MMMA vs VCRM: Grades, Fees and Holdings Compared

NYLI MacKay Muni Allocation ETF

MMMABNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.23pt a year

MMMA0.35%VCRM0.12%

Avg volume · 30D

VCRM 35.2×the volume

MMMA19.3KVCRM679K

MMMA vs VCRM Performance

Dec 31, 2025 – Nov 2, 2026

+2.0%MMMA+0.8%VCRM

Expense ratio: MMMA 0.35%; VCRM 0.12%, better
Fund size: MMMA $59M; VCRM $2.2B
1Y total return: MMMA No data; VCRM +1.2%
Yield (12M): MMMA No data; VCRM 4.10%
Holdings: MMMA 75; VCRM 2595
Avg volume (30D): MMMA 19.3K sh; VCRM 679K sh, better
NAV per share: MMMA $24.71; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for MMMA, VCRM, with each pillar’s weight
Pillar	MMMA	VCRM
Cost30% weight	D35	A89Higher
Mission25% weight	A96	A100Higher
Risk15% weight	B68	B68
Tradability15% weight	C51	A80Higher
Holdings10% weight	C40	A81Higher
Durability5% weight	D29	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. MMMA 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 MMMA 34th 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 30BRVNUXtrackers Municipal Infrastructure Revenue Bond Active ETFScore 58
Rank 34BMMMANYLI MacKay Muni Allocation ETFScore 57
Rank 34BWTMUWisdomTree Core Laddered Municipal FundScore 57

Our read on each fund

ETF.net Research

MMMABNYLI MacKay Muni Allocation ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

MMMA A December 2025 debut from MacKay's muni team: mostly long-dated investment-grade munis with room for up to 40% high yield. Active credit picking in a corner of the market most funds index. 0.35% 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

MMMA The Fund seeks current income that is exempt from regular U.S. 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

MMMA Built long on purpose. Predominantly long-duration investment-grade munis, the slice of the curve where tax-exempt yields are richest, chosen by MacKay's muni desk.nylim.com
Credit flexibility is written into the mandate: at least 60% investment-grade munis, with up to 40% available for opportunistic non-investment-grade bonds.nylim.com streetinsider.com
0.35% net of a fee waiver (0.72% gross) lands near the muni category median, even though a human team is underwriting every bond.
Roughly 50 positions, so the team's credit calls actually move the portfolio instead of washing out across thousands of CUSIPs.

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

MMMA Index rivals cost far less: VTEB and SCMB charge 0.03%, MUB 0.05%. Active muni research is the thing you are paying the difference for.
Long duration swings both ways. When rates move, prices here move more than a short or intermediate muni fund's.nylim.com
Launched December 2025, still small and thinly traded. New-fund disclosures note there is no assurance it reaches an economically viable size.nylim.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 MMMA profile⁠

Full VCRM profile⁠

MMMA vs VCRM Holdings

How MMMA and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.3%
Asset classFixed Income100%

Sector

No Sector split for MMMA and VCRM.

Country, concentration and asset class

Country by domicile

Country weights in MMMA and VCRM, widest gap first
Country	More in MMMAMore in VCRM	MMMA	VCRM
United States	VCRM +2.8 points	97.0%	99.8%
Puerto Rico	MMMA +2.8 points	3.0%	0.2%

Concentration

Weight in the 10 largest Holdings

MMMA28.5%
VCRM8.8%

Securities held

MMMA73
VCRM2,433

Asset class

MMMA: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MMMA holds 73 securities, VCRM 2,433.

All 53 MMMA 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.

MMMA vs VCRM Cost

Overpaying MMMA vs VCRM

$4,606

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

MMMA 0.35%
$7,126
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

MMMA 0.35%
VCRM 0.12%
Overpaying

Year by year

Year	MMMA	VCRM	Overpaying
10	$634	$220	$414
20	$2,454	$859	$1,595
30	$7,126	$2,520	$4,606

Expense ratio

0.35%MMMA
0.12%VCRM, cheaper

VCRM0.12%MMMA0.35%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

MMMA 37th cheapest of 63 funds

MMMA vs VCRM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MMMA No data; VCRM 4.10%
Payout (12M): MMMA No data; VCRM $3.03
Last payment: MMMA $0.07; VCRM $0.21
Ex-dividend: MMMA Oct 30, 2026; VCRM Nov 2, 2026
Paid on: MMMA Pays Nov 3, 2026; VCRM Pays Nov 4, 2026
Frequency: MMMA Monthly; VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MMMAMonthly · 11 paymentsAll MMMA payments⁠

VCRMMonthly · 23 paymentsAll VCRM payments⁠

MMMA vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMMA No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MMMA No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: MMMA No dataVCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: MMMA 0.14VCRM 0.17; Market = 1

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