VTECvsBSMRETF Comparison
VS
Vanguard California Tax-Exempt Bond ETF (VTEC) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VTEC is less expensive with a Total Expense Ratio (TER) of 0.06%, versus 0.18% for BSMR. VTEC is down -1.98% year-to-date (YTD) with +$1.74B in YTD flows. BSMR performs better with -0.53% YTD performance, and +$59M in YTD flows. Run a side-by-side ETF comparison of VTEC and BSMR below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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VTEC vs BSMR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEC BSMR | -2.51%-0.62% | -3.16%-0.59% | -1.98%-0.53% | -0.47%+0.10% | n/a+7.81% | n/a-0.40% |
| Flows | VTEC BSMR | +$261M+$12M | +$782M+$19M | +$1.74B+$59M | +$2.17B+$92M | -+$269M | -+$343M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEC BSMR | +3.09%+0.91% | +2.46%+0.80% | n/a+1.87% | n/a+2.36% |
| Max drawdown | VTEC BSMR | -3.74%-0.78% | -3.81%-1.09% | n/a-2.34% | n/a-12.17% |
| Max drawdown duration | VTEC BSMR | 71d63d | 198d205d | n/a57d | n/a1555d |
Trading data
VTEC | BSMR | |
Last sale 9/15/2026 at 1:30 PM | $96.05 | $23.49 |
| Previous close 09/15/2026 | $96.39 | $23.49 |
| Consolidated volume 09/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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VTEC | BSMR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/15/2026 at 1:30 PM
Live
Closed
VTEC | BSMR | |
|---|---|---|
| Last price | $96.05 | $23.49 |
| 1D performance | -0.35% | +0.00% |
| AuM | $3.37 B | $358.66 M |
| E/R | 0.06% | 0.18% |
Characteristics
VTEC | BSMR | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Invesco |
| Benchmark | S&P California AMT-Free Municipal Bond Index | Invesco BulletShares USD Municipal Bond 2027 Index |
| N° of holdings | 1775 | 1293 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 30, 2024 | September 13, 2019 |
| ESG | No | No |
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Exposure
Countries
VTEC
USA
64.08%
Other
35.92%
BSMR
USA
64.54%
Other
35.46%
Sectors
VTEC
Municipal
64.08%
Other
35.92%
BSMR
Municipal
64.54%
Other
35.46%
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Diversification
VTEC
Total weight of top 15 holdings out of 15
3.64%
BSMR
Total weight of top 15 holdings out of 15
4.31%
Top 15 holdings
Data as of July 31, 2026
VTEC
University of California, 5% 15may2036, USD (2025)
0.48%
Bay Area Toll Authority, 5% 1apr2061, USD (2026)
0.34%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.25%
US544647HQ66
0.25%
US91412HWB58
0.24%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.24%
University of California, 5% 15may2032, USD (2022)
0.22%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.22%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.22%
San Diego Community College District, 5% 1aug2031, USD
0.21%
US544647HM52
0.20%
Foothill/Eastern Transportation Corridor Agency, 4% 15jan2046, USD (2021A)
0.19%
California Educational Facilities Authority, 5% 1may2049, USD
0.19%
California, 5.25% 1aug2032, USD
0.19%
RIR Floater Trust, FRN 1aug2042, USD (2022-045)
0.19%
BSMR
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.54%
Illinois, 5% 1nov2029, USD (2017C)
0.46%
New Jersey, 5% 1jun2027, USD
0.31%
New York Transitional Finance Authority, 5% 1feb2039, USD
0.30%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.30%
County of Clark (NV), 5% 1jun2030, USD
0.29%
Hudson Yards Infrastructure Corp., 5% 15feb2039, USD
0.29%
California Health Facilities Financing Authority, 5% 1nov2027, USD (2017A)
0.25%
Texas Water Development Board, 5% 15oct2047, USD (2017A)
0.24%
Houston Combined Utility System, 5% 15nov2042, USD (2017B)
0.24%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.23%
California, 5% 1dec2027, USD
0.23%
US64990CJK80
0.21%
Illinois, 5% 1nov2027, USD (2017D)
0.21%
US574218V676
0.21%
Frequently asked questions about VTEC and BSMR
How have the VTEC and BSMR ETFs performed in 2026?
As of September 15, 2026, VTEC is down -1.98% year-to-date (YTD), while BSMR has lost -0.53%. That puts BSMR better performer ahead so far this year.
Which ETF is attracting more investor money: VTEC or BSMR?
Year-to-date, the VTEC ETF saw +$1.74B in flows, compared to +$59M for BSMR.
Which ETF is more volatile: VTEC or BSMR?
Over the past year, VTEC had a volatility of 2.46%, while BSMR experienced 0.8%.
Which ETF is bigger: VTEC or BSMR?
As of September 15, 2026, VTEC holds $3.37 B in assets under management (AUM), while BSMR manages $358.66 M.
What sectors do the VTEC and BSMR ETFs invest in?
VTEC leans toward sectors like Municipal. Meanwhile, BSMR focuses on Municipal.
What are the top holdings of the VTEC ETF and BSMR ETF?
VTEC top holdings include University of California, 5% 15may2036, USD (2025), Bay Area Toll Authority, 5% 1apr2061, USD (2026) and Los Angeles Unified School District, 5% 1jul2034, USD (2024A). BSMR holds in its top three: Hudson Yards Infrastructure Corp., 5% 15feb2042, USD, Illinois, 5% 1nov2029, USD (2017C) and New Jersey, 5% 1jun2027, USD.
Which ETF is more diversified: VTEC or BSMR?
VTEC holds 3925 securities with 3.64% of its assets in the top 15. BSMR has 2495 securities and a top 15 weight of 4.31%.
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