VTEC's largest holdings are University of California, Bay Area Toll Authority, Los Angeles Unified School District, Los Angeles Unified School District, San Francisco City & County Airport Comm-San Francisco International Airport. The full top list is on this page.

How concentrated is VTEC?

The top 10 holdings are 2.8% of the fund, across 3,764 positions.

The total expense ratio on record is 0.06%. That is cheaper than 91% of the 864 US-listed bond funds we track.

US-listed

VTEC

The Fund seeks to track the performance of a benchmark index that measures the investment-grade segment of the California municipal bond market.

Vanguard California Tax-Exempt Bond ETF

Vanguard

3,764 holdings as of 2026-05-31 · top 10 = 2.8% · TER 0.06%

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Concentration

Well diversifiedtop 10 = 2.8%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

3,764

as of 2026-05-31

Top 10

2.8%

TER

0.06%

cheaper than 91% of peers

Net assets

US$2.64B

Largest

0.5%

P / E

–

Sections

Holdings as of 2026-05-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2024-01-26

Volatility 1Y

2.8%

Tracked index

S&P California AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-2.8%

-3.6%

-3.8%

YTD

-3.9%

-3.2%

03Holdings

50 largest · as of 2026-05-31

#	Company	Identifier	Weight
1	University of California US	US91412HWH29	0.5
2	Bay Area Toll Authority US	US072024L346	0.4
3	Los Angeles Unified School District US	US544647HR40	0.3
4	Los Angeles Unified School District US	US544647HQ66	0.3
5	San Francisco City & County Airport Comm-San Francisco International Airport US	US79766DLC10	0.2
6	Los Angeles Unified School District/CA US	US544647HP83	0.2
7	University of California US	US91412HNC33	0.2
8	Los Angeles Department of Water & Power US	US544532PA62	0.2
9	California Educational Facilities Authority US	US130179SD70	0.2
10	State of California US	CAS	0.2
11	Foothill-Eastern Transportation Corridor Agency US	FOOTRN	0.2
12	University of California US	US91412GSK21	0.2
13	California (State of) US	US13063DWS34	0.2
14	University of California US	US91412HWJ84	0.2
15	California Educational Facilities Authority US	US130179YE89	0.2
16	East County Advanced Water Purification Joint Powers Authority US	EAWWTR	0.2
17	University of California US	US91412HWB58	0.2
18	University of California US	US91412HWK57	0.2
19	SAN FRANCISCO CALIF CITY & CNTY UNI SCH DIST US	US79771TLD71	0.2
20	Bay Area Toll Authority US	US072024ZD72	0.2
21	University of California US	US91412HSM69	0.2
22	State of California US	US13063D2F41	0.2
23	Regents of the University of California Medical Center Pooled Revenue US	US913366BB57	0.2
24	State of California US	CAS	0.2
25	San Francisco (City & County of), CA Public Utilities Commission US	US79765RJ678	0.2
26	SAN MATEO CNTY CA TRANSPRTN AU US	US79905CAB90	0.2
27	UNIVERSITY OF CALIFORNIA US	UNVHGR	0.2
28	Bay Area Toll Authority US	US072024VK51	0.2
29	Los Angeles Department of Water & Power US	US544532QE75	0.2
30	Los Angeles Unified School District US	US544647HL79	0.2
31	University of California US	US91412HWL31	0.2
32	State of California US	US13063EST46	0.2
33	State of California US	US13063EHD13	0.2
34	California State Public Works Board US	US13068XSJ99	0.2
35	California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II) US	US13049UEY10	0.2
36	CALIFORNIA ST EDUCTNL FACS AUT US	US130179XC33	0.1
37	Bay Area Toll Authority US	US072024YE64	0.1
38	State of California US	US13062TH729	0.1
39	San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) US	US79766DKK45	0.1
40	Los Angeles Unified School District US	US544647BX71	0.1
41	Bay Area Toll Authority US	US072024KC54	0.1
42	San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds) US	US797661C942	0.1
43	San Francisco City & County Public Utilities Commission Wastewater Revenue US	SFOUTL	0.1
44	Anaheim Public Financing Authority US	US03255LBQ14	0.1
45	University of California US	US91412HSK04	0.1
46	University of California US	US91412HTQ64	0.1
47	Los Angeles Unified School District (Election of 2008) US	US5446466W72	0.1
48	Los Angeles Department of Water & Power US	LOSUTL	0.1
49	University of California US	US91412HND16	0.1
50	LOS ANGELES CA UNIF SCH DIST US	US544647HH67	0.1

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04Exposure

Bonds 99.9%

By country

USUnited States99.1%

CurrencyUSD 99.1%

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