SCMB vs XMPT: Grades, Fees and Holdings Compared

Schwab Municipal Bond ETF

SCMBANYSE Arca

VanEck CEF Muni Income ETF

XMPTDCboe

Overlap

0.0%by weight

Expense ratio

SCMB −3.37pt a year

SCMB0.03%XMPT3.40%

Avg volume · 30D

SCMB 38.1×the volume

SCMB3.28MXMPT86K

3Y return · a year

XMPT +5.3pt

SCMB+4.1%XMPT+9.4%

SCMB vs XMPT Performance

Oct 31, 2025 – Oct 30, 2026

−0.6%SCMB−2.7%XMPT

Expense ratio: SCMB 0.03%, better; XMPT 3.40%
Fund size: SCMB $4.07B; XMPT $208M
1Y total return: SCMB −0.6%, better; XMPT −2.7%
Yield (12M): SCMB 3.70%; XMPT 6.27%, better
Holdings: SCMB 8203; XMPT 38
Avg volume (30D): SCMB 3.28M sh, better; XMPT 86K sh
NAV per share: SCMB $24.87; XMPT $20.25
52W range

ETF.net Grade

Pillar letters and Scores for SCMB, XMPT, with each pillar’s weight
Pillar	SCMB	XMPT
Cost30% weight	A99Higher	F2
Mission25% weight	A96Higher	C48
Risk15% weight	B57Higher	D34
Tradability15% weight	A82Higher	B58
Holdings10% weight	A81Higher	F23
Durability5% weight	A72Higher	B60

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. SCMB and XMPT 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 2nd and XMPT 61st of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
Rank 2AMUBiShares National Muni Bond ETFScore 86
Rank 2ASCMBSchwab Municipal Bond ETFScore 86
Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
Rank 60DNMBSimplify National Muni Bond ETFScore 33
Rank 61DXMPTVanEck CEF Muni Income ETFScore 31
Rank 62FRTAIRareview Tax Advantaged Income ETFScore 23

Our read on each fund

ETF.net Research

SCMBASchwab Municipal Bond ETF

XMPTDVanEck CEF Muni Income ETF

In short

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.

XMPT XMPT skips the bonds and buys the funds: roughly 40 U.S.-listed municipal closed-end funds, leverage and NAV discounts included, in one monthly-paying ticker.

Stated mandate

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.

XMPT XMPT seeks to track, before fees and expenses, the price and yield performance of an index representing U.S.-listed closed-end funds investing in U.S.-dollar-denominated, tax-exempt markets.

Why people hold it

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.

XMPT One ticker for a corner of the market that otherwise means buying muni closed-end funds one at a time, then tracking each fund's discount yourself.vaneck.com
The index sorts muni closed-end funds into leveraged, unleveraged and high-yield buckets, and leans weight toward those trading at discounts to NAV.vaneck.com
Pays monthly, drawn from closed-end funds that invest in U.S.-dollar-denominated, tax-exempt municipal markets.
Trading since 2011, so its record covers real rate spikes and discount swings, not a backtest.

Worth knowing

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.

XMPT All-in cost is 3.4%, above the muni category median; plain index funds like VTEB (0.03%) and MUB (0.05%) sit at the far other end.
Most of that headline figure is the underlying funds' own fees, folded in under SEC fund-of-funds rules; VanEck's direct management fee is the smaller piece.vaneck.com sec.gov
Discounts to NAV can widen as easily as they narrow, and leverage inside the underlying funds amplifies muni moves in both directions.vaneck.com vaneck.com 2

Full SCMB profile⁠

Full XMPT profile⁠

SCMB vs XMPT Holdings

How SCMB and XMPT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SCMB and 0.0% of XMPT.

Level by level

Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for SCMB and XMPT.

