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Portfolio > ETFs > Bond

Vanguard Launches Two Tax-Exempt ETFs

By Dinah Wisenberg Brin

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Vanguard on Tuesday launched two index municipal bond exchange-traded funds managed by its fixed income group: Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Tax-Exempt Bond ETF (VTEC).

“The continued expansion of our tax-exempt bond ETF lineup brings advisors and individual investors new ways to access the municipal market with a low-cost and diversified portfolio,” said Sara Devereux, global head, Vanguard Fixed Income Group.

Vanguard Intermediate-Term Tax-Exempt Bond ETF is designed for tax-sensitive investors with an intermediate time horizon and a preference for passive management. Its 0.08% expense ratio compares with the 0.37% average for competing funds, Vanguard said.

Vanguard California Tax-Exempt Bond ETF is for tax-sensitive investors residing in California with an intermediate time horizon and passive-management preference. Its 0.08% expense ratio compares with competing funds’ 0.27% average.

Vanguard’s $242 billion municipal bond offerings include a range of active mutual funds, money market funds and two other ETFs: Vanguard Tax-Exempt Bond ETF (VTEB), the firm’s first municipal bond ETF, and Vanguard Short-Term Tax-Exempt Bond ETF (VTES), the company said.

 Image: Bloomberg

Dinah Wisenberg Brin

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