VTEB
Vanguard Tax-Exempt Bond ETF
The Vanguard Tax-Exempt Bond ETF tracks a market-weighted index of investment-grade debt issued by state and local governments and agencies. Interest is exempt from US income tax and from AMT.
Municipals
FIXED INCOME
Rules-Based
MANAGEMENT STYLE
37.6 B
ASSETS UNDER MGMT
5 bp
EXPENSES
Fund Basics
| Fund sponsor | Vanguard |
| Category | Municipals |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Aug 21, 2015 |
| Assets (mns) | $37,358 |
| Expense ratio | 5 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| MUNICIPAL LOW DUR FUND | 0.9 % |
| US DOLLAR | 0.1 % |
| CALIFORNIA ST | 0.1 % |
| LOS ANGELES CALIF UNI SCH DIST | 0.1 % |
| MARYLAND ST | 0.1 % |
| LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV | 0.1 % |
| ILLINOIS ST | 0.1 % |
| NEW HAMPSHIRE MUN BD BK | 0.1 % |
| TEXAS ST | 0.1 % |
| WASHINGTON ST | 0.1 % |
Issuer Type Breakdown
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.2% | -2.2% | -1.2% | -0.6% | -2.0% | -- | -- | -0.2% |
| Dividend Yield | 0.3% | 2.1% | 2.6% | 2.6% | 2.2% | -- | -- | 2.1% |
| Total Returns | -1.9% | -0.1% | 1.4% | 2.0% | 0.2% | -- | -- | 1.9% | Ann. Volatility | 5.4% | 4.8% | 4.6% | 4.5% | 3.8% | -- | -- | 5.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.30 | 50% |
| MSCI EAFE | 0.32 | 59% |
| MSCI Emg Mkts | 0.31 | 58% |
Liquidity Measures
| Avg. volume (000) | 7,532 |
| ADV traded (mns) | $369 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.02% |
Technical Indicators
| Recent close | $48.95 |
| 30d moving avg. | $48.79 |
| Annualized volatility | 6.8% |
| Relative strength (RSI) | 51 |
| Short interest | 0.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Distribution Yield (Trailing 12 Months)
Expense Analysis
| Peer Group | Rules-Based Municipals Fixed Income ETFs |
| # of ETFs | 21 |
| Avg. Expense Ratio | 27.2 bp |
| Std. Deviation | 35.2 bp |
| VTEB (5 bp) Percentile rank | 26 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| VTEB | 5.0 | 2.1 | 7.1 |
| Peer Avg. | 36.2 | 28.2 | 64.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .