VTES Fees and Costs — Vanguard Short-Term Tax-Exempt Bond ETF
Data updated: 2026-07-29
The net expense ratio is 0.05%: a 0.04% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 24%.
VTES Fees and Expenses
Annual operating expenses and sales charges of VTES. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.04% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.05% |
| Fee waiver | — |
| Net expense ratio | 0.05% |
| 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 |
VTES Costs Over Time
On $10,000 invested in VTES, assuming 5% a year before costs, total costs come to $32 over 5 years, cutting the return by 0.05% 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 0.05%) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $17 | $32 |
| Value after costs | $10,495 | $11,559 | $12,731 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
VTES Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
VTES Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $744.1M | 41.37% |
| MORGAN STANLEY | $279.5M | 15.54% |
| WELLS FARGO & COMPANY | $152.9M | 8.50% |
| THE BANK OF NEW YORK MELLON CORPORATION | $147.9M | 8.22% |
| JPMORGAN CHASE & CO. | $142.0M | 7.90% |
| THE GOLDMAN SACHS GROUP, INC. | $105.8M | 5.88% |
| BANK OF AMERICA CORPORATION | $87.4M | 4.86% |
| Royal Bank of Canada | $59.1M | 3.29% |
| Truist Financial Corporation | $51.6M | 2.87% |
| INTERCONTINENTAL EXCHANGE, INC. | $28.4M | 1.58% |
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.