VTEL's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, State of California, New York State Dormitory Authority, State of California, Metropolitan Transportation Authority. The full top list is on this page.

How concentrated is VTEL?

The top 10 holdings are 1.6% of the fund, across 3,847 positions.

The total expense ratio on record is 0.09%. That is cheaper than 84% of the 864 US-listed bond funds we track.

US-listed

VTEL

Track the performance of the S&P 10+ Year National AMT-Free Municipal Bond Index.

Vanguard Long-Term Tax-Exempt Bond ETF

Vanguard

3,847 holdings as of 2026-04-30 · top 10 = 1.6% · TER 0.09%

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Concentration

Well diversifiedtop 10 = 1.6%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

3,847

as of 2026-04-30

Top 10

1.6%

TER

0.09%

cheaper than 84% of peers

Net assets

US$259M

Largest

0.3%

P / E

–

Sections

Holdings as of 2026-04-30.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2025-05-20

Volatility 1Y

3.9%

Tracked index

S&P 10+ Year National AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-3.8%

-5.0%

-4.6%

YTD

-4.8%

-3.8%

03Holdings

50 largest · as of 2026-04-30

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	0.3
2	State of California US	US13063ENC65	0.2
3	New York State Dormitory Authority US	US65000BW384	0.2
4	State of California US	US13063EMY94	0.2
5	Metropolitan Transportation Authority US	US59261AFR32	0.1
6	California Educational Facilities Authority US	US130179YE89	0.1
7	Colorado Educational & Cultural Facilities Authority US	US19645UWT77	0.1
8	Los Angeles (City of), CA Department of Water & Power US	US544495Z645	0.1
9	New York State Dormitory Authority US	US64990KKH58	0.1
10	BATTERY PARK CITY NY AUTH US	US07133AJM53	0.1
11	New York State Thruway Authority US	US650028C437	0.1
12	Oklahoma Water Resources Board US	US67920Q8C53	0.1
13	Conroe Independent School District US	US2084183Q41	0.1
14	Metropolitan Transportation Authority (Green Bonds) US	US59261AG435	0.1
15	Washington Metropolitan Area Transit Authority US	DCTGEN	0.1
16	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JD214	0.1
17	California State Public Works Board US	US13068XSY66	0.1
18	New Jersey (State of) Transportation Trust Fund Authority US	US64613CFB90	0.1
19	Oklahoma Turnpike Authority US	US679111E913	0.1
20	City of San Francisco CA Public Utilities Commission Water Revenue US	US79771FLK11	0.1
21	New York State Thruway Authority US	NYSTRN	0.1
22	Metropolitan Atlanta Rapid Transit Authority (Green Bonds) US	US591746BZ47	0.1
23	University of Michigan US	US914455SB74	0.1
24	Corsicana Independent School District US	US220435UF65	0.1
25	Plano Independent School District US	US727199D243	0.1
26	Board of Regents of the University of Texas System US	US91514AJV89	0.1
27	University of California US	US91412HYF45	0.1
28	Oregon City School District No. 62 US	US179162HE52	0.1
29	Bay Area Toll Authority US	US072024L916	0.1
30	New Jersey Transportation Trust Fund Authority US	US64613CEV63	0.1
31	Commonwealth of Massachusetts Transportation Fund US	US57604TKE54	0.1
32	Prosper Independent School District US	US7436005F13	0.1
33	New Jersey Transportation Trust Fund Authority US	US64613CEH79	0.1
34	Indiana (State of) Municipal Power Agency US	US454898TX53	0.1
35	State of California US	CAS	0.1
36	Salt River Project Agricultural Improvement & Power District US	US79574CFR97	0.1
37	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.1
38	New York City Transitional Finance Authority Future Tax Secured US	US64972JYS13	0.1
39	Massachusetts (Commonwealth of) US	US57582RMY98	0.1
40	Los Angeles (City of), CA Department of Water & Power US	US544525YH55	0.1
41	University of Virginia US	US915217WP45	0.1
42	New York City Transitional Finance Authority Future Tax Secured US	US64972JYR30	0.1
43	Lower Colorado River Authority (LCRA Transmission Services Corp.) US	US54811BYU96	0.1
44	University of California US	US91412HWH29	0.1
45	Pennsylvania (Commonwealth of) Turnpike Commission US	US709224QF92	0.1
46	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBQ94	0.1
47	Metropolitan Pier & Exposition Authority US	US592250DM38	0.1
48	Salt River Project Agricultural Improvement & Power District US	SALAGR	0.1
49	ILLINOIS ST TOLL HWY AU HWY RV US	US452252PQ68	0.1
50	New Jersey Transportation Trust Fund Authority US	US64613CER51	0.1

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04Exposure

Bonds 99.7%

By country

USUnited States99.1%

CurrencyUSD 99.1%

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