Vanguard Short-Term Tax-Exempt Bond ETF
VTES
New York Stock Exchange Arca- -
USD
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Capital Structure
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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
- Mar 9, 2023
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Short-Term Tax-Exempt Bond ETF (VTES) is an exchange-traded fund that seeks to track the performance of the S&P 0-7 Year National AMT-Free Municipal Bond Index by investing primarily in a diversified portfolio of investment-grade, short-term U.S. municipal bonds with maturities between one month and seven years. The ETF provides moderate current income that is generally exempt from federal income tax and alternative minimum tax (AMT), with a low expense ratio of 0.06%, an average duration of approximately 2.5 years, and high credit quality concentrated in AAA (25.0%) and AA (56.4%) rated securities; it holds over 2,600 bonds with significant state exposures including California (16.1%), New York (16.1%), and Texas (7.9%). Issued and managed by The Vanguard Group, Inc., a leading global investment management firm founded in 1975 and headquartered in Malvern, Pennsylvania (with principal operations in Valley Forge, PA), VTES operates within Vanguard's extensive fixed income segment serving individual investors, financial advisors, and institutions primarily in the United States and select international markets. VTES launched on March 7, 2023, complementing Vanguard's broader $199 billion municipal bond lineup that includes actively managed mutual funds, money market funds, and other ETFs such as Vanguard Tax-Exempt Bond ETF (VTEB). In recent years, Vanguard has expanded its tax-exempt bond ETF offerings through multiple new product launches, including Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Tax-Exempt Bond ETF (VTEC) in January 2024, Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) in November 2024, and Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and Vanguard New York Tax-Exempt Bond ETF (MUNY) in May 2025. These launches reflect Vanguard's strategic focus on enhancing its low-cost, index-based municipal bond ETF platform managed by its Fixed Income Group, alongside broader innovations such as active equity ETFs with Wellington Management in November 2025 and a policy shift to allow access to certain cryptocurrency-related ETFs in late 2025.