VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF
VANGUARD CALIFORNIA TAX-FREE FUNDS · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| VTEC | 0.06% |
Portfolio turnover 30.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.09% |
Latest quarter
What changed since the fund's previous filing
Largest new: San Francisco City & County Airport Comm-San Francisco International Airport, University of California, Bay Area Toll Authority ×2, San Mateo County Transit District Sales Tax Revenue, State of California, California State Public Works Board, California Municipal Finance Authority
Largest exited: Southern California Public Power Authority, City of Irvine CA, Bay Area Toll Authority ×2, Irvine Ranch Water District, California Infrastructure & Economic Development Bank, Regents of the University of California Medical Center Pooled Revenue, University of California
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | University of California5.00% · due 2036-05-15 | 0.49% | $12.91M | — |
| — | Bay Area Toll Authority5.00% floating · due 2061-04-01 | 0.41% | $10.81M | — |
| — | Los Angeles Unified School District5.00% · due 2034-07-01 | 0.28% | $7.30M | — |
| — | Los Angeles Unified School District5.00% · due 2033-07-01 | 0.26% | $6.73M | — |
| — | San Francisco City & County Airport Comm-San Francisco International Airport1.15% floating · due 2058-05-01 | 0.24% | $6.30M | — |
| — | Los Angeles Unified School District5.00% · due 2032-07-01 | 0.24% | $6.29M | — |
| — | University of California5.00% · due 2032-05-15 | 0.22% | $5.91M | — |
| — | Los Angeles Department of Water & Power5.00% · due 2028-07-01 | 0.22% | $5.83M | — |
| — | California Educational Facilities Authority5.00% · due 2049-05-01 | 0.22% | $5.80M | — |
| — | State of California4.00% · due 2036-03-01 | 0.21% | $5.54M | — |
Top 10 positions are 2.78% of net assets, top 25 5.62%, across 274 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free