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Raymond James Investment Management Launches Active ETFs

10.02.25 // Markets and Investing // Article

October 2, 2025

PRESS RELEASE

Raymond James Investment Management Launches Initial Suite of Active ETFs

St. Petersburg, FL — Raymond James Investment Management, a global asset management company with $114.7 billion in assets and a wholly-owned subsidiary of Raymond James, has announced the launch of three exchange-traded funds (ETFs).

The initial suite of products from Raymond James Investment Management, which are available for trading on the New York Stock Exchange starting today, are designed to offer advisors and investors access to high-demand, income-oriented strategies from Eagle Asset Management (Eagle) through the transparent, tax-efficient and accessible ETF structure. The three ETFs are actively managed by investment teams at Eagle, a boutique manager of Raymond James Investment Management.

“We are excited to introduce our initial, focused set of products to investors and financial advisors who are keen to access Eagle’s flagship income-focused investment capabilities through an ETF vehicle,” said Matt Johnson, Head of Product and Marketing for Raymond James Investment Management. “In keeping with our central advisor-first approach, we carefully considered advisors’ key priorities to build products closely aligned with their needs. These listings represent the foundation for a growing, tailored ETF platform that will complement Raymond James Investment Management’s existing family of mutual funds, separately managed accounts, CITs, UCITS, and institutional mandates.”

This initial suite, which provides three distinct approaches to income and capital appreciation, is comprised of:

  • RJ Eagle Vertical Income ETF (Ticker: RJVI): A modern take on fixed income, RJVI is an actively managed, core fixed income alternative that seeks to deliver diversified income and long-term capital appreciation through a flexible, multi-asset approach. It primarily allocates to investment-grade fixed income enhanced by preferred equity and dividend-paying equity securities. RJVI is managed by James Camp, CFA, Managing Director of Fixed Income and Strategic Income at Eagle, and Portfolio Co-Managers Brad Erwin, CFA, and John Lagowski, CFA.

  • RJ Eagle GCM Dividend Select Income ETF (Ticker: RJDI): A U.S. large-cap equity ETF, RJDI is focused on generating income and growth through high-quality companies with strong fundamentals and shareholder-friendly capital return policies. The strategy blends top-down sector insights with bottom-up stock selection to build a diversified portfolio aligned with long-term economic and industry trends. It allocates to high-quality, dividend-paying U.S. large-cap equities, with flexibility to invest across market capitalizations and selectively in higher-yielding securities. RJDI is managed by Michael Gibbs, Managing Director and Lead Portfolio Manager at Eagle’s Gibbs Capital Management division, and Portfolio Co-Managers Richard Sewell, CFA, and Joey Madere, CFA.

  • RJ Eagle Municipal Income ETF (Ticker: RJMI): An actively managed municipal fixed income ETF, RJMI seeks to provide consistent, tax-advantaged income along with long-term capital appreciation. The strategy emphasizes disciplined credit selection, risk-aware portfolio construction, and diversification across the municipal yield curve, and primarily allocates to intermediate and long-term municipal fixed income bonds. RJMI is managed by Mr. Camp and Portfolio Co-Manager Burt Mulford, CFA.

“As Raymond James Investment Management’s legacy boutique, Eagle has built a reputation for actively managing portfolios that focus on income generation through fixed income and dividend-paying equities, while successfully navigating shifts in market environments,” said Susan Walzer, President of the firm’s Family of Funds. “With today’s launch, we’re expanding access to the trusted strategies already run by Eagle’s portfolio managers in a more transparent and tax-efficient structure.”

“We’re proud of our entry into the ETF space and constructed each of our inaugural ETFs to serve as a core holding in a client portfolio, or to fit as a dedicated allocation in a diversified model portfolio. The versatility and tradability of our ETFs make the portfolio implementation process simple,” said Johan Grahn, Head of ETFs at Raymond James Investment Management. “We look forward to launching more ETFs that represent some of our best ideas and most coveted investment strategies across our boutique investment firms in the coming months and years.”

About Raymond James Investment Management
Raymond James Investment Management is a global asset management company that combines the exceptional insight and agility of individual investment teams with the strength and stability of a full-service firm. Together with our boutique investment managers — Charles Stanley Asset Management, Chartwell Investment Partners, ClariVest Asset Management, Cougar Global Investments, Eagle Asset Management, Reams Asset Management, and Scout Investments — we offer a range of investment strategies and asset classes through multiple vehicles. Our focus is on sustainable, risk-adjusted returns and alpha generation. We believe this lineup of institutional-class portfolio managers can help investors meet their long-term business and financial goals. Ultimately, our structure allows affiliated investment teams to focus on what they do best: managing portfolios.

Media Contacts:

Shree Dhond/Doug Allen
Dukas Linden Public Relations
(646) 722.6531/(646) 722.6537
rjim@dlpr.com

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the ETFs, please call 1-800-421-4184. Read the prospectus or summary prospectus carefully before investing.

Investing involves risk. Loss of principal is possible.

Municipal securities risk is the possibility that a municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal security market movements. High-yield security risk results from investments in below investment grade bonds, which have a greater risk of loss, are susceptible to rising interest rates and have greater volatility, especially when the economy is weak or expected to become weak. Investments in high-yield securities (commonly referred to as “junk bonds”) are inherently speculative and carry a greater risk that the issuer will default on the timely payment of principal and interest. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity. There is no guarantee that the fund’s income will be exempt from U.S. federal income taxes and the federal alternative minimum tax. U.S. Treasury obligations risk is the risk that the market value of U.S. Treasury obligations may vary due to fluctuations in interest rates.

