VTEL's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, State of California, Grand Parkway Transportation Corp. (TELA Supported), NEW YORK CITY TRANSITIONAL FIN AUT, New York State Dormitory Authority. The full top list is on this page.

How concentrated is VTEL?

The top 10 holdings are 1.8% of the fund, across 4,392 positions.

The total expense ratio on record is 0.09%. That is cheaper than 84% of the 865 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

4,392 holdings as of 2026-07-31 · top 10 = 1.8% · TER 0.09%

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Concentration

Well diversifiedtop 10 = 1.8%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

4,392

as of 2026-07-31

Top 10

1.8%

TER

0.09%

cheaper than 84% of peers

Net assets

US$326M

Largest

0.7%

P / E

–

Sections

Holdings as of 2026-07-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2025-05-20

Volatility 1Y

4.8%

Tracked index

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

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-27

+2.8%

-3.1%

-4.6%

YTD

-4.3%

-5.1%

03Holdings

50 largest · as of 2026-07-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	0.7
2	State of California US	US13063ENC65	0.2
3	Grand Parkway Transportation Corp. (TELA Supported) US	US38611TBQ94	0.2
4	NEW YORK CITY TRANSITIONAL FIN AUT US	US64972JN619	0.1
5	New York State Dormitory Authority US	US65000BW384	0.1
6	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JDG04	0.1
7	State of California US	US13063EMY94	0.1
8	Hudson Yards Infrastructure Corp. US	US44420RBE99	0.1
9	NEW JERSEY ST TURNPIKE AUTHORITY US	US646140KW27	0.1
10	New York State Urban Development Corp. US	US650036CE44	0.1
11	New York State Dormitory Authority US	NYSHGR	0.1
12	Metropolitan Transportation Authority US	US59261AFR32	0.1
13	Tampa (City of) & Hillsborough (County of), FL Expressway Authority US	US875301FP31	0.1
14	California Educational Facilities Authority US	US130179YE89	0.1
15	Los Angeles (City of), CA Department of Water & Power US	US544495Z645	0.1
16	Municipal Electric Authority of Georgia US	US6262072R42	0.1
17	Sales Tax Securitization Corp US	STSGEN	0.1
18	AQUARION WTR AUTH CONN US	US03843TBX81	0.1
19	New York State Dormitory Authority US	US64990KKH58	0.1
20	New York State Dormitory Authority US	US64990AYB50	0.1
21	NEW YORK ST TWY AUTH US	US650028H220	0.1
22	State of Illinois US	US452153PD55	0.1
23	BATTERY PARK CITY NY AUTH US	US07133AJM53	0.1
24	New York (State of) Dormitory Authority (Bidding Group 3) US	US64990FGF53	0.1
25	Oklahoma Water Resources Board US	US67920Q8C53	0.1
26	New York State Thruway Authority US	US650028C437	0.1
27	Metropolitan Transportation Authority (Green Bonds) US	US59261AG435	0.1
28	Metropolitan Transportation US	MTATRN	0.1
29	NEW YORK ST TWY AUTH ST PERS I US	US650028H972	0.1
30	Washington Metropolitan Area Transit Authority US	DCTGEN	0.1
31	Conroe Independent School District US	US2084183Q41	0.1
32	Metropolitan Pier & Exposition Authority US	US592250DM38	0.1
33	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JD214	0.1
34	Oklahoma Turnpike Authority US	US679111E913	0.1
35	Metropolitan Atlanta Rapid Transit Authority (Green Bonds) US	US591746BZ47	0.1
36	City of San Francisco CA Public Utilities Commission Water Revenue US	US79771FLK11	0.1
37	California State Public Works Board US	US13068XSY66	0.1
38	Permanent University Fund - University of Texas System US	US915130CU04	0.1
39	Salem-Keizer School District No. 24J US	US569203NL25	0.1
40	New Jersey (State of) Transportation Trust Fund Authority US	US64613CFB90	0.1
41	NEW YORK CITY TRANSITIONAL FIN AUT US	US64972JP283	0.1
42	UNIVERSITY OF CALIFORNIA US	US91412HYU12	0.1
43	University of California US	US91412HUU57	0.1
44	Washington (State of) US	US93974EDS28	0.1
45	University of Michigan US	US914455SB74	0.1
46	Pennsylvania (Commonwealth of) Turnpike Commission US	US709221VK83	0.1
47	ENERGY NORTHWEST WASH ELEC REV US	US29270C4K88	0.1
48	Corsicana Independent School District US	US220435UF65	0.1
49	Plano Independent School District US	US727199D243	0.1
50	Oregon City School District No. 62 US	US179162HE52	0.1

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04Exposure

Bonds 99.3%Cash 0.7%

By country

USUnited States99.3%

CurrencyUSD 99.3%

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