ETF Evaluator:
RJ Eagle Municipal Income ETF ()
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(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
RJ Eagle Municipal Income ETF Overview
RJ Eagle Municipal Income ETF (RJMI) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Raymond James launched the ETF in 2025.
The investment seeks current income that is exempt from federal income taxes, with capital appreciation as a secondary investment objective.
The fund is an actively managed exchange-traded fund. The fund invests, under normal circumstances, at least 80% of its net assets, including any borrowings for investment purposes, in municipal securities that pay interest that is exempt from regular federal income tax. Municipal securities generally are issued by or on behalf of states and local governments and their agencies, authorities, and other instrumentalities.
About RJ Eagle Municipal Income ETF (RJMI)
There are 3 members of the management team with an average tenure of 0.64 years: Burt Mulford (2025), Eric Kreiger (2026) and James Camp (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. RJ Eagle Municipal Income ETF has 118 securities in its portfolio. The top 10 holdings constitute 19.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
RJ Eagle Municipal Income ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. RJ Eagle Municipal Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.7% (98.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). RJ Eagle Municipal Income ETF has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $37 million in total assets, which is below the $2 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RJMI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RJ Eagle Municipal Income ETF expense ratio is average compared to funds in the Muni National Interm category. RJ Eagle Municipal Income ETF has an expense ratio of 0.41%, which is 45% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RJ Eagle Municipal Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, RJ Eagle Municipal Income ETF returned -2.3%, which earned it a grade of F, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
RJ Eagle Municipal Income ETF has a trailing yield of 0.00%, which is below the 3.53% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RJ Eagle Municipal Income ETF Grades
Year to date, the ETF has returned -0.1%, 0.4 percentage points worse than the category, which translates into a grade of F.
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RJMI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RJMI Return (NAV) | -2.3% | -1.0% | na | na | na | na |
| RJMI Return (Price) | -2.5% | -1.1% | na | na | na | na |
| NAV +/- Price Return | 0.250% | 0.128% | na | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| RJMI Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -0.7% | -0.5% | na | na | na | na |
| RJMI Tax-Cost Ratio | na | na | na | na | na | na |
RJMI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RJMI Return (NAV) | -0.1% | na | na | na | na | na | na | na | na | na | na |
| RJMI Return (Price) | -0.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 1.895% | na | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| RJMI Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.4% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 38 Mil |
| Share Class Assets: | $ 38 Mil |
| Turnover: | na |
| Expense Ratio: | 0.41% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Mulford Burt (2025), Camp James (2025), Kreiger Eric (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 118 |
| % in Top 10 Holdings: | 19.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.6% |
| Cash: | 1.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Raymond James |
| Phone Number: | 800-421-4184 |
| Website: | www.eagleasset.com |
| Inception Date: | October 1, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.41% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.28% |