Foreign securities risks, which are potential risks not associated with U.S. investments, include, but are not limited to: (1) currency exchange rate fluctuations; (2) political and financial instability; (3) less liquidity; (4) lack of uniform accounting, auditing and financial reporting standards; (5) increased volatility; (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies; (7) significant limitations on investor rights and recourse; (8) use of unfamiliar corporate organizational structures; (9) unavailable or unreliable public information regarding issuers; and (10) delays in transaction settlement in some foreign markets. Master limited partnership risk involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to change their portfolios promptly in response to changes in economic or other conditions. Non-diversification risk. The fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of a greater number of issuers. Small-cap company risk arises because small-cap companies involve greater risks than investing in large- capitalization companies. Small-cap companies generally have lower volume of shares traded daily, less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and more limited access to capital, compared to larger, more established companies. Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non-value approach to investing or have a broader investment style; and YieldCo risk. Investments in securities of YieldCos involve risks that differ from investments in traditional operating companies, including risks related to the relationship between the YieldCo and the company responsible for the formation of the YieldCo (the “YieldCo Sponsor”).

High-yield security risk results from investments in below investment grade bonds, which have a greater risk of loss, are susceptible to rising interest rates and have greater volatility, especially when the economy is weak or expected to become weak. Quantitative strategy risk is the risk that the success of the fund’s investment strategy may depend in part on the effectiveness of the subadviser’s quantitative tools for screening securities. Restricted securities risk is the risk that securities not registered in the U.S. under the 1933 Act, or in non-U.S. markets pursuant to similar regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. Small-cap company risk arises because small-cap companies involve greater risks than investing in large-capitalization companies. Small-cap companies generally have lower volume of shares traded daily, less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and more limited access to capital, compared to larger, more established companies.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

The ETFs are distributed by Quasar Distributors, LLC.

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©2025 Raymond James Investment Management All rights reserved.

Raymond James Investment Management is the trade name for Carillon Tower Advisers, Inc., an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Chartwell Investment Partners, ClariVest Asset Management LLC, Eagle Asset Management, Inc. and Scout Investments are registered investment advisers with the SEC. Reams Asset Management is a division of Scout Investments. Cougar Global Investments LLC is registered as a Portfolio Manager with the Ontario Securities Commission (OSC) and with the SEC as a Non-Resident Investment Advisor. All six entities are affiliates of Raymond James Investment Management. All third-party marks are the property of their respective owners.

Investing involves risk. Principal loss is possible.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the ETFs, please call 1-800-421-4184. Read the prospectus or summary prospectus carefully before investing.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices.

Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.

Risks Disclosures

Municipal securities risk is the possibility that a municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal security market movements. High-yield security risk results from investments in below investment grade bonds, which have a greater risk of loss, are susceptible to rising interest rates and have greater volatility, especially when the economy is weak or expected to become weak. Investments in high-yield securities (commonly referred to as “junk bonds”) are inherently speculative and carry a greater risk that the issuer will default on the timely payment of principal and interest. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity. There is no guarantee that the fund’s income will be exempt from U.S. federal income taxes and the federal alternative minimum tax. U.S. Treasury obligations risk is the risk that the market value of U.S. Treasury obligations may vary due to fluctuations in interest rates.

Foreign securities risks, which are potential risks not associated with U.S. investments, include, but are not limited to: (1) currency exchange rate fluctuations; (2) political and financial instability; (3) less liquidity; (4) lack of uniform accounting, auditing and financial reporting standards; (5) increased volatility; (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies; (7) significant limitations on investor rights and recourse; (8) use of unfamiliar corporate organizational structures; (9) unavailable or unreliable public information regarding issuers; and (10) delays in transaction settlement in some foreign markets. Master limited partnership risk involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to change their portfolios promptly in response to changes in economic or other conditions. Non-diversification risk. The fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of a greater number of issuers. Small-cap company risk arises because small-cap companies involve greater risks than investing in large- capitalization companies. Small-cap companies generally have lower volume of shares traded daily, less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and more limited access to capital, compared to larger, more established companies. Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non-value approach to investing or have a broader investment style; and YieldCo risk. Investments in securities of YieldCos involve risks that differ from investments in traditional operating companies, including risks related to the relationship between the YieldCo and the company responsible for the formation of the YieldCo (the “YieldCo Sponsor”).

High-yield security risk results from investments in below investment grade bonds, which have a greater risk of loss, are susceptible to rising interest rates and have greater volatility, especially when the economy is weak or expected to become weak. Quantitative strategy risk is therisk that the success of the fund’s investment strategy may depend in part on the effectiveness of the subadviser’s quantitative tools for screening securities. Restricted securities risk is the risk that securities not registered in the U.S. under the 1933 Act, or in non-U.S. markets pursuant to similar regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. Small-cap company risk arises because small-cap companies involve greater risks than investing in large-capitalization companies. Small-cap companies generally have lower volume of shares traded daily, less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and more limited access to capital, compared to larger, more established companies.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

The ETFs are distributed by Quasar Distributors, LLC.

Raymond James Investment Management is the Investment Adviser for the ETFs.

Indicies

The Bloomberg Municipal Bond Index measures the performance of the Bloomberg U.S. Municipal bond market, which covers the USD-denominated Long-Term tax-exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.

The S&P 500® Index is an unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The Bloomberg U.S. Corporate Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by US and non-US industrial, utility, and financial issuers. The index is a component of the US Credit and US Aggregate Indices, and provided the necessary inclusion rules are met, US Corporate Index securities also contribute to the multi-currency Global Aggregate Index. The index includes securities with remaining maturity of at least one year.