---
ticker: "VTEL"
name: "Vanguard Municipal Bond Funds - Vanguard Long-Term Tax-Exempt Bond ETF"
url: "https://etf.net/etf/VTEL"
grade: "B"
score: 61
graded_at: "2026-10-12"
category: "Long-Duration Municipal Bonds"
category_rank: "2 of 5"
methodology: "https://etf.net/methodology"
---

# VTEL: Vanguard Municipal Bond Funds - Vanguard Long-Term Tax-Exempt Bond ETF

Grade **B**, Score 61 of 100. Rank 2 of 5 in Long-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 80 | 1 of 5 |
| Mission | 56 | 3 of 5 |
| Risk | 46 | 4 of 5 |
| Tradability | 42 | 4 of 5 |
| Holdings | 77 | 1 of 5 |
| Durability | 53 | 3 of 5 |

## Top holdings

The fund holds 4656 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Vanguard Municipal Low Duration Fund 12/31/2049 | 1.36% |
| 2 | — | US Dollar | 0.61% |
| 3 | — | State of California 5.00% 08/01/2046 | 0.17% |
| 4 | — | State of California 5.00% 08/01/2043 | 0.16% |
| 5 | — | State of California 5.00% 08/01/2050 | 0.14% |
| 6 | — | Grand Parkway Transportation Corp 5.00% 10/01/2043 | 0.13% |
| 7 | — | County of Jefferson AL Sewer Revenue 5.50% 10/01/2053 | 0.13% |
| 8 | — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 11/01/2045 | 0.13% |
| 9 | — | New York City Municipal Water Finance Authority 5.25% 06/15/2053 | 0.12% |
| 10 | — | New York State Dormitory Authority 5.50% 07/01/2054 | 0.11% |
| 11 | — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 11/01/2038 | 0.11% |
| 12 | — | State of California 5.00% 08/01/2042 | 0.11% |
| 13 | — | Hudson Yards Infrastructure Corp 5.00% 02/15/2042 | 0.10% |
| 14 | — | New Jersey Turnpike Authority 5.00% 01/01/2052 | 0.10% |
| 15 | — | Empire State Development Corp 5.00% 03/15/2043 | 0.10% |
| 16 | — | New York State Dormitory Authority 4.00% 02/15/2047 | 0.10% |
| 17 | — | Metropolitan Transportation Authority 4.00% 11/15/2036 | 0.10% |
| 18 | — | State of California 5.00% 08/01/2050 | 0.10% |
| 19 | — | Tampa-Hillsborough County Expressway Authority 5.00% 07/01/2047 | 0.10% |
| 20 | — | City of Miami FL 5.25% 03/01/2053 | 0.09% |
| 21 | — | University of California 5.25% 05/15/2038 | 0.09% |
| 22 | — | Board of Regents of the University of Texas System 5.00% 08/15/2049 | 0.09% |
| 23 | — | City of New York NY 5.00% 10/01/2040 | 0.09% |
| 24 | — | New York City Municipal Water Finance Authority 5.25% 06/15/2055 | 0.09% |
| 25 | — | California Educational Facilities Authority 5.00% 10/01/2055 | 0.09% |
| 26 | — | Chicago Transit Authority Sales Tax Receipts Fund 5.50% 12/01/2056 | 0.09% |
| 27 | — | County of Jefferson AL Sewer Revenue 5.25% 10/01/2049 | 0.09% |
| 28 | — | Los Angeles Department of Water & Power 5.00% 07/01/2042 | 0.09% |
| 29 | — | New York City Municipal Water Finance Authority 5.25% 06/15/2052 | 0.09% |
| 30 | — | Municipal Electric Authority of Georgia 5.00% 01/01/2048 | 0.09% |

Source: etf.net, https://etf.net/etf/VTEL. Please cite the page URL.