RJMI vs VCRM

RJMICRJ Eagle Municipal Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

RJMI A 2025 debut from Raymond James: a national muni bond ETF built bond by bond, aimed at income exempt from federal tax. The trade-off is price, in a corner of the market where the index giants charge three basis points.

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

RJMI The fund seeks to invest at least 80% of its assets in a diversified portfolio of debt securities whose interest is exempt from federal income tax, as determined by issuer bond counsel.

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

Why people hold it

• RJMI Explicit mandate: at least 80% of assets in bonds whose interest is exempt from federal income tax, as determined by issuer bond counsel. The portfolio has stuck closely to that label.
• Diversified and national by design, not a single-state sleeve like NYF, so the tax-exempt exposure spreads across many issuers.
• No benchmark to clone. It doesn't share a declared index with the category's big trackers, so the manager picks bonds rather than replicate a list.

• 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

• RJMI 0.41% a year sits above the typical muni ETF and many times the 0.03% at VTEB and SCMB. In a low-coupon category, fees take a visible bite out of tax-free income.
• It opened in October 2025 with a small asset base and light trading, so bid-ask spreads can run wider than at the category's household names.
• Payouts have arrived irregularly rather than on the fixed monthly rhythm many muni funds keep.

• 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 RJMI profile⁠

Full VCRM profile⁠