Vanguard Short-Term Tax-Exempt Bond ETF
$99.19+0.16 (+0.16%)
- 0.05%
- $2.4B
- 0.0%
- 2.71%
- 0.5M sh
- $98.94
- low $98.02high $102.71
The ETF.net VTES Grade
A
Score 80 out of 100
- 1 of 28
Score 80 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A98 out of 100Rank 1 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D38 out of 100Rank 24 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B67 out of 100Rank 7 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 10 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A83 out of 100Rank 3 of 28
Our read on VTES
AVanguard's muni ETF on a short leash: an AMT-free tax-exempt index, but capped at seven years to trim interest-rate sensitivity. Five basis points, roughly 2,700 bonds, income paid monthly.
The Fund seeks to track an index representing investment-grade U.S. municipal bonds with remaining maturities from one month through seven years.
Why people hold it
- Costs 0.05% a year, a fraction of what the typical muni-bond fund in its category charges. One of the cheapest ways into tax-exempt bonds.
- Maturities run one month to seven years, so the portfolio moves less on rate swings than long-dated muni funds. Short duration is the whole point here.personal.vanguard.com
- The index is AMT-free national investment-grade munis, so interest is federally tax-exempt and not caught by the alternative minimum tax.corporate.vanguard.com
- Roughly 2,700 bonds via index sampling, run by Vanguard's fixed income group, with distributions paid monthly. It tracks its benchmark closely.workplace.vanguard.com
Worth knowing
- Short maturities cut both ways. Vanguard's own materials describe moderate current income, the trade-off for less rate sensitivity than longer muni portfolios.workplace.vanguard.com
- It's a national fund, so it isn't structured to shelter state income tax the way single-state muni ETFs such as NYF are.
- Launched in 2023, it has a shorter live record than muni ETFs that have been trading for over a decade, including its broader sibling VTEB.
VTES Holdings
- Bonds
- 3,444
- 9%
- Vanguard Municipal Low Duration Fund 12/31/2049
Geography
- United States100.00%
VTES Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
VTES$10,000
Returns run to the Oct 12, 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 | VTES |
|---|---|
| Year to date | −0.6% |
| 1 month | −0.6% |
| 3 months | −1.5% |
| 1 year | 0.0% |
| 3 years | +3.0% |
| 5 years | — |
| 10 years | — |
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 | VTES |
|---|---|---|
| 2026 YTD | −0.6% | |
| 2025 | +4.2% | |
| 2024 | +1.8% | |
| 2023 | +3.5% |
VTES in the news
VTES Dividends
- 2.71%
- $2.69
- $0.19 per share
- Monthly
Distribution history
VTES Risk
- 2.5%
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.
- −0.68
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.
- −3.0%
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.
- 0.37
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
VTES Cost
0.05%
VTES0.05%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
No Short-Duration Municipal Bonds fund charges less.
Other funds in Short-Duration Municipal Bonds
- ASUBiShares Short-Term National Muni Bond ETFExpense ratio 0.07%1 year return +0.9%
- ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFExpense ratio 0.05%1 year return +1.2%
- AGUMIGoldman Sachs Ultra Short Municipal Income ETFExpense ratio 0.16%1 year return +2.5%
- AVSDMVanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETFExpense ratio 0.12%1 year return +0.7%
- AJMSTJPMorgan Ultra-Short Municipal Income ETFExpense ratio 0.18%1 year return +2.0%