Country, concentration and asset class

Country by domicile

Country weights in SCMB and XMPT, widest gap first
Country	More in SCMBMore in XMPT	SCMB	XMPT
United States	Same weight	100.0%	100.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

SCMB1.6%
XMPT58.9%

Securities held

SCMB8,203
XMPT36

Asset class

SCMB: Fixed Income
XMPT: Multi-Asset

Holdings

Only in SCMB8,203
In both0
Only in XMPT36

Only in SCMB

8,203 securities, 100% of SCMB by weight

Alabama Toll Rd Brdg & Tunl Au 5.00% 10/01/2032 (BBG0250H27G3)0.28%
King Cnty Wash Swr Rev 3.48% 01/01/2042 (BBG01XXGF962)0.20%
Metropolitan Transn Auth N Y R 3.45% 11/15/2050 (BBG00LVGJ3K4)0.17%
New York N Y 3.30% 09/01/2049 (BBG019J38VS5)0.16%
New York N Y 5.25% 08/01/2055 (BBG025JZPD20)0.14%
Massachusetts St 5.00% 11/01/2043 (BBG00HYZBGQ1)0.14%
California St 5.25% 09/01/2047 (BBG019K4ZWV5)0.14%
New York St Dorm Auth Sales Ta 5.00% 03/15/2031 (BBG01R3YZJT0)0.13%
New York N Y 3.35% 04/01/2042 (BBG002V8XTP6)0.13%
New York N Y 3.45% 02/01/2055 (BBG01TQRWHG7)0.12%
Minnesota St 5.00% 08/01/2031 (BBG024S5CLJ7)0.12%
Jefferson Cnty Ala Swr Rev 5.50% 10/01/2053 (BBG01KYQHSH1)0.12%
Illinois St 5.00% 11/01/2028 (BBG00J35P8M4)0.11%
Jea Fla Wtr & Swr Sys Rev 5.25% 10/01/2049 (BBG01L021X67)0.11%
Triborough Brdg & Tunl Auth N 5.00% 11/15/2036 (BBG01NJGG291)0.11%
University Calif Revs 5.00% 05/15/2029 (BBG01HXCCJY6)0.11%
University Calif Revs 5.00% 05/15/2036 (BBG01YZBJCH6)0.10%
New York N Y 5.00% 08/01/2034 (BBG01NY78Q18)0.10%
California St 5.00% 03/01/2028 (BBG01T6JCQK4)0.10%
Washington St 5.00% 02/01/2039 (BBG00RLZY7L3)0.10%
Massachusetts St 5.00% 01/01/2038 (BBG00N0WWX91)0.10%
New York St Dorm Auth Sales Ta 5.00% 03/15/2033 (BBG00DSXGKX0)0.10%
Triborough Brdg & Tunl Auth Ny 3.45% 01/01/2035 (BBG01H3V06M1)0.10%
Texas Water Dev Brd 4.00% 10/15/2045 (BBG00XK4FMN6)0.10%
Maryland St 5.00% 06/01/2035 (BBG01N4ZY8G4)0.10%
Triborough Brdg & Tunl Auth N 5.25% 05/15/2064 (BBG01LB3FT21)0.09%
New York N Y 5.00% 09/01/2031 (BBG01P7FLV46)0.09%
New York St Dorm Auth St Pers 5.00% 03/15/2030 (BBG01WYC76T2)0.09%
Illinois Fin Auth Rev 5.00% 04/01/2034 (BBG01MS3WYV9)0.09%
San Mateo Cnty Calif Cmnty Col 2018 5.00% 09/01/2045 (BBG00MC8NFQ3)0.09%
New York St Dorm Auth St Pers 5.00% 03/15/2055 (BBG01SVG2GN4)0.09%
Massachusetts St 5.00% 04/01/2055 (BBG01TNZYJ49)0.09%
New York N Y 5.00% 12/01/2038 (BBG00MPTPX28)0.09%
New York N Y City Transitional 5.25% 11/01/2048 (BBG01B32NW19)0.09%
Connecticut St 5.00% 01/15/2030 (BBG01KQ02WS2)0.09%
New York N Y 5.00% 08/01/2029 (BBG0161FRP78)0.09%
University Calif Revs 5.00% 05/15/2033 (BBG022RFD9T5)0.09%
California St 5.00% 09/01/2036 (BBG0266JX4Q3)0.09%
New York St Dorm Auth St Pers 5.00% 03/15/2031 (BBG01J7XLPP1)0.08%
New York N Y Trasitional 5.50% 05/01/2052 (BBG01Q9X42M6)0.08%
New York N Y City Transitional 5.25% 02/01/2053 (BBG01L8G4GG1)0.08%
California St 4.00% 03/01/2036 (BBG01T3VL241)0.08%
California St 5.00% 08/01/2043 (BBG024S5K870)0.08%
Gwinnett Cnty Ga Sch Dist 5.00% 02/01/2033 (BBG01T07BC82)0.08%
New York N Y City Transitional 5.00% 05/01/2049 (BBG01Q9X42H2)0.08%
New York N Y City Mun Wtr Fin 3.35% 06/15/2044 (BBG01BYX2Q95)0.08%
San Jose Calif 5.00% 09/01/2045 (BBG00PM1FFS7)0.08%
California St 5.00% 08/01/2032 (BBG01QJ7NZN7)0.08%
University Calif Revs 5.00% 05/15/2043 (BBG01FC3JHW2)0.08%
New York N Y City Transitional 5.00% 11/01/2037 (BBG01S4QGJQ8)0.08%

