VTEB's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, University of California, Triborough Bridge & Tunnel Authority, Colorado State Education Loan Program, State of California. The full top list is on this page.

How concentrated is VTEB?

The top 10 holdings are 2.1% of the fund, across 10,186 positions.

The total expense ratio on record is 0.03%. That is cheaper than 96% of the 864 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

10,186 holdings as of 2026-04-30 · top 10 = 2.1% · TER 0.03%

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Concentration

Well diversifiedtop 10 = 2.1%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

10,186

as of 2026-04-30

Top 10

2.1%

TER

0.03%

cheaper than 96% of peers

Net assets

US$45.6B

Largest

1.2%

P / E

–

Sections

Holdings as of 2026-04-30.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

3.0%

Tracked index

S&P National AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-2.8%

-3.7%

-3.8%

YTD

-3.7%

-3.2%

03Holdings

50 largest · as of 2026-04-30

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	1.2
2	University of California US	US91412HWH29	0.1
3	Triborough Bridge & Tunnel Authority US	US89602HJC25	0.1
4	Colorado State Education Loan Program US	US19672MDH88	0.1
5	State of California US	US13062TH729	0.1
6	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JJQ22	0.1
7	Dallas Independent School District US	US235308Y233	0.1
8	Ohio Water Development Authority Water Pollution Control Loan Fund US	US67766WV741	0.1
9	New York State Dormitory Authority US	US65000BW384	0.1
10	New York State Dormitory Authority US	NYSHGR	0.1
11	Ohio State University/The US	OHSHGR	0.1
12	NEW YORK N Y CITY TRANSITIONALFIN AUTH REV US	US64972JZB78	0.1
13	Public Finance Authority US	US74448XCP50	0.1
14	Illinois (State of) US	ILS	0.1
15	Los Angeles Department of Water & Power US	US544532QE75	0.1
16	New Hampshire Municipal Bond Bank US	US64465QRC23	0.1
17	New Jersey (State of) Transportation Trust Fund Authority US	US6461363L36	0.1
18	Triborough Bridge & Tunnel Authority Sales Tax Revenue US	US896035DH24	0.1
19	Los Angeles Unified School District US	US544647HQ66	0.1
20	State of Wisconsin US	US97705MW353	0.1
21	NEW JERSEY ST TRANSN TR FD AUT US	US64613CGK80	0.1
22	Los Angeles Unified School District US	US544647HR40	0.1
23	ILLINOIS ST US	ILS	0.1
24	New York City Transitional Finance Authority Future Tax Secured US	US64972JXS22	0.1
25	NEW JERSEY ST TRANSPRTN TRUST US	US64613CHQ42	0.1
26	Salt River Project Agricultural Improvement & Power District US	US79574CGL19	0.1
27	New York State Dormitory Authority US	US64990AYB50	0.1
28	ILLINOIS ST TOLL HWY AU HWY RV US	US452252KS79	0.1
29	Triborough Bridge & Tunnel Authority US	US89602HAB33	0.1
30	New Jersey (State of) US	US646039YN18	0.1
31	California Educational Facilities Authority US	US130179SD70	0.1
32	New York City Municipal Water Finance Authority US	NYCUTL	0.1
33	JobsOhio Beverage System US	US47770VCB45	0.1
34	Triborough Bridge & Tunnel Authority US	US89602HHH30	0.1
35	Commonwealth of Pennsylvania US	US70914P5E88	0.1
36	County of Jefferson AL Sewer Revenue US	JEFUTL	0.1
37	University of California US	US91412HWB58	0.1
38	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBR77	0.1
39	WILLIAM MARSH RICE UNIV US	HOUHGR	0.1
40	Massachusetts Development Finance Agency US	US57585BAL27	0.1
41	State of Maryland Department of Transportation US	US574204X656	0.1
42	State of Illinois US	US452153KU26	0.1
43	Chicago Board of Education Dedicated Capital Improvement Tax US	US167510AA40	0.1
44	New Jersey Transportation Trust Fund Authority 5.00% 06/15/2031 US	NJSTRN	0.1
45	State of Illinois US	US452153NL99	0.1
46	Massachusetts Development Finance Agency US	US57585BGT98	0.1
47	MASSACHUSETTS ST DEV FIN AGY R US	MASDEV	0.1
48	Los Angeles Unified School District US	US544647HN36	0.1
49	Texas Water Development Board US	TXSWTR	0.1
50	Salt River Project Agricultural Improvement & Power District US	SALAGR	0.1

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04Exposure

Bonds 98.8%Cash 1.2%

By country

USUnited States99.7%

CurrencyUSD 99.7%

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