RTAI vs VCRM: Grades, Fees and Holdings Compared

Rareview Tax Advantaged Income ETF

RTAIFCboe

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −4.47pt a year

RTAI4.59%VCRM0.12%

Avg volume · 30D

VCRM 1583.0×the volume

RTAI461VCRM730K

RTAI vs VCRM Performance

Nov 7, 2025 – Nov 9, 2026

−1.5%RTAI+2.3%VCRM

Expense ratio: RTAI 4.59%; VCRM 0.12%, better
Fund size: RTAI $16M; VCRM $2.2B
1Y total return: RTAI −1.5%; VCRM +2.3%, better
Yield (12M): RTAI 5.16%, better; VCRM 3.75%
Holdings: RTAI 12; VCRM 2595
Avg volume (30D): RTAI 461 sh; VCRM 730K sh, better
NAV per share: RTAI $19.95; VCRM $74.68
52W range

ETF.net Grade

Pillar letters and Scores for RTAI, VCRM, with each pillar’s weight
Pillar	RTAI	VCRM
Cost30% weight	F0	A89Higher
Mission25% weight	C44	A100Higher
Risk15% weight	D28	A72Higher
Tradability15% weight	D31	A82Higher
Holdings10% weight	F18	A81Higher
Durability5% weight	F18	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. RTAI 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 RTAI 62nd 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 61DXMPTVanEck CEF Muni Income ETFScore 31
Rank 62FRTAIRareview Tax Advantaged Income ETFScore 22
Rank 63FYYYMAmplify Municipal CEF High Income ETFScore 19

Our read on each fund

ETF.net Research

RTAIFRareview Tax Advantaged Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

RTAI RTAI doesn't buy munis. It buys the closed-end funds that own them, hunting prices below the value of their holdings, and pays monthly. Cost: 4.59% net of a waiver through January 31, 2027 (5.24% gross).

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

RTAI The Fund seeks total return with an emphasis on current income, with a substantial portion intended to be exempt from federal income taxes.

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

Why people hold it

RTAI It's a fund of funds: unaffiliated municipal bond closed-end funds, bought at a discount or premium to the value of what they hold.sec.gov
Income is the stated point, with a substantial portion of it intended to be exempt from federal income taxes, and the payout arrives monthly.
It measures itself against the Bloomberg Municipal Bond Index rather than copying it, so a manager decides which closed-end funds to own and when.sec.gov

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

RTAI Cost is the trade-off: 4.59% net of a waiver through January 31, 2027 (5.24% gross), versus 0.03% at VTEB and 0.05% at MUB, and above the category median.
A small, lightly traded fund, so spreads and the gap between share price and net asset value can run wider than at the category's giants.
Closed-end fund prices can sit above or below the bonds inside them, so results ride on discount swings as well as the muni market itself.sec.gov

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 RTAI profile⁠

Full VCRM profile⁠

RTAI vs VCRM Holdings

How RTAI and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors93.6%
Asset classBonds100%
Countryby domicile99.8%

Sector

Sector weights in RTAI and VCRM, widest gap first
Sector	Gap	RTAI	VCRM
Corporate	RTAI +6.4 points	6.4%	0.0%
Municipal	VCRM +6.3 points	93.4%	99.7%
Securitized	VCRM +0.1 points	0.2%	0.3%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

RTAI98.1%
VCRM8.8%

Securities held

RTAI11
VCRM2,433

Asset class

RTAI: Bonds
VCRM: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. RTAI holds 11 securities, VCRM 2,433.

All 12 RTAI 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.

RTAI vs VCRM Cost

Overpaying RTAI vs VCRM

$53,172

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

RTAI 4.59%
$55,692
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

RTAI 4.59%
VCRM 0.12%
Overpaying

Year by year

Year	RTAI	VCRM	Overpaying
10	$6,983	$220	$6,763
20	$22,596	$859	$21,737
30	$55,692	$2,520	$53,172

Expense ratio

4.59%RTAI
0.12%VCRM, cheaper

VCRM0.12%RTAI4.59%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

RTAI 63rd cheapest of 63 funds

RTAI vs VCRM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): RTAI 5.16%, better; VCRM 3.75%
Payout (12M): RTAI $1.03; VCRM $2.80
Last payment: RTAI $0.08; VCRM $0.21
Ex-dividend: RTAI Nov 3, 2026; VCRM Nov 2, 2026
Paid on: RTAI Nov 4, 2026; VCRM Nov 4, 2026
Frequency: RTAI Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

RTAIMonthly · 47 paymentsAll RTAI payments⁠

VCRMMonthly · 23 paymentsAll VCRM payments⁠

RTAI vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RTAI 13.0%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: RTAI 0.41VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: RTAI −33.5%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: RTAI 2.18VCRM 0.17; Market = 1

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