Group 1 - The iShares National Muni Bond ETF (NYSEARCA: MUB) is the second largest fund in the municipal bond category, with approximately $39 billion in assets [1] - Nearly 100% of the portfolio in the iShares National Muni Bond ETF is investment-grade, indicating a high level of credit quality [1] - The fund offers broad exposure to the municipal bond market in the United States, making it a diversified investment option [1]

Core Insights - Rockefeller Asset Management celebrates the one-year anniversary of its municipal bond ETFs, highlighting strong performance and growth [1][2][3] Performance Summary - The Rockefeller Opportunistic Municipal Bond ETF (RMOP) outperformed its benchmark by 151 basis points, returning 0.93% since its inception on August 12, 2024, while the benchmark returned -0.58% [2][5] - As of August 31, 2025, RMOP has $195 million in assets under management [3] Management Strategy - The ETFs are actively managed, focusing on high-yield and high-grade segments of the municipal bond market to deliver risk-adjusted returns [2][3] - The management team includes experienced portfolio managers who previously managed over $25 billion in assets at Invesco [3][4] Investor Appeal - The strategies are designed to attract long-term investors seeking high tax-efficient income and differentiated municipal exposure [4] - The firm emphasizes a disciplined approach to credit selection and active management to navigate market conditions [4] Future Developments - Rockefeller Asset Management plans to expand its municipal capabilities, including the launch of the Rockefeller Municipal Opportunities Interval Fund (RKMIX) in December 2024 [4]

Core Viewpoint - Municipal bonds have shown limited performance this year, contrasting with the overall positive trend in aggregate bond indexes, suggesting a potential opportunity for investors to revisit this market segment [1][2]. Group 1: Market Performance - The ICE AMT-Free US National Municipal Index indicates that municipal bonds have not performed significantly this year, despite other bond indexes trading higher [1]. - The ALPS Intermediate Municipal Bond ETF (MNBD) is highlighted as a potential investment opportunity, particularly due to its active management approach, which allows for quicker responses to market changes [2][3]. Group 2: Investment Opportunities - There are several tailwinds that could enhance the performance of MNBD, including the potential for multiple interest rate cuts by the Federal Reserve and an anticipated increase in demand for municipal debt [4]. - Goldman Sachs Asset Management (GSAM) anticipates increased demand for municipal bond investment vehicles as investors look to reinvest new capital and take advantage of cheaper valuations in the market [5]. Group 3: Market Fundamentals - Despite challenges such as a significant increase in new issuances not being met with strong demand, the fundamentals of municipal bonds remain attractive, with resilient credit quality and historically high rainy day fund balances [6][7]. - GSAM notes that the foundational elements of the municipal bond market are favorable, with compelling yields and robust credit fundamentals, suggesting a positive outlook for the second half of the year [8].