VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF
U.S. bond index ETF · tracks S&P California AMT-Free Municipal Bond Index
As of its 2026 Q2 report, VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF held 3,764 positions with $2.64B in net assets. Its ten largest holdings made up 2.8% of the fund. The VTEC share class costs 0.06% a year. Over the 12 months to May 2026, VTEC returned 6.4%, with dividends reinvested. In 2026 Q2 it added 376 new positions and exited 99.
Vanguard California Tax-Exempt Bond ETF (the Fund) seeks to track the performance of a benchmark index that measures the investment-grade segment of the California municipal bond market. The Fund is intended for California residents only.
The fund tracks the S&P California AMT-Free Municipal Bond Index using a sampling approach, holding a range of securities that approximate the full index in terms of key risk factors and characteristics. The fund maintains a dollar-weighted average maturity consistent with the Target Index, which was 13 years as of November 30, 2025. Because the fund samples rather than holds all index constituents, its performance may diverge from the index. The fund is nondiversified, meaning it may invest a greater percentage of its assets in securities of particular issuers than diversified funds do.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
University of California 5.00% · due 2036-05-15 | 0.49% | $12.91M | — |
Bay Area Toll Authority 5.00% floating · due 2061-04-01 | 0.41% | $10.81M | — |
Los Angeles Unified School District 5.00% · due 2034-07-01 | 0.28% | $7.30M | — |
Los Angeles Unified School District 5.00% · due 2033-07-01 | 0.26% | $6.73M | — |
San Francisco City & County Airport Comm-San Francisco International Airport 1.15% floating · due 2058-05-01 | 0.24% | $6.30M | — |
Los Angeles Unified School District 5.00% · due 2032-07-01 | 0.24% | $6.29M | — |
University of California 5.00% · due 2032-05-15 | 0.22% | $5.91M | — |
Los Angeles Department of Water & Power 5.00% · due 2028-07-01 | 0.22% | $5.83M | — |
California Educational Facilities Authority 5.00% · due 2049-05-01 | 0.22% | $5.80M | — |
State of California 4.00% · due 2036-03-01 | 0.21% | $5.54M | — |
The 200 largest of 3,764 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.09% |
How it has done
VTEC share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.76%. Past returns are a record, not a forecast.
Fees & fund details
VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF is a U.S. bond index ETF that tracks the S&P California AMT-Free Municipal Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.06%· VTEC 0.06%
- Portfolio turnover
- 30.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
376 new· the largest 7
99 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.3% |
| Floating rate | 3.7% |
| Zero-coupon or unclassified | 3.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.8% |
| 1-3y | 8.1% |
| 3-5y | 8.7% |
| 5-10y | 20.7% |
| 10y+ | 58.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.04 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.44 yr | 7% |
| 5 yr | 1.52 yr | 23% |
| 10 yr | 3.17 yr | 49% |
| 30 yr | 1.31 yr | 20% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.41 yr | 7% |
| 5 yr | 1.44 yr | 24% |
| 10 yr | 2.96 yr | 49% |
| 30 yr | 1.20 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.00 | $6.3k | $0 |
| 1 yr | +0.44 | +0.41 | +0.00 | $109.1k | $0 |
| 5 yr | +1.52 | +1.44 | +0.00 | $380.2k | $0 |
| 10 yr | +3.17 | +2.96 | +0.00 | $781.9k | $0 |
| 30 yr | +1.31 | +1.20 | +0.00 | $318.1k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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