RMNY vs SCMB

RMNYCRockefeller New York Municipal Bond ETF

SCMBASchwab Municipal Bond ETF

In short

RMNY A New York-only muni bond fund run by a live manager instead of an index. Rockefeller hand-picks the bonds, chasing income that skips both the federal and the New York state tax bill, and pays it out monthly.

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

RMNY The Fund seeks income exempt from federal and New York state income taxes. It is actively managed and invests primarily in New York 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

• RMNY Narrow by design: the prospectus targets income exempt from federal and New York state income taxes, invested primarily in New York municipal bonds.
• Active, not indexed. The manager can move across issuers, maturities and credit tiers rather than holding whatever a benchmark prescribes.
• What is on the label is what is in the portfolio: holdings line up closely with the stated New York muni mandate.
• Income arrives monthly rather than quarterly.

• 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

• RMNY Active costs real money: 0.55% a year against a 0.30% muni-fund median, and far above index New York rivals such as NYF at 0.09%.
• A small, thinly traded fund, so bid-ask spreads can run wider than the giant national muni ETFs.
• Launched in 2024, so the live record is short, and a single-state book ties you to one state's issuers and tax rules.

• 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 RMNY profile⁠

Full SCMB profile⁠