school districts, hospitals, state general obligations, and others; as of late 2025, the fund holds around 51-74 positions, with top holdings including Silicon Valley TOB Securitization Authority California TOB Settlement Revenue and San Francisco City & County Airports Commission International Airport Revenue bonds, and it distributes income monthly with a 30-day SEC yield of approximately 3.25% (tax-equivalent yield of 5.49% at a 40.8% tax rate) and an expense ratio of 0.55%. Launched on August 12, 2024, and domiciled in the United States, RMCA trades on NYSE Arca and is issued by Tidal Trust III, with investment advisory and portfolio management provided by Rockefeller Asset Management, a division of Rockefeller Capital Management L.P. headquartered in New York; the fund is co-managed by an experienced team including Scott Cottier (Managing Director), Mark DeMitry (Senior Vice President), and Michael Camarella (Senior Vice President), all CFA charterholders who previously oversaw over $25 billion in assets at Income Research + Management before joining Rockefeller in 2023. In recent developments marking the one-year anniversary of Rockefeller Asset Management's initial municipal bond ETF launches in 2024, the firm expanded its municipal capabilities with the December 2024 introduction of the Rockefeller Municipal Opportunities ETF (RMOP), alongside siblings RMCA and Rockefeller New York Municipal Bond ETF (RMNY), all launched simultaneously on August 13, 2024, to offer targeted tax-exempt income strategies for high-tax investors; these ETFs, which manage collective assets exceeding $195 million for RMOP alone as of August 31, 2025, underscore Rockefeller's strategic push into active fixed-income ETFs amid municipal market challenges, leveraging the team's bottom-up credit selection for relative value and outperformance.