Only in XMPT

36 securities, 99.7% of XMPT by weight

Nuveen AMT-Free Quality Municipal Incom7.40%
Blackrock Muniholdings Fund Inc7.20%
Nuveen Quality Municipal Income Fund6.96%
Blackrock Muniyield Quality Fund Inc6.13%
Nuveen Municipal Credit Income Fund6.00%
Nuveen AMT-Free Municipal Credit Income5.80%
Blackrock Municipal 2030 Target Term Tr5.41%
Blackrock Muniyield Quality Fund Iii In4.76%
Nuveen Municipal High Income Opportunit4.66%
Nuveen Municipal Value Fund Inc4.59%
Pimco Municipal Income Fund Ii3.67%
Blackrock Muniassets Fund Inc2.97%
Nuveen Select Tax-Free Income Portfolio2.44%
Mfs Municipal Income Trust2.41%
Western Asset Managed Municipals Fund I2.21%
Eaton Vance Municipal Bond Fund2.18%
Invesco Municipal Opportunity Trust1.96%
Nuveen Dynamic Municipal Opportunities1.87%
Bny Mellon Strategic Municipals Inc1.73%
Invesco Municipal Trust1.62%
Invesco Trust For Investment Grade Muni1.44%
Alliancebernstein National Municipal In1.39%
Invesco Quality Municipal Income Trust1.31%
Neuberger Berman Municipal Fund Inc1.30%
Bny Mellon Strategic Municipal Bond Fun1.29%
Invesco Value Municipal Income Trust1.27%
Putnam Municipal Opportunities Trust1.26%
Eaton Vance Municipal Income Trust1.12%
Putnam Managed Municipal Income Trust1.12%
Dws Municipal Income Trust1.05%
Eaton Vance National Municipal Opportun1.04%
Nuveen AMT-Free Municipal Value Fund1.02%
Invesco Advantage Municipal Income Trus0.92%
Invesco Municipal Income Opportunities0.89%
Bny Mellon Municipal Bond Infrastructur0.88%
Western Asset Municipal High Income Fun0.42%

Weight gaps

SCMB and XMPT share no securities.

All 8,203 SCMB holdings⁠All 39 XMPT 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.

SCMB vs XMPT Cost

Overpaying XMPT vs SCMB

$46,592

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

SCMB 0.03%
$638
XMPT 3.40%
$47,230

Amount$10,000

Years30 years

Cost over time

SCMB 0.03%
XMPT 3.40%
Overpaying

Year by year

Year	SCMB	XMPT	Overpaying
10	$55	$5,429	$5,374
20	$216	$18,411	$18,195
30	$638	$47,230	$46,592

Expense ratio

0.03%SCMB, cheaper
3.40%XMPT

SCMB0.03%XMPT3.40%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

SCMB cheapest of 63 funds

XMPT 62nd cheapest of 63 funds

SCMB vs XMPT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SCMB 3.70%; XMPT 6.27%, better
Payout (12M): SCMB $0.92; XMPT $1.27
Last payment: SCMB $0.09; XMPT $0.11
Ex-dividend: SCMB Oct 1, 2026; XMPT Oct 1, 2026
Paid on: SCMB Oct 7, 2026; XMPT Oct 6, 2026
Frequency: SCMB Monthly; XMPT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SCMBMonthly · 45 paymentsAll SCMB payments⁠

XMPTMonthly · 45 paymentsAll XMPT payments⁠

SCMB vs XMPT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SCMB 5.9%, betterXMPT 12.8%
Return per unit of riskSharpe ratio, 3 years: SCMB −0.04XMPT 0.42, better
Worst fallMax drawdown, 5 years: SCMB −6.7%since Oct 2022XMPT −34.5%
Market sensitivityBeta, 5 years: SCMB 0.96XMPT 2.05; Market = 1

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