---
ticker: "VTES"
name: "Vanguard Short-Term Tax-Exempt Bond ETF"
url: "https://etf.net/etf/VTES"
grade: "A"
score: 80
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "1 of 28"
methodology: "https://etf.net/methodology"
---

# VTES: Vanguard Short-Term Tax-Exempt Bond ETF

Grade **A**, Score 80 of 100. Rank 1 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 98 | 1 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 38 | 24 of 27 |
| Tradability | 67 | 7 of 28 |
| Holdings | 63 | 10 of 28 |
| Durability | 83 | 3 of 28 |

## Top holdings

The fund holds 3444 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Vanguard Municipal Low Duration Fund 12/31/2049 | 3.76% |
| 2 | — | State of California 5.00% 08/01/2028 | 0.91% |
| 3 | — | State of California 5.00% 08/01/2027 | 0.86% |
| 4 | — | State of California 5.00% 08/01/2029 | 0.78% |
| 5 | — | US Dollar | 0.67% |
| 6 | — | State of California 5.00% 08/01/2033 | 0.42% |
| 7 | — | North Colonie Central School District 3.75% 06/25/2027 | 0.40% |
| 8 | — | State of California 5.00% 08/01/2030 | 0.38% |
| 9 | — | State of California 5.00% 08/01/2031 | 0.30% |
| 10 | — | State of Illinois 5.00% 11/01/2028 | 0.22% |
| 11 | — | New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% 11/01/2029 | 0.21% |
| 12 | — | State of California 5.00% 08/01/2030 | 0.19% |
| 13 | — | State of Illinois 5.00% 11/01/2027 | 0.19% |
| 14 | — | Los Angeles Unified School District/CA 5.00% 07/01/2032 | 0.19% |
| 15 | — | State of New Jersey 5.00% 06/01/2029 | 0.19% |
| 16 | — | State Public School Building Authority 5.00% 06/01/2033 | 0.18% |
| 17 | — | New Jersey Economic Development Authority 5.00% 06/15/2027 | 0.18% |
| 18 | — | State of New Jersey 5.00% 06/01/2028 | 0.18% |
| 19 | — | Dallas Independent School District 5.00% 02/15/2056 | 0.18% |
| 20 | — | New Jersey Transportation Trust Fund Authority 5.00% 06/15/2028 | 0.17% |
| 21 | — | East County Advanced Water Purification Joint Powers Authority 3.13% 09/01/2026 | 0.16% |
| 22 | — | State of California 5.25% 08/01/2032 | 0.16% |
| 23 | — | Wyandotte County Unified School District No 500 Kansas City 5.25% 09/01/2026 | 0.16% |
| 24 | — | State of New Jersey 4.00% 06/01/2030 | 0.16% |
| 25 | — | Los Angeles Unified School District/CA 5.00% 07/01/2033 | 0.15% |
| 26 | — | Ohio Water Development Authority 5.00% 12/01/2029 | 0.14% |
| 27 | — | City of New York NY 5.00% 08/01/2032 | 0.14% |
| 28 | — | University of California 5.00% 05/15/2032 | 0.14% |
| 29 | — | State of California 5.00% 08/01/2032 | 0.14% |
| 30 | — | University of Pittsburgh-of the Commonwealth System of Higher Education 5.00% 04/15/2032 | 0.14% |

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