RMCA vs VCRM: Grades, Fees and Holdings Compared

Rockefeller California Municipal Bond ETF

RMCACNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.43pt a year

RMCA0.55%VCRM0.12%

Avg volume · 30D

VCRM 122.6×the volume

RMCA5.95KVCRM730K

RMCA vs VCRM Performance

Nov 7, 2025 – Nov 9, 2026

+1.4%RMCA+2.3%VCRM

Expense ratio: RMCA 0.55%; VCRM 0.12%, better
Fund size: RMCA $19M; VCRM $2.2B
1Y total return: RMCA +1.4%; VCRM +2.3%, better
Yield (12M): RMCA 4.38%, better; VCRM 3.75%
Holdings: RMCA 89; VCRM 2595
Avg volume (30D): RMCA 5.95K sh; VCRM 730K sh, better
NAV per share: RMCA $23.62; VCRM $74.68
52W range

ETF.net Grade

Pillar letters and Scores for RMCA, VCRM, with each pillar’s weight
Pillar	RMCA	VCRM
Cost30% weight	F7	A89Higher
Mission25% weight	A97	A100Higher
Risk15% weight	D32	A72Higher
Tradability15% weight	C41	A82Higher
Holdings10% weight	D29	A81Higher
Durability5% weight	F14	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. RMCA 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 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 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

VCRMAVanguard Core Tax-Exempt Bond E

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.

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

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

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

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.

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

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

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 RMCA profile⁠

Full VCRM profile⁠

RMCA vs VCRM Holdings

How RMCA and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.0%
Asset classBonds100%
Sector2 Sectors99.7%

Sector

Sector weights in RMCA and VCRM, widest gap first
Sector	More in RMCAMore in VCRM	Gap	RMCA	VCRM
Municipal		RMCA +0.3 points	100.0%	99.7%
Securitized		VCRM +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in RMCA and VCRM, widest gap first
Country	More in RMCAMore in VCRM	Gap	RMCA	VCRM
United States		VCRM +3.0 points	96.8%	99.8%
Puerto Rico		RMCA +3.0 points	3.2%	0.2%

Concentration

Weight in the 10 largest Holdings

RMCA26.6%
VCRM8.8%

Securities held

RMCA89
VCRM2,433

Asset class

RMCA: Bonds
VCRM: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. RMCA holds 89 securities, VCRM 2,433.

All RMCA holdings⁠All 2,586 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.

RMCA vs VCRM Cost

Overpaying RMCA vs VCRM

$8,384

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

RMCA 0.55%
$10,904
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

RMCA 0.55%
VCRM 0.12%
Overpaying

Year by year

Year	RMCA	VCRM	Overpaying
10	$988	$220	$768
20	$3,790	$859	$2,931
30	$10,904	$2,520	$8,384

Expense ratio

0.55%RMCA
0.12%VCRM, cheaper

VCRM0.12%RMCA0.55%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

RMCA 58th cheapest of 63 funds

RMCA vs VCRM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RMCA 4.38%, better; VCRM 3.75%
Payout (12M): RMCA $1.04; VCRM $2.80
Last payment: RMCA $0.09; VCRM $0.21
Ex-dividend: RMCA Oct 29, 2026; VCRM Nov 2, 2026
Paid on: RMCA Oct 30, 2026; VCRM Nov 4, 2026
Frequency: RMCA Monthly; VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

RMCAMonthly · 26 paymentsAll RMCA payments⁠

VCRMMonthly · 23 paymentsAll VCRM payments⁠

RMCA vs VCRM 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 2024VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: RMCA −0.49since Sep 2024VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: RMCA −7.7%since Aug 2024VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: RMCA 0.17VCRM 0.17; Market = 1

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