MINO vs VCRM: Grades, Fees and Holdings Compared

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund

MINOBNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.27pt a year

MINO0.39%VCRM0.12%

Avg volume · 30D

VCRM 2.5×the volume

MINO274KVCRM679K

MINO vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

+0.2%MINO+1.1%VCRM

Expense ratio: MINO 0.39%; VCRM 0.12%, better
Fund size: MINO $765M; VCRM $2.2B
1Y total return: MINO +0.2%; VCRM +1.1%, better
Yield (12M): MINO 3.99%, better; VCRM 3.81%
Holdings: MINO 591; VCRM 2588
Avg volume (30D): MINO 274K sh; VCRM 679K sh, better
NAV per share: MINO $43.91; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for MINO, VCRM, with each pillar’s weight
Pillar	MINO	VCRM
Cost30% weight	F23	A89Higher
Mission25% weight	A98	A100Higher
Risk15% weight	B62	B68Higher
Tradability15% weight	A78	A80Higher
Holdings10% weight	B64	A81Higher
Durability5% weight	B64	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. MINO 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 MINO 25th 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 25BGCALGoldman Sachs Dynamic California Municipal Income ETFScore 61
Rank 25BMINOPIMCO Municipal Income Opportunities Active Exchange-Traded FundScore 61
Rank 27BFTMUFranklin Municipal Income ETFScore 60

Our read on each fund

ETF.net Research

MINOBPIMCO Municipal Income Opportunities Active Exchange-Traded Fund

VCRMAVanguard Core Tax-Exempt Bond E

In short

MINO An actively run muni fund from PIMCO's credit desk: federally tax-free income hunted across the whole ratings ladder, with room for up to 30% junk munis. Most big muni ETFs simply track an index. This one shops.

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

MINO The Fund seeks current income exempt from federal income tax and long-term capital appreciation.

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

Why people hold it

MINO Prospectus allows up to 30% of total assets in below-investment-grade munis, so managers can buy bonds index funds screen out. Roughly 240 positions do the work.yahoo.com
Built for tax-aware income: the stated objective is current income exempt from federal income tax plus long-term capital appreciation, and distributions land monthly.pimco.com
Active credit picking with a leash: portfolio duration normally stays within two years either side of the Bloomberg Municipal Bond Index.yahoo.com
The portfolio has stayed tightly aligned with the muni mandate in its filings, and it sits in the upper half of its municipal-bond peer group.

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

MINO At 0.49% a year it costs well above the muni cohort median of 0.30%, and many multiples of index staples like VTEB (0.03%) and MUB (0.05%).
High-yield munis can be thinly traded and carry real default risk. That is the trade-off behind the extra income this mandate reaches for.yahoo.com
A mid-size fund with moderate trading activity, so spreads can run wider than the category's busiest names.

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 MINO profile⁠

Full VCRM profile⁠

MINO vs VCRM Holdings

How MINO and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile98.7%
Asset classFixed Income100%

Sector

No Sector split for VCRM.

Country, concentration and asset class

Country by domicile

Country weights in MINO and VCRM, widest gap first
Country	More in MINOMore in VCRM	MINO	VCRM
United States	VCRM +1.3 points	98.5%	99.8%
Puerto Rico	MINO +1.2 points	1.4%	0.2%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MINO11.3%
VCRM8.8%

Securities held

MINO579
VCRM2,426

Asset class

MINO: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MINO holds 579 securities, VCRM 2,426.

All MINO 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.

MINO vs VCRM Cost

Overpaying MINO vs VCRM

$5,378

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

MINO 0.39%
$7,898
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

MINO 0.39%
VCRM 0.12%
Overpaying

Year by year

Year	MINO	VCRM	Overpaying
10	$705	$220	$485
20	$2,725	$859	$1,866
30	$7,898	$2,520	$5,378

Expense ratio

0.39%MINO
0.12%VCRM, cheaper

VCRM0.12%MINO0.39%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

MINO 47th cheapest of 63 funds

MINO vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MINO 3.99%, better; VCRM 3.81%
Payout (12M): MINO $1.76; VCRM $2.82
Last payment: MINO $0.14; VCRM $0.21
Ex-dividend: MINO Oct 1, 2026; VCRM Oct 1, 2026
Paid on: MINO Oct 5, 2026; VCRM Oct 5, 2026
Frequency: MINO Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MINOMonthly · 45 paymentsAll MINO payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

MINO vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MINO 6.2%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MINO 0.19VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: MINO −15.2%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: MINO 0.96VCRM 0.17; Market = 1

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