Vanguard Tax-Exempt Bond Index Fund ETF Shares

Vanguard · Tracks Standard & Poor's National AMT-Free Municipal Bond Index · Inception Aug 25, 2015

Expense ratio
0.030%
3.0 bps
Net assets
$48.79B
TTM yield
3.38%
Last price
$50.21
as of Jul 15, 2026

Composite score

97 / 100
Cost 97

Based on a 0.030% expense ratio.

Liquidity 100

Based on $48.79B in net assets.

Concentration 100

Top-10 holdings represent 2.0% of net assets.

Tax efficiency 93

US Municipal Bond base · ETF wrapper · 3.38% TTM yield.

The composite is a weighted average of the four core sub-scores above (cost, tax efficiency, liquidity, concentration). Missing sub-scores fall back to the per-category median when the category has at least 50% data coverage, so funds without (e.g.) parsed N-PORT holdings aren't accidentally boosted by renormalization. Tracking quality is shown where computable but isn't currently part of the composite weighting. See methodology for formulas, the tracking-quality partial-coverage rationale, and the dimensions we deliberately don't score (methodology v0.5.1).

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Top holdings

10,186 total holdings · as of Apr 30, 2026
#HoldingWeight
1Vanguard Cmt Funds-Vanguard Municipal Cash Management Fund1.16%
2University of California0.12%
3Triborough Bridge & Tunnel Authority0.11%
4Colorado State Education Loan Program0.11%
5State of California0.11%
6New York City Transitional Finance Authority Future Tax Secured Revenue0.09%
7Dallas Independent School District0.09%
8Ohio Water Development Authority Water Pollution Control Loan Fund0.08%
9New York State Dormitory Authority0.08%
10New York State Dormitory Authority0.08%

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Holdings sourced from SEC Form N-PORT-P (accession 0000225997-26-000252).