FLMB vs VCRM: Grades, Fees and Holdings Compared

Franklin Municipal Green Bond ETF

FLMBBNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.18pt a year

FLMB0.30%VCRM0.12%

Avg volume · 30D

VCRM 26.2×the volume

FLMB25.9KVCRM679K

FLMB vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

−1.0%FLMB+1.1%VCRM

Expense ratio: FLMB 0.30%; VCRM 0.12%, better
Fund size: FLMB $54M; VCRM $2.2B
1Y total return: FLMB −1.0%; VCRM +1.1%, better
Yield (12M): FLMB 4.35%, better; VCRM 3.81%
Holdings: FLMB 65; VCRM 2588
Avg volume (30D): FLMB 25.9K sh; VCRM 679K sh, better
NAV per share: FLMB $22.78; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for FLMB, VCRM, with each pillar’s weight
Pillar	FLMB	VCRM
Cost30% weight	C48	A89Higher
Mission25% weight	A94	A100Higher
Risk15% weight	D34	B68Higher
Tradability15% weight	C48	A80Higher
Holdings10% weight	D34	A81Higher
Durability5% weight	C40	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. FLMB and VCRM are both graded against the same 63 Other Municipal Bond funds, so their Grades compare head to head.

Other Municipal Bond⁠

Category · 63 funds

See all 63 ›

VCRM ranks 4th and FLMB 37th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
Rank 2AMUBiShares National Muni Bond ETFScore 86
Rank 2ASCMBSchwab Municipal Bond ETFScore 86
Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
Rank 33BWTMUWisdomTree Core Laddered Municipal FundScore 57
Rank 37BFLMBFranklin Municipal Green Bond ETFScore 55
Rank 37CFTMAFranklin Massachusetts Municipal Income ETFScore 55

Our read on each fund

ETF.net Research

FLMBBFranklin Municipal Green Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

FLMB Most muni funds buy the whole tax-exempt market. FLMB narrows the lens: a prospectus commitment of at least 80% of net assets to municipal green bonds, held in a compact portfolio that pays income monthly.

VCRM Vanguard's active answer in a mostly-index category: managers working the whole muni curve for 0.12% a year, under half the muni ETF median fee. Monthly income, exempt from federal personal income taxes.

Stated mandate

FLMB The fund commits at least 80% of its net assets to municipal green bonds.

VCRM The fund seeks total return through current income exempt from federal personal income taxes and capital appreciation.

Why people hold it

FLMB The green mandate is contractual, not marketing: the prospectus commits at least 80% of net assets to municipal green bonds.
Compact by design, roughly 80 bonds, so the green-project theme shows up in the portfolio instead of being diluted across thousands of holdings.
The screen doesn't cost extra versus the typical muni fund: 0.30%, right at the category median.
Municipal bond income, paid monthly, from a Franklin Templeton fund that has been trading since 2017.

VCRM Active management priced at 0.12% a year, less than half the 0.30% median for muni ETFs.
Run by Vanguard's Fixed Income Group, with all-curve exposure to primarily high-quality investment-grade munis spread across sectors, states and credit tiers.prnewswire.com
Pays monthly, with income the fund seeks to keep exempt from federal personal income taxes.vanguard.com
Sticks tightly to its stated mandate and grades among the strongest implementations in its muni peer group.

Worth knowing

FLMB Thinly traded. The bid-ask spread can matter more to your all-in cost than the expense ratio does.
The broad muni index giants run far cheaper: VTEB and SCMB at 0.03%, MUB at 0.05%. The green screen carries a real price premium.
A slice of a slice. With about 80 bonds, individual issuers and project types swing results more than in a thousand-bond index fund.

VCRM You pay up for the manager: index peers VTEB and SCMB run at 0.03%, a quarter of VCRM's 0.12%.
Launched in November 2024, so there is only a short record to judge the active mandate on.
All-curve exposure puts longer maturities in the mix, so prices move with rates. And the exemption is federal: state treatment of a national muni fund depends on where you live.prnewswire.com

Full FLMB profile⁠

Full VCRM profile⁠

FLMB vs VCRM Holdings

How FLMB and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile99.8%

Sector

No Sector split for FLMB and VCRM.

Country, concentration and asset class

Country by domicile

Country weights in FLMB and VCRM, widest gap first
Country	More in FLMBMore in VCRM	FLMB	VCRM
United States	FLMB +0.2 points	100.0%	99.8%
Puerto Rico	VCRM +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

FLMB42.7%
VCRM8.8%

Securities held

FLMB65
VCRM2,426

Asset class

FLMB: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FLMB holds 65 securities, VCRM 2,426.

All 68 FLMB holdings⁠All VCRM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLMB vs VCRM Cost

Overpaying FLMB vs VCRM

$3,629

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLMB 0.30%
$6,149
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

FLMB 0.30%
VCRM 0.12%
Overpaying

Year by year

Year	FLMB	VCRM	Overpaying
10	$545	$220	$325
20	$2,113	$859	$1,254
30	$6,149	$2,520	$3,629

Expense ratio

0.30%FLMB
0.12%VCRM, cheaper

VCRM0.12%FLMB0.30%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

FLMB 30th cheapest of 63 funds

FLMB vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLMB 4.35%, better; VCRM 3.81%
Payout (12M): FLMB $0.99; VCRM $2.82
Last payment: FLMB $0.10; VCRM $0.21
Ex-dividend: FLMB Oct 1, 2026; VCRM Oct 1, 2026
Paid on: FLMB Oct 6, 2026; VCRM Oct 5, 2026
Frequency: FLMB Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLMBMonthly · 46 paymentsAll FLMB payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

FLMB vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLMB 7.6%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: FLMB 0.12VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: FLMB −17.2%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: FLMB 1.17VCRM 0.17; Market = 1

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