VTEB's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, NEW YORK CITY OF, University of California, State of Maryland, Triborough Bridge & Tunnel Authority. The full top list is on this page.

How concentrated is VTEB?

The top 10 holdings are 1.9% of the fund, across 9972 positions.

The total expense ratio on record is 0.03%. That is cheaper than 95% of the 786 US-listed bond funds we track.

US-listed

VTEB

seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.

Vanguard Tax-Exempt Bond ETF

Vanguard

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Concentration

Well diversifiedtop 10 = 1.9%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

9972

as of 2026-01-31

Top 10

1.9%

TER

0.03%

cheaper than 95% of peers

Net assets

≈ US$46.6B

as filed

Largest

0.9%

P / E

–

Sections

Holdings as of 2026-01-31.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

2.8%

How it tracks

Index, sampling

02Performance

price · as of 2026-07-23

-1.5%

-1.0%

-0.2%

YTD

+0.1%

+5.5%

03Holdings

50 largest · as of 2026-01-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	0.9
2	NEW YORK CITY OF US	US64966ML981	0.1
3	University of California US	US91412HWH29	0.1
4	State of Maryland US	US574193XL74	0.1
5	Triborough Bridge & Tunnel Authority US	US89602HJC25	0.1
6	SOUTH CAROLINA ST ASSN OF GOVT US	US836895FT49	0.1
7	State of California US	US13062TH729	0.1
8	Colorado State Education Loan Program US	US19672MDH88	0.1
9	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JJQ22	0.1
10	Pennsylvania Higher Educational Facilities Authority US	US70917TSU69	0.1
11	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JJU34	0.1
12	New York State Dormitory Authority US	US65000BW384	0.1
13	Ohio State University/The US	US677632T926	0.1
14	New Jersey (State of) US	US646039YN18	0.1
15	New York State Dormitory Authority US	NYSHGR	0.1
16	NEW YORK N Y CITY TRANSITIONALFIN AUTH REV US	US64972JZB78	0.1
17	State of Maryland Department of Transportation US	US574204Y720	0.1
18	Salt River Project Agricultural Improvement & Power District US	US79574CGL19	0.1
19	Illinois (State of) US	ILS	0.1
20	Public Finance Authority US	US74448XCP50	0.1
21	New Hampshire Municipal Bond Bank US	US64465QRC23	0.1
22	City of New York US	US64966SPY62	0.1
23	Los Angeles Unified School District US	US544647HQ66	0.1
24	OHIO ST WTR DEV ATH WTR POLL UTION CTL REV(CUSIP) US	US67766WM740	0.1
25	New Jersey (State of) Transportation Trust Fund Authority US	US6461363L36	0.1
26	State of Wisconsin US	US97705MW353	0.1
27	Los Angeles Unified School District US	US544647HR40	0.1
28	California State Public Works Board US	US13068XLF41	0.1
29	State of Texas US	US882725DA91	0.1
30	State of Texas US	US882725CT91	0.1
31	New York City Municipal Water Finance Authority US	NYCUTL	0.1
32	Salt River Project Agricultural Improvement & Power District US	US79574CHJ53	0.1
33	NEW JERSEY ST TRANSN TR FD AUT US	US64613CGK80	0.1
34	ILLINOIS ST US	US452152P965	0.1
35	Ohio Water Development Authority Water Pollution Control Loan Fund US	US67766WV741	0.1
36	New York City Transitional Finance Authority Future Tax Secured US	US64972JXS22	0.1
37	City of New York US	US64966SMQ65	0.1
38	Austin Community College District US	AUSHGR	0.1
39	New York State Dormitory Authority US	US64990KGN72	0.1
40	New Jersey Transportation Trust Fund Authority US	US64613CHS08	0.1
41	State of California US	US13063DJ412	0.1
42	State of Minnesota US	US60412AV752	0.1
43	Triborough Bridge & Tunnel Authority US	US89602HAB33	0.1
44	New York (City of), NY Transitional Finance Authority US	US64972HY891	0.1
45	JobsOhio Beverage System US	US47770VCB45	0.1
46	CALIFORNIA ST US	US13063EKL91	0.1
47	New Jersey Transportation Trust Fund Authority US	US64613CEL81	0.1
48	New Jersey Transportation Trust Fund Authority US	US64613CEP95	0.1
49	California Educational Facilities Authority US	US130179SD70	0.1
50	University of California US	US91412HWB58	0.1

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04Exposure

Bonds 99.0%Cash 1.0%

By country

USUnited States100.3%

CurrencyUSD 100.3%

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