RMCA vs SCMB: Grades, Fees and Holdings Compared

Rockefeller California Municipal Bond ETF

RMCACNYSE Arca

Schwab Municipal Bond ETF

SCMBANYSE Arca

Overlap

No data

Expense ratio

SCMB −0.52pt a year

RMCA0.55%SCMB0.03%

Avg volume · 30D

SCMB 563.8×the volume

RMCA5.95KSCMB3.36M

RMCA vs SCMB Performance

Nov 7, 2025 – Nov 9, 2026

+1.4%RMCA+0.9%SCMB

Expense ratio: RMCA 0.55%; SCMB 0.03%, better
Fund size: RMCA $19M; SCMB $4.09B
1Y total return: RMCA +1.4%, better; SCMB +0.9%
Yield (12M): RMCA 4.38%, better; SCMB 3.59%
Holdings: RMCA 89; SCMB 8188
Avg volume (30D): RMCA 5.95K sh; SCMB 3.36M sh, better
NAV per share: RMCA $23.62; SCMB $25.12
52W range

ETF.net Grade

Pillar letters and Scores for RMCA, SCMB, with each pillar’s weight
Pillar	RMCA	SCMB
Cost30% weight	F7	A99Higher
Mission25% weight	A97	A97
Risk15% weight	D32	C51Higher
Tradability15% weight	C41	A80Higher
Holdings10% weight	D29	A81Higher
Durability5% weight	F14	A72Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. RMCA and SCMB 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 ›

SCMB ranks 3rd and RMCA 55th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 89
Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 86
Rank 3AMUBiShares National Muni Bond ETFScore 85
Rank 3ASCMBSchwab Municipal Bond ETFScore 85
Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
Rank 54CLTAXNomura Tax-Free USA ETFScore 42
Rank 55CRMCARockefeller California Municipal Bond ETFScore 40
Rank 55CRMNYRockefeller New York Municipal Bond ETFScore 40

Our read on each fund

ETF.net Research

RMCACRockefeller California Municipal Bond ETF

SCMBASchwab Municipal Bond ETF

In short

RMCA Most muni ETFs buy the whole country. RMCA buys California, actively, going after income exempt from both federal and California state tax. A boutique single-state take from the Rockefeller name, launched in 2024.

SCMB Schwab's take on the core muni sleeve: three basis points, thousands of AMT-free bonds from across the country, and a monthly distribution. Bottom-of-the-table pricing, no frills attached.

Stated mandate

RMCA The Fund seeks tax-exempt income at both the U.S. federal and California state levels through investments in California municipal bonds.

SCMB The fund seeks to track, before fees and expenses, the total return of an index representing the U.S. AMT-free municipal bond market.

Why people hold it

RMCA Single-state by design: California municipal bonds, targeting income exempt from both federal and California state income tax.yahoo.com
Actively managed, not an index clone: at least 80% of net assets go into bonds whose interest is exempt from federal and California state tax.yahoo.com
Income arrives monthly rather than quarterly.
What it holds matches what it advertises: the portfolio stays inside the California muni brief in its prospectus.

SCMB Three basis points a year, against a 0.30% median for muni bond funds. Among the top-graded names in the category, only Vanguard's VTEB matches that fee.
Follows the ICE AMT-Free Core U.S. National Municipal Index across thousands of bonds and issuers, so no single borrower or state drives the portfolio.
Plain passive plumbing done well: it stays close to its index, trades actively, and pays monthly. One of the stronger implementations in the muni aisle.

Worth knowing

RMCA 0.55% a year against a 0.30% median for muni bond ETFs, and national index funds like VTEB and MUB charge a few basis points.
A small fund that trades lightly, so bid-ask spreads can run wider than at the category's giants.
Non-diversified and tied to one state, so California budget and credit news moves it more than a 50-state portfolio would.yahoo.com

SCMB Launched in 2022, so its live record is shorter than muni staples like MUB and VTEB, even though the strategy is the same broad-market idea.
Bond math still applies. This is a portfolio of municipal bonds, so share prices move opposite to interest rates.
National in scope, not single-state like NYF, so it is not built around any one state's tax rules.

Full RMCA profile⁠

Full SCMB profile⁠

RMCA vs SCMB Holdings

How RMCA and SCMB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile96.8%
Sector2 Sectors99.4%
Asset classBonds100%

Sector

Sector weights in RMCA and SCMB, widest gap first
Sector	More in RMCAMore in SCMB	Gap	RMCA	SCMB
Municipal		RMCA +0.6 points	100.0%	99.4%
Corporate		SCMB +0.6 points	0.0%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in RMCA and SCMB, widest gap first
Country	Gap	RMCA	SCMB
Puerto Rico	RMCA +3.2 points	3.2%	0.0%
United States	SCMB +3.2 points	96.8%	100.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RMCA26.6%
SCMB1.5%

Securities held

RMCA89
SCMB8,187

Asset class

RMCA: Bonds
SCMB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. RMCA holds 89 securities, SCMB 8,187.

All RMCA holdings⁠All 8,188 SCMB 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.

RMCA vs SCMB Cost

Overpaying RMCA vs SCMB

$10,266

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

RMCA 0.55%
$10,904
SCMB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

RMCA 0.55%
SCMB 0.03%
Overpaying

Year by year

Year	RMCA	SCMB	Overpaying
10	$988	$55	$933
20	$3,790	$216	$3,574
30	$10,904	$638	$10,266

Expense ratio

0.55%RMCA
0.03%SCMB, cheaper

SCMB0.03%RMCA0.55%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

SCMB cheapest of 63 funds

RMCA 58th cheapest of 63 funds

RMCA vs SCMB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RMCA 4.38%, better; SCMB 3.59%
Payout (12M): RMCA $1.04; SCMB $0.90
Last payment: RMCA $0.09; SCMB $0.07
Ex-dividend: RMCA Oct 29, 2026; SCMB Nov 2, 2026
Paid on: RMCA Oct 30, 2026; SCMB Nov 6, 2026
Frequency: RMCA Monthly; SCMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

RMCAMonthly · 26 paymentsAll RMCA payments⁠

SCMBMonthly · 46 paymentsAll SCMB payments⁠

RMCA vs SCMB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RMCA 6.1%since Sep 2024SCMB 5.9%
Return per unit of riskSharpe ratio, 3 years: RMCA −0.49since Sep 2024SCMB −0.04
Worst fallMax drawdown, 5 years: RMCA −7.7%since Aug 2024SCMB −6.7%since Oct 2022
Market sensitivityBeta, 5 years: RMCA 0.17SCMB 0.96; Market = 1

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