VTEI Fees and Costs — Vanguard Intermediate-Term Tax-Exempt Bond ETF
Data updated: 2026-09-28
The net expense ratio is 0.08%: a 0.06% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 19%.
VTEI Fees and Expenses
Annual operating expenses and sales charges of VTEI. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.06% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.08% |
| Fee waiver | — |
| Net expense ratio | 0.08% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VTEI Costs Over Time
On $10,000 invested in VTEI, assuming 5% a year before costs, total costs come to $51 over 5 years, cutting the return by 0.08% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.08%) | $8 | $26 | $46 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $8 | $28 | $51 |
| Value after costs | $10,492 | $11,548 | $12,712 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
VTEI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
VTEI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $352.7M | 31.95% |
| MORGAN STANLEY | $197.0M | 17.85% |
| THE BANK OF NEW YORK MELLON CORPORATION | $151.8M | 13.75% |
| JPMORGAN CHASE & CO. | $81.2M | 7.35% |
| WELLS FARGO & COMPANY | $80.0M | 7.25% |
| BANK OF AMERICA CORPORATION | $64.7M | 5.86% |
| THE GOLDMAN SACHS GROUP, INC. | $59.0M | 5.34% |
| INTERCONTINENTAL EXCHANGE, INC. | $54.0M | 4.89% |
| Royal Bank of Canada | $35.0M | 3.17% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $28.5M | 2.58% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.