VanguardBonds & CashMunicipal#501 of 786 by YTD

Vanguard California Tax-Exempt Bond ETFVTEC

$97.960.0%

+$0.03 · Nov 9 close

AUM: $3.6B
Fee: 0.06%
Yield: 3.2%

Bumpy · 1Y: 0.2×S&P
Volume: 328K
NAV: $97.94

University of California 5.00% 05/15/2036 0.5%Los Angeles Unified School District/CA 5.00% 07/01/2034 0.4%Bay Area Toll Authority 5.00% 04/01/2061 0.3%University of California 5.00% 05/15/2030 0.2%

52-week range4% below the high

$93.46$102

Returns	Today	1W	1M	3M	YTD	1Y	3Y	5Y	Max
Total return	0.0%	+1.1%	+4.2%	−0.4%	+0.3%	+0.8%	—	—	+5.8%
Peer average	+0.1%	+0.9%	+3.9%	−0.1%	+1.2%	+1.5%	+14.6%	+3.2%	—
S&P 500 · VOO	+2.3%	+0.1%	−3.3%	−2.1%	+11.3%	+13.6%	+81.6%	+75.4%	—

VTEC in One Breath

VTEC Among Municipal ETFs

YTD

#1MMMANY Life Investments+3.4%$60.0M

#2TAXTFlexShares+2.8%$198M

#3MYMGSPDR+2.6%$8.6M

#4OVMOverlay Shares+2.5%$45.7M

#5SHYMiShares+2.4%$931M

#6INMUiShares+2.4%$814M

#7SMMUPIMCO+2.3%$1.3B

#8TMNLT. Rowe Price+2.3%$24.7M

#128VTECVanguard+0.3%$3.6B

End-of-day Nov 9, 2026 · 141 Municipal ETFs by YTD

$10,000 in VTEC

$10,000 in VTEC became

$10,577

In the S&P 500 (VOO)

$15,864

Total return, dividends in · Jan 30, 2024 – Nov 9, 2026 · S&P 500 uses VOO

VTEC’s Top Holdings

Today

University of University of California 5.00% 05/15/20360.5%Los Angeles 0.4%Bay Area Tol0.3%University o0.2%San Diego Pu0.2%Los Angeles 0.2%State of Cal0.2%Tender Optio0.2%California M0.2%University o0.2%Oakland Unif0.2%Los Angeles 0.2%California E0.2%Foothill-Eas0.2%State of Cal0.2%State of Cal0.2%State of Cal0.2%Los Angeles 0.2%University o0.2%University o0.2%Regents of t0.2%State of Cal0.2%

Vanguard VTEC · 3,944 holdings · top 22 shown · tile size = share of the fund · as of Nov 6, 2026

What VTEC Holds

Today

All holdings100.0%

University · Los Angele · Bay Area T · University · San Diego · Los Angele · State of C

Vanguard VTEC · share of the fund · as of Nov 6, 2026

University’s Share of VTEC

Today

0.5%

$5 of every $1,000 in VTEC is University

University held by VTEC

$17.9M

Vanguard VTEC · each square = $10 of $1,000 · as of Nov 6, 2026

VTEC’s Share of Municipal ETFs

Today

1.5%

of the $247B in 166 Municipal ETFs

VTEC$3.6B1.5%

MUB$55.0B22.3%

VTEB$49.6B20.1%

163 others$138B56.1%

Municipal ETF AUM · Nov 9, 2026

VTEC Fee per $100 vs Peers

Today

$0.06a year
per $100

$6 a year on $10,000

VTEB$0.03

MUB$0.05

VTEC$0.06

SUB$0.07

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 9, 2026

Inside VTEC

3,944 holdings · as of Nov 6, 2026

VTEC

Vanguard California Tax-Exempt Bond ETF

Today

All holdings100.0%3,942 more holdings99.1% of the fund

#	Ticker	Company	Weight ▼
1	—	University of California 5.00% 05/15/2036	0.50%
2	—	Los Angeles Unified School District/CA 5.00% 07/01/2034	0.37%
3	—	Bay Area Toll Authority 5.00% 04/01/2061	0.28%
4	—	University of California 5.00% 05/15/2030	0.25%
5	—	San Diego Public Facilities Financing Authority 5.25% 10/15/2055	0.24%
6	—	Los Angeles Department of Water & Power Water System Revenue 5.00% 01/01/2030	0.23%
7	—	State of California 5.25% 10/01/2051	0.23%
8	—	Tender Option Bond Trust Receipts/Certificates 1.54% 12/01/2039	0.23%
9	—	California Municipal Finance Authority 1.35% 11/01/2035	0.22%
10	—	University of California 5.00% 05/15/2032	0.22%

