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 3,273 positions.

The total expense ratio on record is 0.05%. That is cheaper than 92% of the 864 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

3,273 holdings as of 2026-05-31 · top 10 = 4.5% · TER 0.05%

Add to portfolioStart with this fund, then add the others you hold.

Concentration

Well diversifiedtop 10 = 4.5%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

3,273

as of 2026-05-31

Top 10

4.5%

TER

0.05%

cheaper than 92% of peers

Net assets

US$1.99B

Largest

2.4%

P / E

–

Sections

Holdings as of 2026-05-31.

01Overview

the fund's regulatory facts

Fund currency

USD

First listed

2023-03-07

Volatility 1Y

1.6%

Tracked index

S&P 0-7 Year National AMT-Free Municipal Bond Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-11

-1.0%

-1.3%

-1.9%

YTD

-1.7%

-2.3%

03Holdings

50 largest · as of 2026-05-31

#	Company	Identifier	Weight
1	Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund US	–	2.4
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	0.2
5	Dallas Independent School District US	US235308Y233	0.2
6	ILLINOIS ST US	ILS	0.2
7	New Jersey (State of) US	US646039YM35	0.2
8	New Jersey (State of) Transportation Trust Fund Authority US	US6461362C46	0.2
9	Los Angeles Unified School District/CA US	US544647HP83	0.2
10	Wyandotte County Unified School District No. 500 US	US982696QY59	0.2
11	East County Advanced Water Purification Joint Powers Authority US	EAWWTR	0.2
12	Permanent University Fund - University of Texas System US	US9151158C63	0.2
13	State of New Jersey US	NJS	0.2
14	Ohio (State of) Water Development Authority US	US67765QGT76	0.2
15	University of California US	US91412HWD15	0.2
16	State of California US	US13063ENR35	0.2
17	University of Pittsburgh-of the Commonwealth System of Higher Education US	US91335VKZ84	0.2
18	State of Texas US	US882725EF79	0.2
19	State of New Jersey US	US646039YQ49	0.2
20	New Jersey (State of) US	US646039YK78	0.2
21	City of New York NY US	US64966SLK05	0.2
22	Los Angeles Department of Water & Power US	US544532PA62	0.2
23	CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA) US	CASFIN	0.2
24	State of New Jersey US	US646039YS05	0.2
25	Ohio (State of) Water Development Authority US	US677660UZ35	0.2
26	Bay Area Toll Authority US	US072024L346	0.2
27	New Jersey (State of) US	US646039YN18	0.2
28	State of California US	US13062TH729	0.2
29	University of California US	US91412HWB58	0.2
30	Los Angeles Department of Water & Power US	US544532QE75	0.2
31	Board of Regents of the University of Texas System US	US91514AJW62	0.1
32	New Jersey Turnpike Authority US	US646140JP94	0.1
33	Commonwealth of Massachusetts US	US57582RY839	0.1
34	California (State of) US	US13063D4L90	0.1
35	Virginia Public Building Authority US	US9281727X73	0.1
36	City of New York US	US64966MSU44	0.1
37	New York State Dormitory Authority US	US64990KHK25	0.1
38	KENTUCKY ST PROPERTY & BLDGS C US	US49151FNL03	0.1
39	Massachusetts Development Finance Agency US	US57585BTR95	0.1
40	Washington (State of) (Bid Group 1) US	US93974EVV54	0.1
41	City of New York NY US	US64966SSW79	0.1
42	North Carolina (State of) (Garvee) US	US658268ED52	0.1
43	Arizona Industrial Development Authority US	US04052FFG54	0.1
44	Connecticut State Health & Educational Facilities Authority US	US20775DZT26	0.1
45	Great Lakes Water Authority US	US39081HFJ68	0.1
46	East County Advanced Water Purification Joint Powers Authority US	US271843AC87	0.1
47	State of California US	US13063ELW48	0.1
48	California (State of) US	US13063C8Q69	0.1
49	DELAWARE VLY PA REGL FIN AUTH US	US246579ER39	0.1
50	CALIFORNIA ST US	US13063ELV64	0.1

Add this fund to your portfolio →

04Exposure

Bonds 97.6%Cash 2.4%

By country

USUnited States100.3%

CurrencyUSD 100.3%

See this fund inside your whole portfolio

Paste every fund you hold and see the companies you actually own, merged across all of them, with overlap, concentration and portfolio P/E. You can also test what adding this ETF would change.

Add to portfolio →