NMB vs VCRM: Grades, Fees and Holdings Compared

Simplify National Muni Bond ETF

NMBDNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.41pt a year

NMB0.53%VCRM0.12%

Avg volume · 30D

VCRM 137.3×the volume

NMB4.94KVCRM679K

NMB vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

−2.5%NMB+1.1%VCRM

Expense ratio: NMB 0.53%; VCRM 0.12%, better
Fund size: NMB $47M; VCRM $2.2B
1Y total return: NMB −2.5%; VCRM +1.1%, better
Yield (12M): NMB 5.40%, better; VCRM 3.81%
Holdings: NMB 40; VCRM 2588
Avg volume (30D): NMB 4.94K sh; VCRM 679K sh, better
NAV per share: NMB $23.86; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for NMB, VCRM, with each pillar’s weight
Pillar	NMB	VCRM
Cost30% weight	F10	A89Higher
Mission25% weight	B65	A100Higher
Risk15% weight	C41	B68Higher
Tradability15% weight	D29	A80Higher
Holdings10% weight	D28	A81Higher
Durability5% weight	F21	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. NMB 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 NMB 60th 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 59DJTNYJPMorgan New York Tax Free Bond ETFScore 34
Rank 60DNMBSimplify National Muni Bond ETFScore 33
Rank 61DXMPTVanEck CEF Muni Income ETFScore 31

Our read on each fund

ETF.net Research

NMBDSimplify National Muni Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

NMB Most national muni ETFs are cheap index trackers. NMB goes the other way: an actively managed muni portfolio run by credit specialists, with an options-selling sleeve stacked on top for extra income.

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

NMB The fund’s current stated objective is to maximize total return.

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

Why people hold it

NMB Two income engines in one wrapper: tax-free muni coupons plus a risk-managed options-selling strategy that writes spreads across equity, bond and commodity indices and ETFs.simplify.us
Sub-advised by Foundation Credit, a specialist credit firm, hunting the fragmented muni market for bonds that passive index mandates leave behind.simplify.us simplify.us 2
Holds mainly investment-grade municipals with no set duration limits, so the managers can roam the curve instead of matching an index's maturity profile.simplify.us simplify.us 2

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

NMB Costs 0.52% a year against a 0.30% median for national muni funds. That is the price tag on active management plus the options overlay.
The options income and opportunistic trading gains are taxable, so the payout is not purely tax-exempt the way a plain index muni fund's is.simplify.us
A small, lightly traded fund launched in 2024, holding roughly 70 bonds, with distributions that have not followed a fixed calendar.

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 NMB profile⁠

Full VCRM profile⁠

NMB vs VCRM Holdings

How NMB 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 VCRM.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

NMB42.4%
VCRM8.8%

Securities held

NMB39
VCRM2,426

Asset class

NMB: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. NMB holds 39 securities, VCRM 2,426.

All 68 NMB 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.

NMB vs VCRM Cost

Overpaying NMB vs VCRM

$8,016

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

NMB 0.53%
$10,536
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

NMB 0.53%
VCRM 0.12%
Overpaying

Year by year

Year	NMB	VCRM	Overpaying
10	$953	$220	$733
20	$3,658	$859	$2,799
30	$10,536	$2,520	$8,016

Expense ratio

0.53%NMB
0.12%VCRM, cheaper

VCRM0.12%NMB0.53%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

NMB 57th cheapest of 63 funds

NMB vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): NMB 5.40%, better; VCRM 3.81%
Payout (12M): NMB $1.29; VCRM $2.82
Last payment: NMB $0.08; VCRM $0.21
Ex-dividend: NMB Oct 27, 2026; VCRM Oct 1, 2026
Paid on: NMB Oct 30, 2026; VCRM Oct 5, 2026
Frequency: NMB Monthly; VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

NMBMonthly · 16 paymentsAll NMB payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

NMB vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NMB 11.1%since Oct 2024VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: NMB −0.13since Oct 2024VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: NMB −13.7%since Sep 2024VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: NMB 0.41VCRM 0.17; Market = 1

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