Rockefeller New York Municipal Bond ETF (RMNY US) – Portfolio Construction Methodology

The investment strategy guiding the actively managed Rockefeller New York Municipal Bond ETF seeks tax-exempt income by concentrating in New York municipal securities issued by the state, its agencies, authorities, and political subdivisions. The team applies bottom-up, relative-value credit research to revenue and general-obligation bonds across sectors such as transportation, water/sewer, education, housing, and healthcare, emphasizing issue structure, security, and covenants alongside cash-flow durability. Eligibility centers on bonds whose interest is exempt from U.S. federal and New York state income taxes; the fund may also purchase private-activity issues subject to AMT and selectively own below-investment-grade paper when compensated for risk. Portfolio construction is active and non-diversified, with position sizing linked to liquidity, credit quality, spread compensation, and issuer/event risk. The managers may employ tender-option-bond inverse floaters to enhance tax-exempt income, introducing structural leverage. Rebalancing and trims occur opportunistically around new-issue supply, relative-value shifts, and idiosyncratic credit developments.

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