MMIN vs VCRM: Grades, Fees and Holdings Compared

NYLI MacKay Muni Insured ETF

MMINBNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.18pt a year

MMIN0.30%VCRM0.12%

Avg volume · 30D

VCRM 3.1×the volume

MMIN222KVCRM679K

MMIN vs VCRM Performance

Oct 31, 2025 – Nov 2, 2026

+0.2%MMIN+1.2%VCRM

Expense ratio: MMIN 0.30%; VCRM 0.12%, better
Fund size: MMIN $572M; VCRM $2.2B
1Y total return: MMIN +0.2%; VCRM +1.2%, better
Yield (12M): MMIN 4.48%, better; VCRM 4.10%
Holdings: MMIN 263; VCRM 2595
Avg volume (30D): MMIN 222K sh; VCRM 679K sh, better
NAV per share: MMIN $23.10; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for MMIN, VCRM, with each pillar’s weight
Pillar	MMIN	VCRM
Cost30% weight	C48	A89Higher
Mission25% weight	A91	A100Higher
Risk15% weight	C44	B68Higher
Tradability15% weight	A72	A80Higher
Holdings10% weight	B59	A81Higher
Durability5% weight	C49	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. MMIN 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 MMIN 24th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 87
Rank 2AMUBiShares National Muni Bond ETFScore 85
Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 85
Rank 4ASCMBSchwab Municipal Bond ETFScore 84
Rank 24BMINOPIMCO Municipal Income Opportunities Active Exchange-Traded FundScore 62
Rank 24BMMINNYLI MacKay Muni Insured ETFScore 62
Rank 26BGCALGoldman Sachs Dynamic California Municipal Income ETFScore 61

Our read on each fund

ETF.net Research

MMINBNYLI MacKay Muni Insured ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

MMIN MacKay Shields has run this one since 2017 around a niche most muni ETFs ignore: insured municipal bonds, investment-grade paper carrying a bond insurer's policy. Actively managed, pays monthly, 0.30% net of a fee waiver.

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

MMIN The Fund seeks current income that is exempt from federal income tax.

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

Why people hold it

MMIN The hook is the insurance: bonds whose timely principal and interest are covered by an insurer's policy, layered on the issuer's own investment-grade credit.sec.gov sec.gov 2
Actively run, not indexed. MacKay Shields sets a macro view on rates and tax policy, then picks individual bonds through bottom-up credit research.sec.gov
Income is the mandate: current income exempt from federal income tax, paid out monthly across roughly 230 bonds.

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

MMIN Active insured munis cost more than plain beta: 0.30% net of a fee waiver (0.46% gross), near the category median, versus VTEB at 0.03% and MUB at 0.05%.
Insurance covers timely principal and interest, not market value, share price or distributions, and fund shares are not insured. Insurer downgrades can hit prices.sec.gov sec.gov 2
More than 25% of assets can sit in munis linked by one economic, business or political development. Trading is moderate rather than heavy, so spreads can matter.sec.gov

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 MMIN profile⁠

Full VCRM profile⁠

MMIN vs VCRM Holdings

How MMIN 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 MMIN and VCRM.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

MMIN15.8%
VCRM8.8%

Securities held

MMIN262
VCRM2,433

Asset class

MMIN: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MMIN holds 262 securities, VCRM 2,433.

All 232 MMIN 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.

MMIN vs VCRM Cost

Overpaying MMIN vs VCRM

$3,629

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

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

Amount$10,000

Years30 years

Cost over time

MMIN 0.30%
VCRM 0.12%
Overpaying

Year by year

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

Expense ratio

0.30%MMIN
0.12%VCRM, cheaper

VCRM0.12%MMIN0.30%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

MMIN 30th cheapest of 63 funds

MMIN vs VCRM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MMIN 4.48%, better; VCRM 4.10%
Payout (12M): MMIN $1.04; VCRM $3.03
Last payment: MMIN $0.08; VCRM $0.21
Ex-dividend: MMIN Oct 30, 2026; VCRM Nov 2, 2026
Paid on: MMIN Pays Nov 3, 2026; VCRM Pays Nov 4, 2026
Frequency: MMIN Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MMINMonthly · 46 paymentsAll MMIN payments⁠

VCRMMonthly · 23 paymentsAll VCRM payments⁠

MMIN vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMIN 7.2%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MMIN 0.14VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: MMIN −16.5%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: MMIN 1.15VCRM 0.17; Market = 1

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