Vanguard Tax-Exempt Bond ETF
$47.91−0.28 (−0.58%)
- Expense ratio
- 0.03%
- Fund size
- $49.0B
- 1Y return
- −0.5%
- Yield · Last 12 months
- 3.53%
- Volume · 30D
- 9.4M sh
- NAV per share
- $48.22
- 52W range
The ETF.net VTEB Grade
Score 88 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 99Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 53Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 87Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 85Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 95Category rank
Our read on VTEB
AVanguard's national muni index fund, running since 2015 at three basis points, a tenth of what the typical muni ETF charges. Its benchmark screens for investment-grade bonds whose income is exempt from federal tax and the AMT.
VTEB seeks to track an index measuring the investment-grade segment of the U.S. municipal bond market. It uses passive sampling to approximate the index and generally invests in federally tax-exempt municipal securities.
Why people hold it
- Three basis points a year against a 0.30% muni-ETF median. On tax-exempt bonds, where coupons are modest, that fee gap is a real slice of the payout.
- The index holds only investment-grade munis whose interest is exempt from federal income tax and the alternative minimum tax, so the income carries no AMT surprise.fund-docs.vanguard.com
- A multi-billion-dollar fund and one of the most heavily traded in the muni category, which tends to show up as tight bid-ask spreads. Income is paid monthly.
- It has tracked its benchmark closely and sits among the strongest implementations in a crowded muni bond peer group.
Worth knowing
- Federal exemption, not blanket coverage. Income can still be taxable in your home state, which is why single-state funds like NYF exist alongside it.fund-docs.vanguard.com
- Credit quality is investment grade, so rates are the main swing factor: when muni yields rise, bond prices and the fund's share price fall.fund-docs.vanguard.com
- Sampling, not full replication. The fund owns a representative slice of a very large index rather than every bond in it.fund-docs.vanguard.com
VTEB Holdings
- Bonds
- —
- 2%
- Vanguard Municipal Low Duration Fund 12/31/2049
Sectors
- Municipal100.0%
VTEB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
VTEB$9,947
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | VTEB |
|---|---|
| Year to date | −2.0% |
| 1 month | −2.4% |
| 3 months | −3.6% |
| 1 year | −0.5% |
| 3 years | +2.9% |
| 5 years | +0.1% |
| 10 years | +1.7% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | VTEB |
|---|---|---|
| 2026 YTD | −2.0% | |
| 2025 | +3.7% | |
| 2024 | +1.3% | |
| 2023 | +6.1% | |
| 2022 | −8.0% | |
| 2021 | +1.1% | |
| 2020 | +5.2% |
VTEB in the news
VTEB Dividends
- 3.53%
- $1.70
- $0.14 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 3, 2026 | $0.14 |
| Aug 3, 2026 | Aug 5, 2026 | $0.14 |
| Jul 1, 2026 | Jul 6, 2026 | $0.14 |
| Jun 1, 2026 | Jun 3, 2026 | $0.14 |
| May 1, 2026 | May 5, 2026 | $0.14 |
| Apr 1, 2026 | Apr 6, 2026 | $0.14 |
| Mar 2, 2026 | Mar 4, 2026 | $0.15 |
| Feb 2, 2026 | Feb 4, 2026 | $0.14 |
| Dec 18, 2025 | Dec 22, 2025 | $0.14 |
| Dec 1, 2025 | Dec 3, 2025 | $0.14 |
| Nov 3, 2025 | Nov 5, 2025 | $0.14 |
| Oct 1, 2025 | Oct 3, 2025 | $0.14 |
VTEB Risk
- 5.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.24
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −12.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.95
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
VTEB Cost
0.03%
VTEB0.03%
- The middle half of Other Municipal Bond funds
- Median 0.30%
No Other Municipal Bond fund charges less.