Vanguard California Tax-Exempt Bond ETF (VTEC)

Profile

Vanguard California Tax-Exempt Bond ETF is a fixed-income exchange-traded fund designed to provide broad exposure to investment-grade municipal bonds issued by California state, local, and regional government authorities. It seeks to track the S&P California AMT-Free Municipal Bond Index using a passive, sampling-based approach, with holdings selected to closely match the index’s characteristics. The fund focuses on intermediate-term bonds whose interest is generally exempt from federal income taxes, including the alternative minimum tax, as well as California state income taxes. Managed by Vanguard’s Fixed Income Group, the ETF serves investors seeking a diversified way to access California municipal debt within a tax-exempt bond portfolio.