See all 3,945 holdings ↓

Vanguard VTEC · current holdings by weight · as of Nov 6, 2026 · each tile is one holding · top 20 = 4.7%

All VTEC Holdings

3,945 holdings · as of Nov 6, 2026

VTEC

VTEC’s Holdings

Today

#
1	—University of California 5.00% 05/15/2036	0.50%	$49.68	166K	$17.8M
2	—Los Angeles Unified School District/CA 5.00% 07/01/2034	0.37%	$37.01	125K	$13.3M
3	—Bay Area Toll Authority 5.00% 04/01/2061	0.28%	$28.28	95K	$10.1M
4	—University of California 5.00% 05/15/2030	0.25%	$24.63	84K	$8.8M
5	—San Diego Public Facilities Financing Authority 5.25% 10/15/2055	0.24%	$23.52	84K	$8.4M
6	—Los Angeles Department of Water & Power Water System Revenue 5.00% 01/01/2030	0.23%	$23.34	81K	$8.4M
7	—State of California 5.25% 10/01/2051	0.23%	$22.65	80K	$8.1M
8	—Tender Option Bond Trust Receipts/Certificates 1.54% 12/01/2039	0.23%	$22.61	81K	$8.1M
9	—California Municipal Finance Authority 1.35% 11/01/2035	0.22%	$22.33	80K	$8.0M
10	—University of California 5.00% 05/15/2032	0.22%	$21.86	74K	$7.8M
11	—Oakland Unified School District/Alameda County 5.25% 08/01/2048	0.21%	$20.81	74K	$7.5M
12	—Los Angeles Unified School District/CA 5.00% 07/01/2033	0.21%	$20.51	69K	$7.3M
13	—California Educational Facilities Authority 5.00% 10/01/2055	0.20%	$20.45	73K	$7.3M
14	—Foothill-Eastern Transportation Corridor Agency 4.00% 01/15/2046	0.20%	$20.10	85K	$7.2M
15	—State of California 4.00% 08/01/2031	0.20%	$19.72	70K	$7.1M

Vanguard VTEC · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 6, 2026

How It Compares

VTEC

Vanguard California Tax-Exempt Bond ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.7%	+1.1%	$55.0B
VTEB	VanguardRead Desk	0.03%	+0.8%	+1.2%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.6%	+2.4%	$13.4B
JMUB	J.P. MorganRead Desk	0.18%	+1.0%	+1.4%	$9.2B
CGMU	Capital GroupRead Desk	0.27%	+1.4%	+2.0%	$7.7B
VTEC	VanguardThis fundRead Desk	0.06%	+0.3%	+0.8%	$3.6B

Municipal peers · YTD and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put VTEC head to head with MUB →

MUB vs VTEC

YTD

MUBiShares · MunicipalVTECVanguard · Municipal

Year to date

+0.7%

+0.3%

MUB wins+0.4 pts

Past year

+1.1%

+0.8%

MUB wins+0.3 pts

Fee

0.05%

0.06%

MUB winslower fee

Yield

3.3%

3.2%

MUB wins+0.1 pts

AUM

$55.0B

$3.6B

MUB15.3× more

4–0MUB wins

iShares MUB and Vanguard VTEC · year-to-date · as of Nov 9, 2026 · AUM not scored

VTEC vs VOO

YTD

VTEC · Vanguard California Tax-Exempt Bond

+0.3%

VOO · S&P 500

+11.3%

Gap

11.0 pts

Vanguard VTEC and Vanguard VOO · YTD total return · as of Nov 9, 2026

VTEC vs Its Peer Average

YTD

VTECAvsBPeer average

1D0.0%+0.1%

1M+4.2%+3.9%

3M−0.4%−0.1%

YTD+0.3%+1.2%

1Y+0.8%+1.5%

3Y[…]+14.6%

5Y[…]+3.2%

1–4Peer average wins

165 Municipal peers · each row scaled to its leader

How Bumpy Is VTEC?

