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FTPA vs VCRM

Franklin Pennsylvania Municipal Income ETF

FTPACNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.23pt a year

FTPA0.35%VCRM0.12%

Avg volume · 30D

VCRM 6.8×the volume

FTPA99.1KVCRM679K

FTPA vs VCRM Performance

Dec 31, 2025 – Oct 30, 2026

−0.5%FTPA+0.7%VCRM

Dec 31, 2025 to Oct 30, 2026. FTPA −0.5%. VCRM +0.7%. Use the arrow keys to read each point.−4%−2%2%Dec 2025Jun 2026Oct 2026
Expense ratio
FTPA 0.35%
VCRM 0.12%, better
Fund size
FTPA $127M
VCRM $2.2B
1Y total return
FTPA No data
VCRM +1.1%
Yield (12M)
FTPA No data
VCRM 3.81%
Holdings
FTPA 135
VCRM 2588
Avg volume (30D)
FTPA 99.1K sh
VCRM 679K sh, better
NAV per share
FTPA $8.35
VCRM $73.95
52W range

ETF.net Grade

FTPA: Cost 35, Risk 45, Mission 92, Tradability 47, Holdings 45, Durability 53. VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74.
Pillar letters and Scores for FTPA, VCRM, with each pillar’s weight
PillarFTPAVCRM
Cost30% weightD35A89Higher
Mission25% weightA92A100Higher
Risk15% weightC45B68Higher
Tradability15% weightC47A80Higher
Holdings10% weightC45A81Higher
Durability5% weightC53A74Higher

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. FTPA 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 FTPA 41st of 63 funds in the Other Municipal Bond Category.

  1. Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
  2. Rank 2AMUBiShares National Muni Bond ETFScore 86
  3. Rank 2ASCMBSchwab Municipal Bond ETFScore 86
  4. Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
  5. Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
  6. Rank 37BFTNYFranklin New York Municipal Income ETFScore 55
  7. Rank 41CFTPAFranklin Pennsylvania Municipal Income ETFScore 54
  8. Rank 41CMUNXAMG GW&K Muni Income ETFScore 54

Our read on each fund

ETF.net Research

FTPACFranklin Pennsylvania Municipal Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

FTPA A Pennsylvania muni portfolio with 1989 roots: run for decades as a Putnam mutual fund, rewrapped as an ETF in 2025. Actively managed, aiming at income exempt from federal and Pennsylvania income tax.

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

FTPA The filing identifies Franklin Pennsylvania Municipal Income ETF as a fund with its own investment objective, policies, and principal investment strategies.

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

Why people hold it

  • FTPA Most muni ETFs are national. This one buys Pennsylvania paper, so its income targets exemption from federal and Pennsylvania personal income tax for in-state holders.franklintempleton.com
  • Not a startup fund. The strategy dates to 1989 and reached the ETF wrapper by converting an existing Putnam municipal bond mutual fund, same strategy, new structure.morningstar.com
  • Active, not indexed: roughly 110 Pennsylvania bonds chosen by Franklin's muni team, now with intraday trading and daily holdings disclosure the mutual fund never gave you.franklintempleton.com
  • 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

  • FTPA State-specific active work costs more: 0.35% a year, above the muni-ETF median of 0.30% and well above national index options like VTEB (0.03%) and MUB (0.05%).
  • Small and thinly traded next to the national muni giants, so spreads can widen. Limit orders are the standard tool for funds in this volume range.
  • One state carries the whole portfolio, so Pennsylvania's budget and credit story drives it, and the state-tax exemption only reaches Pennsylvania taxpayers.franklintempleton.com
  • 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 FTPA profile⁠

Full VCRM profile⁠

FTPA vs 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.

FTPA vs VCRM Cost

Overpaying FTPA vs VCRM

$4,606

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

  • FTPA 0.35%

    $7,126

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • FTPA 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$8K051015202530FTPA $7,126VCRM $2,520

Year by year

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

Expense ratio

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

VCRM 8th cheapest of 63 funds

FTPA 37th cheapest of 63 funds

FTPA vs VCRM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FTPA No data
VCRM 3.81%
Payout (12M)
FTPA No data
VCRM $2.82
Last payment
FTPA $0.03
VCRM $0.21
Ex-dividend
FTPA Oct 1, 2026
VCRM Oct 1, 2026
Paid on
FTPA Oct 6, 2026
VCRM Oct 5, 2026
Frequency
FTPA Monthly
VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FTPAMonthly · 11 paymentsAll FTPA payments⁠
One bar per payment. 11 payments from 2024 to 2026 YTD. Dec 1, 2025 $0.02; Dec 19, 2025 $0.02; Feb 2, 2026 $0.03; Mar 2, 2026 $0.03; Apr 1, 2026 $0.03; May 1, 2026 $0.03; Jun 1, 2026 $0.03; Jul 1, 2026 $0.03; Aug 3, 2026 $0.03; Sep 1, 2026 $0.02; Oct 1, 2026 $0.03. Use the arrow keys to read each point.$0$0.252026YTD
VCRMMonthly · 22 paymentsAll VCRM payments⁠
One bar per payment. 22 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. Use the arrow keys to read each point.$0$0.252026YTD

FTPA vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FTPA No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
FTPA No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
FTPA −18.5%since Oct 2021VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
FTPA 0.16VCRM 0.17

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