ETF Evaluator:
VictoryShares Short-Duration Muncpl ETF (VMSD)
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(as of Oct 12)
Best Performing in Muni National Short Over the Last Year
| 2.2% | Goldman Sachs Ultra Shrt Muncpl Inc ETF (GUMI) |
| 2.2% | Invesco Floating Rate MunicipalIncomeETF (PVI) |
| 1.9% | F/m Ultrashort Tax Free Municipal ETF (ZMUN) |
| 1.7% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 1.7% | First Trust Ultra Short Dur Muncpl ETF (FUMB) |
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ETF Details
VictoryShares Short-Duration Muncpl ETF Overview
VictoryShares Short-Duration Muncpl ETF (VMSD) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). VictoryShares launched the ETF in 2026.
The investment seeks to provide investors with interest income that is exempt from federal income tax.
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is expected to be excludable from gross income for federal income tax purposes (“municipal securities”).
About VictoryShares Short-Duration Muncpl ETF (VMSD)
There are 2 members of the management team with an average tenure of 0.02 years: Andrew Hattman (2026) and Lauren Spalten (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
VictoryShares Short-Duration Muncpl ETF has 20 securities in its portfolio. The top 10 holdings constitute 50.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VictoryShares Short-Duration Muncpl ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. VictoryShares Short-Duration Muncpl ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (100.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VictoryShares Short-Duration Muncpl ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VMSD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VictoryShares Short-Duration Muncpl ETF expense ratio is low compared to funds in the Muni National Short category. VictoryShares Short-Duration Muncpl ETF has an expense ratio of 0.18%, which is 15% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VictoryShares Short-Duration Muncpl ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 58% for the Muni National Short category.
Recently, in the month of September 2026, VictoryShares Short-Duration Muncpl ETF returned 0.0%, which earned it a grade of NA, as the Muni National Short category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VictoryShares Short-Duration Muncpl ETF has a trailing yield of 0.00%, which is below the 2.93% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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VMSD Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VMSD Return (NAV) | na | na | na | na | na | na |
| VMSD Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Muni National Short Avg | -1.4% | -1.2% | 0.8% | 3.2% | 1.6% | 1.4% |
| VMSD Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| VMSD Tax-Cost Ratio | na | na | na | na | na | na |
VMSD Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VMSD Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| VMSD Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Muni National Short Avg | 0.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| VMSD Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 22 Mil |
| Share Class Assets: | $ 22 Mil |
| Turnover: | na |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Hattman Andrew (2026), Spalten Lauren (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 20 |
| % in Top 10 Holdings: | 50.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VictoryShares |
| Phone Number: | 800-539-3863 |
| Website: | www.CompassEMPFunds.com |
| Inception Date: | September 22, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.21% |