View

VTEC

How Bumpy

0.2×the S&P 500’s swings

CalmerBumpierS&P 1×VTEC

Calm rank among 7 municipal funds#3

Other municipal funds0.1× to 0.3×

Vanguard VTEC · daily swings over the past year vs the S&P 500

VTEC

Worst Drop

−6.4%from its Feb 27 high

Still below the high−1.5%

$10,000 at the high is now$9,850

Vanguard VTEC · fall from the highest close, past year

VTEC

On a Bad Day

0.1×the S&P 500’s fall

VTEC’s worst day: Friday, Mar 20

VTEC

−0.8%

S&P 500

−1.4%

Up days53 of every 100

S&P 500 up days52 of every 100

Vanguard VTEC · average move on days the S&P 500 fell

VTEC

Return for the Bumps

1Y#6 of 7 municipal funds

#1CGMUCapital Group

closest to cash

#2JMUBJ.P. Morgan

#3VTEBVanguard

#4MUBiShares

#5CMFiShares

#6VTECVanguard

#7SUBiShares

Every fund here earned less than cash (3.8%) over the past year; the bars still rank them by return for the bumps.

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

VTEC

Cost

Today

$6a year per $10,000

VTEB

MUB

VTEC

SUB

CMF

JMUB

$18

CGMU

$27

Expense ratio 0.06%, taken from the fund’s value

VTEC

Volatility & Beta

3.4%annual volatility

S&P 500 volatility13.7%

Downside volatility2.5%

Beta vs SPY0.06

Correlation vs SPY0.25

Beta rank, lowest first, of 7#3

Daily total returns × √252 · past 254 trading days

VTEC

Max Drawdown

−6.4%peak to trough

Peak closeFeb 27, 2026

Current drawdown−1.5%

Worst day−0.80% · Mar 20

Closing prices, dividends in

VTEC

Up / Down Capture

10%down capture vs SPY

Down days

10%

Up days

S&P 500

100%

Up ÷ down capture0.96

Up days52.8% (S&P 52.4%)

Average daily move on SPY up days and down days

VTEC

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
CGMU	−0.59	−0.81	3.0%	−5.6%	0.06	$27
JMUB	−0.70	−0.96	3.4%	−5.9%	0.06	$18
VTEB	−0.72	−0.99	3.6%	−6.6%	0.07	$3
MUB	−0.72	−1.00	3.7%	−6.3%	0.08	$5
CMF	−0.77	−1.04	3.6%	−6.5%	0.08	$8
VTEC	−0.88	−1.20	3.4%	−6.4%	0.06	$6
SUB	−0.98	−1.44	1.4%	−1.9%	0.02	$7

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

VTEC

Trading

Today

[…]premium / discount: the NAV on file is from an earlier day

Close$97.96

NAV$97.94

Fee per $10,000$6 a year

Avg. volume 30D1.1M shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 9

The Details

VTEC

Fund Facts

Today

2024launched Jan 26

Tracks[…]

Exchange · CUSIPCBOE · 922021605

StructureETF

Leverage1x

Cost on $10,000$6 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Vanguard VTEC · fund facts · as of Nov 9, 2026

VTEC

Payouts by Year

$0.26per share, Nov 2026

Distribution yield3.2%

PaidEvery month

Latest ex-date · paidNov 2 · Nov 4, 2026

12 payouts added up$3.11 a share

Vanguard VTEC · distributions by ex-date · 2024–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

Trading & Liquidity

Net asset value$97.94

Premium / discount[…]

Median spread · 30D[…]

Volume today328K

Average volume · 30D1.1M

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.06%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$6.00

Our risk indicator2/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Nov 2, 2026	Nov 4, 2026	$0.26
Oct 1, 2026	Oct 5, 2026	$0.26
Sep 1, 2026	Sep 3, 2026	$0.26
Aug 3, 2026	Aug 5, 2026	$0.26
Jul 1, 2026	Jul 6, 2026	$0.26
Jun 1, 2026	Jun 3, 2026	$0.26
May 1, 2026	May 5, 2026	$0.26
Apr 1, 2026	Apr 6, 2026	$0.26
Mar 2, 2026	Mar 4, 2026	$0.26
Feb 2, 2026	Feb 4, 2026	$0.25
Dec 24, 2025	Dec 29, 2025	$0.26
Dec 1, 2025	Dec 3, 2025	$0.27

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