VTECvsBSMSETF Comparison
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Vanguard California Tax-Exempt Bond ETF (VTEC) and Invesco BulletShares 2028 Municipal Bond ETF (BSMS) 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 BSMS. VTEC is down -1.7% year-to-date (YTD) with +$1.70B in YTD flows. BSMS performs better with -0.8% YTD performance, and +$84M in YTD flows. Run a side-by-side ETF comparison of VTEC and BSMS 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 BSMS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEC BSMS | -2.48%-0.75% | -2.77%-0.78% | -1.70%-0.80% | -0.03%-0.12% | n/a+7.86% | n/a-2.04% |
| Flows | VTEC BSMS | +$285M+$19M | +$758M+$28M | +$1.70B+$84M | +$2.13B+$110M | -+$263M | -+$317M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEC BSMS | +3.08%+1.26% | +2.44%+1.09% | n/a+2.29% | n/a+2.89% |
| Max drawdown | VTEC BSMS | -3.63%-1.14% | -3.70%-1.71% | n/a-2.76% | n/a-14.36% |
| Max drawdown duration | VTEC BSMS | 67d67d | 194d201d | n/a132d | n/a1816d |
Trading data
VTEC | BSMS | |
Last sale 9/14/2026 at 1:30 PM | $96.39 | $23.15 |
| Previous close 09/11/2026 | $96.39 | $23.18 |
| Consolidated volume 09/11/2026 | ||
| 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 | BSMS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/14/2026 at 1:30 PM
Live
Closed
VTEC | BSMS | |
|---|---|---|
| Last price | $96.39 | $23.15 |
| 1D performance | +0.00% | -0.09% |
| AuM | $3.34 B | $330.60 M |
| E/R | 0.06% | 0.18% |
Characteristics
VTEC | BSMS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Invesco |
| Benchmark | S&P California AMT-Free Municipal Bond Index | Invesco BulletShares USD Municipal Bond 2028 Index |
| N° of holdings | 1775 | 1156 |
| 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%
BSMS
USA
63.86%
Other
36.14%
Sectors
VTEC
Municipal
64.08%
Other
35.92%
BSMS
Municipal
63.86%
Other
36.14%
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Diversification
VTEC
Total weight of top 15 holdings out of 15
3.64%
BSMS
Total weight of top 15 holdings out of 15
4.76%
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%
BSMS
Illinois, 5% 1nov2028, USD (2017D)
0.50%
Texas Water Development Board, 5% 15apr2049, USD (2018B)
0.49%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A)
0.49%
North Texas Tollway Authority, 5% 1jan2043, USD (2017A)
0.38%
Los Angeles Department of Water and Power, 5% 1jul2028, USD (2025)
0.35%
Los Angeles Unified School District, 5.25% 1jul2042, USD
0.30%
New Jersey, 5% 1jun2028, USD
0.30%
Triborough Bridge and Tunnel Authority, 5% 1mar2028, USD (2025A)
0.30%
Los Angeles Metropolitan Transportation Authority, 5% 1jul2044, USD (2019-A)
0.29%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.23%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.23%
New York Dormitory Authority, 5% 15mar2048, USD (2018)
0.22%
County of Clark (NV), 5% 1may2048, USD
0.22%
Illinois Toll Highway Authority, 5% 1jan2042, USD
0.22%
Pennsylvania, 3.75% 1mar2039, USD
0.22%
Frequently asked questions about VTEC and BSMS
How have the VTEC and BSMS ETFs performed in 2026?
As of September 11, 2026, VTEC is down -1.7% year-to-date (YTD), while BSMS has lost -0.8%. That puts BSMS better performer ahead so far this year.
Which ETF is attracting more investor money: VTEC or BSMS?
Year-to-date, the VTEC ETF saw +$1.70B in flows, compared to +$84M for BSMS.
Which ETF is more volatile: VTEC or BSMS?
Over the past year, VTEC had a volatility of 2.44%, while BSMS experienced 1.09%.
Which ETF is bigger: VTEC or BSMS?
As of September 11, 2026, VTEC holds $3.34 B in assets under management (AUM), while BSMS manages $330.60 M.
What sectors do the VTEC and BSMS ETFs invest in?
VTEC leans toward sectors like Municipal. Meanwhile, BSMS focuses on Municipal.
What are the top holdings of the VTEC ETF and BSMS 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). BSMS holds in its top three: Illinois, 5% 1nov2028, USD (2017D), Texas Water Development Board, 5% 15apr2049, USD (2018B) and Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2025A).
Which ETF is more diversified: VTEC or BSMS?
VTEC holds 3925 securities with 3.64% of its assets in the top 15. BSMS has 2245 securities and a top 15 weight of 4.76%.
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