Vanguard Intermediate-Term Tax-Exempt Bond ETF
VTEI
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- Vanguard Intermediate-Term Tax-Exempt Bond ETF is an exchange-traded fund managed by The Vanguard Group, Inc. that seeks to provide moderate current income by tracking the S&P Intermediate Term National AMT-Free Municipal Bond Index through an index-sampling approach. The fund invests primarily in investment-grade, fixed-rate U.S. municipal bonds with income generally exempt from federal income taxes and the federal alternative minimum tax; it is a standalone ETF separate from Vanguard’s mutual fund version of the strategy. Founded in 2024 and headquartered in Malvern, Pennsylvania, the fund is listed on Cboe under ticker VTEI, has an inception date of January 26, 2024, and is managed by Vanguard Fixed Income Group; portfolio management is led by Justin A. Schwartz, CFA. The ETF had approximately $1.5 billion in net assets as of June 30, 2026, charged a 0.08% expense ratio, and paid monthly distributions. The fund’s portfolio is designed for intermediate-duration municipal exposure, with holdings spread across thousands of bonds and a market profile centered on high credit quality and tax-exempt income. As of June 30, 2026, the portfolio held 5,978 bonds, with an average duration of 5.3 years and an average effective maturity of 9.3 years; state exposure was concentrated in New York, California, Texas, Illinois, and Washington. Recent company changes include the continued scaling of the ETF after its 2024 launch, with updated 2026 fact sheet reporting, ongoing monthly distributions, and portfolio management continuity under the Vanguard Fixed Income Group. Vanguard also continued to position VTEI as a separate product from its intermediate-term tax-exempt mutual fund, emphasizing differences in scale, process, and underlying holdings.