VANGUARD TAX-EXEMPT BOND INDEX FUND
U.S. bond index ETF · tracks S&P National AMT-Free Municipal Bond Index
As of its 2026 Q2 report, VANGUARD TAX-EXEMPT BOND INDEX FUND held 10,186 positions with $45.59B in net assets. Its ten largest holdings made up 2.0% of the fund. The VTEB share class costs 0.03% a year. Over the 12 months to May 2026, VTEB returned 6.7%, with dividends reinvested. In 2026 Q3 it added 920 new positions and exited 514.
Vanguard Tax-Exempt Bond ETF, an exchange-traded share class of Vanguard Tax-Exempt Bond Index Fund (the Fund), seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.
The fund tracks the S&P National AMT-Free Municipal Bond Index using a sampling approach, holding a range of investment-grade municipal bonds whose interest is exempt from federal income taxes and the alternative minimum tax. Because the fund samples rather than holds all index constituents, its returns may diverge from the index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund | 1.16% | $527.27M | — |
University of California 5.00% · due 2036-05-15 | 0.12% | $55.10M | — |
Triborough Bridge & Tunnel Authority 5.00% · due 2028-02-01 | 0.11% | $52.07M | — |
Colorado State Education Loan Program 5.00% · due 2026-06-30 | 0.11% | $50.18M | — |
State of California 5.25% · due 2032-08-01 | 0.11% | $49.61M | — |
New York City Transitional Finance Authority Future Tax Secured Revenue 5.00% · due 2033-11-01 | 0.09% | $41.25M | — |
Dallas Independent School District 5.00% floating · due 2056-02-15 | 0.09% | $40.40M | — |
Ohio Water Development Authority Water Pollution Control Loan Fund 5.00% · due 2035-12-01 | 0.09% | $38.62M | — |
New York State Dormitory Authority 5.50% · due 2054-07-01 | 0.08% | $38.47M | — |
New York State Dormitory Authority 4.00% · due 2047-02-15 | 0.08% | $38.38M | — |
The 200 largest of 10,186 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 | 98.50% |
| Cash & short-term | 1.16% |
How it has done
VTEB share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.84%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.07% | +6.61% | +10.91% | +4.37% | -4.94% | |
| 0.03% | +6.66% | +11.03% | +4.57% | -4.90% |
These classes hold the same portfolio, so the 0.20pp spread over 5 years is the cost difference between them — roughly 0.04pp a year — not a difference in what they own.
Fees & fund details
VANGUARD TAX-EXEMPT BOND INDEX FUND is a U.S. bond index ETF that tracks the S&P National 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
- Expense ratio, by class
- 0.03% – 0.07%· VTEB 0.03%
- Portfolio turnover
- 23.00% 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.
920 new· the largest 6
514 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 96.0% |
| Floating rate | 2.2% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.4% |
| 1-3y | 7.4% |
| 3-5y | 7.5% |
| 5-10y | 18.8% |
| 10y+ | 62.9% |
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 | +6.42 yr |
| High yield | +0.00 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 | 0.42 yr | 6% |
| 5 yr | 1.52 yr | 22% |
| 10 yr | 3.42 yr | 49% |
| 30 yr | 1.54 yr | 22% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.40 yr | 6% |
| 5 yr | 1.43 yr | 22% |
| 10 yr | 3.17 yr | 49% |
| 30 yr | 1.39 yr | 22% |
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 | +0.03 | +0.00 | $122.5k | $7 |
| 1 yr | +0.42 | +0.40 | +0.00 | $1.82m | $949 |
| 5 yr | +1.52 | +1.43 | +0.00 | $6.52m | $807 |
| 10 yr | +3.42 | +3.17 | +0.00 | $14.46m | $0 |
| 30 yr | +1.54 | +1.39 | +0.00 | $6.34m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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