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FTMN vs VCRM

Franklin Minnesota Municipal Income ETF

FTMNCNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.23pt a year

FTMN0.35%VCRM0.12%

Avg volume · 30D

VCRM 2.0×the volume

FTMN357KVCRM730K

FTMN vs VCRM Performance

Dec 31, 2025 – Nov 9, 2026

0.0%FTMN+1.9%VCRM

Dec 31, 2025 to Nov 9, 2026. FTMN 0.0%. VCRM +1.9%. Use the arrow keys to read each point.−6%−4%−2%Dec 2025Jun 2026Nov 2026
Expense ratio
FTMN 0.35%
VCRM 0.12%, better
Fund size
FTMN $289M
VCRM $2.2B
1Y total return
FTMN No data
VCRM +2.3%
Yield (12M)
FTMN No data
VCRM 3.75%
Holdings
FTMN 225
VCRM 2595
Avg volume (30D)
FTMN 357K sh
VCRM 730K sh, better
NAV per share
FTMN $8.59
VCRM $74.68
52W range

ETF.net Grade

FTMN: Cost 35, Risk 36, Mission 88, Tradability 59, Holdings 46, Durability 60. VCRM: Cost 89, Risk 72, Mission 100, Tradability 82, Holdings 81, Durability 74.
Pillar letters and Scores for FTMN, VCRM, with each pillar’s weight
PillarFTMNVCRM
Cost30% weightD35A89Higher
Mission25% weightA88A100Higher
Risk15% weightD36A72Higher
Tradability15% weightB59A82Higher
Holdings10% weightC46A81Higher
Durability5% weightB60A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FTMN 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 2nd and FTMN 41st of 63 funds in the Other Municipal Bond Category.

  1. Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 89
  2. Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 86
  3. Rank 3AMUBiShares National Muni Bond ETFScore 85
  4. Rank 41CFTCAFranklin California Municipal Income ETFScore 54
  5. Rank 41CFTMNFranklin Minnesota Municipal Income ETFScore 54
  6. Rank 43CFTMAFranklin Massachusetts Municipal Income ETFScore 53

Our read on each fund

ETF.net Research

FTMNCFranklin Minnesota Municipal Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

FTMN No data

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

FTMN No data

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

Why people hold it

FTMN No data

  • 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

FTMN No data

  • 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 FTMN profile⁠

Full VCRM profile⁠

FTMN vs VCRM Holdings

How FTMN and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Countryby domicile97.8%
  • Asset classBonds100%
  • Sector2 Sectors99.7%

Sector

Sector weights in FTMN and VCRM, widest gap first
SectorMore in FTMNMore in VCRMGap
MunicipalFTMN +0.3 points
SecuritizedVCRM +0.3 points

Country, concentration and asset class

Country by domicile

Country weights in FTMN and VCRM, widest gap first
CountryMore in FTMNMore in VCRMGap
United StatesVCRM +2.2 points
Puerto RicoFTMN +2.2 points

Concentration

Weight in the 10 largest Holdings

  • FTMN19.4%
  • VCRM8.8%

Securities held

  • FTMN223
  • VCRM2,433

Asset class

FTMN
Bonds
VCRM
Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FTMN holds 223 securities, VCRM 2,433.

All 221 FTMN holdings⁠All 2,586 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.

FTMN vs VCRM Cost

Overpaying FTMN vs VCRM

$4,606

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

  • FTMN 0.35%

    $7,126

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • FTMN 0.35%
  • VCRM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530FTMN $7,126VCRM $2,520

Year by year

YearFTMNVCRMOverpaying
10$634$220$414
20$2,454$859$1,595
30$7,126$2,520$4,606

Expense ratio

  • 0.35%FTMN
  • 0.12%VCRM, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VCRM 8th cheapest of 63 funds

FTMN 37th cheapest of 63 funds

FTMN vs VCRM Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
FTMN No data
VCRM 3.75%
Payout (12M)
FTMN No data
VCRM $2.80
Last payment
FTMN $0.03
VCRM $0.21
Ex-dividend
FTMN Nov 2, 2026
VCRM Nov 2, 2026
Paid on
FTMN Nov 5, 2026
VCRM Nov 4, 2026
Frequency
FTMN Monthly
VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FTMNMonthly · 12 paymentsAll FTMN payments⁠
One bar per payment. 12 payments from 2024 to 2026 YTD. Dec 1, 2025 $0.01; Dec 19, 2025 $0.03; Feb 2, 2026 $0.02; Mar 2, 2026 $0.02; Apr 1, 2026 $0.03; May 1, 2026 $0.03; Jun 1, 2026 $0.02; Jul 1, 2026 $0.02; Aug 3, 2026 $0.03; Sep 1, 2026 $0.02; Oct 1, 2026 $0.03; Nov 2, 2026 $0.03. Use the arrow keys to read each point.$0$0.252026YTD
VCRMMonthly · 23 paymentsAll VCRM payments⁠
One bar per payment. 23 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.30; Feb 3, 2025 $0.18; Mar 3, 2025 $0.19; Apr 1, 2025 $0.22; May 1, 2025 $0.18; Jun 2, 2025 $0.22; Jul 1, 2025 $0.23; Aug 1, 2025 $0.22; Sep 2, 2025 $0.22; Oct 1, 2025 $0.22; Nov 3, 2025 $0.23; Dec 1, 2025 $0.24; Dec 18, 2025 $0.24; Feb 2, 2026 $0.23; Mar 2, 2026 $0.23; Apr 1, 2026 $0.24; May 1, 2026 $0.24; Jun 1, 2026 $0.22; Jul 1, 2026 $0.24; Aug 3, 2026 $0.24; Sep 1, 2026 $0.25; Oct 1, 2026 $0.21; Nov 2, 2026 $0.21. Use the arrow keys to read each point.$0$0.252026YTD

FTMN vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FTMN No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
FTMN No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
FTMN No dataVCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
FTMN 0.17VCRM 0.17Same figure. Both funds show the same value, so neither comes out ahead.

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