True to form with regard to Vanguard's funds, it features a low expense ratio of 0.08%. Like the rest of the muni bond market, 2025 started slow amid heavy issuance. However, April saw increased inflows into VTEC as demand started to eat away at the heavy supply that flooded the muni market. California munis also played a role in helping to rebuild Southern California, which was impacted by Los Angeles wildfires in the beginning of the year. VTEC tracks the S&P California AMT-Free Municipal Bond Index, givi ...