VTES's largest holdings are Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund, New York (City of), NY Transitional Finance Authority, State of California, New Jersey (State of) Economic Development Authority, Dallas Independent School District. The full top list is on this page.

How concentrated is VTES?

The top 10 holdings are 4.5% of the fund, across 3067 positions.

The total expense ratio on record is 0.05%. That is cheaper than 91% of the 786 US-listed bond funds we track.

US-listed

VTES

Vanguard Short-Term Tax-Exempt Bond ETF seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and seven years.

Vanguard Wellington Fund Vanguard Short-Term Tax Exempt Bond ETF

Vanguard

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Concentration

Well diversifiedtop 10 = 4.5%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

3067

as of 2026-02-28

Top 10

4.5%

TER

0.05%

cheaper than 91% of peers

Net assets

≈ US$1.76B

as filed

Largest

2.1%

P / E

–

Sections

Holdings as of 2026-02-28.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

1.3%

How it tracks

Index, sampling

02Performance

price · as of 2026-07-23

-0.6%

-0.3%

YTD

+0.2%

+2.0%

03Holdings

50 largest · as of 2026-02-28

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	2.1
2	New York (City of), NY Transitional Finance Authority US	US64972JQM35	0.3
3	State of California US	US13063ENN21	0.3
4	New Jersey (State of) Economic Development Authority US	US64577BL690	0.3
5	Dallas Independent School District US	US235308Y233	0.3
6	ILLINOIS ST US	US452152P965	0.3
7	New Jersey (State of) US	US646039YM35	0.3
8	New Jersey (State of) Transportation Trust Fund Authority US	US6461362C46	0.2
9	Wyandotte County Unified School District No. 500 US	US982696QY59	0.2
10	East County Advanced Water Purification Joint Powers Authority US	EAWWTR	0.2
11	University of California US	US91412HWD15	0.2
12	Ohio (State of) Water Development Authority US	US67765QGT76	0.2
13	Los Angeles Unified School District/CA US	US544647HP83	0.2
14	New Jersey (State of) US	US646039YK78	0.2
15	City of New York NY US	US64966SLK05	0.2
16	State of New Jersey US	US646039YS05	0.2
17	Los Angeles Department of Water & Power US	US544532PA62	0.2
18	Ohio (State of) Water Development Authority US	US677660UZ35	0.2
19	Bay Area Toll Authority US	US072024L346	0.2
20	State of New Jersey US	US646039YQ49	0.2
21	New Jersey (State of) US	US646039YN18	0.2
22	Los Angeles Department of Water & Power US	US544532QE75	0.2
23	University of California US	US91412HWB58	0.2
24	Board of Regents of the University of Texas System US	US91514AJW62	0.2
25	New Jersey Turnpike Authority US	US646140JP94	0.2
26	Commonwealth of Massachusetts US	US57582RY839	0.2
27	State of California US	US13063ENR35	0.2
28	State of New Jersey US	NJS	0.2
29	Virginia Public Building Authority US	US9281727X73	0.2
30	University of Pittsburgh-of the Commonwealth System of Higher Education US	US91335VKZ84	0.2
31	California (State of) US	US13063D4L90	0.2
32	Wisconsin (State of) US	US977100GP52	0.2
33	City of New York US	US64966MSU44	0.2
34	KENTUCKY ST PROPERTY & BLDGS C US	US49151FNL03	0.2
35	State of California US	US13062TH729	0.2
36	Washington (State of) (Bid Group 1) US	US93974EVV54	0.2
37	North Carolina (State of) (Garvee) US	US658268ED52	0.1
38	SOUTH CAROLINA ST ASSN OF GOVT US	US836895FT49	0.1
39	Connecticut State Health & Educational Facilities Authority US	US20775DZT26	0.1
40	DELAWARE VLY PA REGL FIN AUTH US	US246579ER39	0.1
41	New Jersey (State of) Transportation Trust Fund Authority US	US6461367U98	0.1
42	Great Lakes Water Authority US	US39081HFJ68	0.1
43	East County Advanced Water Purification Joint Powers Authority US	US271843AC87	0.1
44	California (State of) US	US13063C8Q69	0.1
45	Maryland (State of) (Bidding Group 2) US	US574193XP88	0.1
46	New York City Municipal Water Finance Authority US	US64972GR301	0.1
47	California (State of) US	US13063DPH51	0.1
48	Washington Metropolitan Area Transit Authority Dedicated Revenue US	US93878YBD04	0.1
49	California (State of) US	US13063DBT46	0.1
50	County of Guilford NC US	US401784W252	0.1

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04Exposure

Bonds 97.9%Cash 2.1%

By country

USUnited States99.9%

CurrencyUSD 99.9%

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