Vanguard California Tax-Exempt Bond ETF is an exchange-traded fund that seeks to track the performance of a benchmark index measuring the investment-grade segment of the California municipal bond market; the fund is intended for California residents only and invests primarily in intermediate-term municipal bonds issued by California state, local, and regional government authorities, with income generally exempt from federal and California income taxes. Established in 2024 and headquartered in Valley Forge, Pennsylvania, the ETF is part of Vanguard’s fixed income lineup and trades on Cboe BZX under the ticker VTEC. Its portfolio typically includes California general obligation bonds, revenue bonds and related municipal obligations from issuers such as the State of California, University of California, Los Angeles Unified School District, Bay Area Toll Authority and California educational and utility authorities. Recent company changes include a March 27, 2026 update to the fund’s statutory prospectus and summary prospectus, an ongoing expense ratio of 0.06% as of 2026, and continued portfolio disclosure and rebalancing activity through 2026 in line with the fund’s sampling approach to the S&P California AMT-Free Municipal Bond Index.