Vanguard Tax-Exempt Bond ETF
VTEB
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Aug 25, 2015
- CIK
- 0000225997
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Tax-Exempt Bond ETF (VTEB) is an exchange-traded fund that seeks to track the performance of the S&P National AMT-Free Municipal Bond Index, measuring the investment-grade segment of the U.S. municipal bond market. The fund invests in a diversified portfolio of municipal bonds issued by state and local governments and agencies, including general obligation bonds backed by taxing power and revenue bonds supporting sectors such as health, housing, infrastructure, education, and public projects; these bonds offer interest exempt from U.S. federal income taxes and the alternative minimum tax (AMT), with at least 80% of assets in index securities via a sampling process that weights by market value while capping issuer exposure to promote diversification. It emphasizes investment-grade rated securities from issuers across U.S. states, with significant allocations historically to large states like New York, California, and Texas, providing medium- to long-term tax-efficient income to investors seeking fixed-income diversification. Launched on August 21, 2015 and managed by Vanguard's Fixed Income Group, with current lead portfolio manager Justin Schwartz since October 2023, VTEB operates primarily in the U.S. municipal bond market, holding over 8,000 bonds with maturities spanning less than 1 year to over 30 years and net assets exceeding $42 billion as of late 2025. Headquartered in Malvern, Pennsylvania as part of The Vanguard Group, Inc., founded in 1975, the ETF features an ultralow expense ratio of 0.03% and trades on NYSE Arca. In recent developments, Vanguard implemented its largest fee reductions in company history effective February 2025, lowering expense ratios across dozens of funds including those in its municipal bond lineup, enhancing cost efficiency for VTEB investors amid stable fund-specific management. The firm has expanded its tax-exempt bond ETF offerings with launches such as Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) in late 2024, alongside index products like Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Tax-Exempt Bond ETF (VTEC) in early 2024, and further additions including Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and Vanguard New York Tax-Exempt Bond ETF (MUNY) in May 2025, building a comprehensive municipal bond suite without direct structural changes to VTEB. VTEB has also seen portfolio manager adjustments as part of Vanguard's broader 2025 leadership trims across over 40 funds, ensuring continuity through overlapping transitions.