# Portfolio overlap — VTES vs BSMS Comparing **VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF** (2026-02-28) and **Invesco BulletShares 2028 Municipal Bond ETF** (2026-02-28). - Shared positions: 420 - VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF covered by Invesco BulletShares 2028 Municipal Bond ETF: 0.1068216609905339776060368859 - Invesco BulletShares 2028 Municipal Bond ETF covered by VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF: 0.1068216609905339776060368862 ## VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Vanguard Municipal Cash Management Fund | 0.021044 | | | NYC TRANSITIONAL-G-1 | 0.003163 | | | CALIFORNIA ST-REF | 0.002916 | | | NEW JERSEY ST ECON DEV AUTH REVENUE | 0.002674 | | | Dallas Independent School District, Series 2026B | 0.002671 | | | State of Illinois, Series D | 0.002608 | | | State of New Jersey, Series 2020A | 0.002551 | ✓ | | New Jersey Transportation Trust Fund Authority, Series 2016A1 | 0.002468 | | | Wyandotte County Unified School District No. 500, Series A | 0.002303 | | | E CO AWP JT PWRS-A-1 | 0.002274 | | | CA REGENTS UNIV-CD | 0.002141 | | | OH WTR DEV AUTH | 0.002138 | | | LOS ANGELES UNIF SD-A | 0.002017 | | | State of New Jersey, Series A | 0.001950 | | | NEW YORK-G-G-1 | 0.001902 | | | State of New Jersey, Series 2020A | 0.001871 | | | Los Angeles Department of Water & Power, Series 2025A | 0.001852 | ✓ | | OHIO WTR DEV AUTH-A | 0.001835 | | | Bay Area Toll Authority, Series 2026A | 0.001826 | | | State of New Jersey, Series 2020A | 0.001824 | | | State of New Jersey, Series 2020A | 0.001800 | | | LOS ANGELES DEPT-C | 0.001769 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.001768 | | | UNIV OF TEXAS UNIV-A | 0.001724 | | | NJ TPK AUTH-B | 0.001711 | | | MASSACHUSETTS ST | 0.001667 | | | State of California, Series 2025, GO Bonds | 0.001661 | | | State of New Jersey, Series 2020A | 0.001636 | | | Virginia Public Building Authority, Series 2021A-1 | 0.001600 | | | UNIV OF PITTSBURGH PA OF THE C REGD B/E 5.00000000 | 0.001599 | | | State of California, Series 2023 | 0.001598 | | | WI ST GF APP 5% 5/1/2026Q | 0.001569 | | | NEW YORK CITY-C-REF | 0.001561 | | | KY ST PROP 5% 11/1/2027 | 0.001536 | | | State of California, Series 2007 | 0.001534 | | | WASHINGTON ST WAS 07/26 FIXED 4 | 0.001512 | | | State of North Carolina, Series 2019 | 0.001481 | | | SOUTH CAROLINA ST ASSN OF GOVTL ORGANIZATIONS COPS | 0.001474 | | | CT HLTH & EDUCTNL-B-2 | 0.001467 | | | DE VLY FIN -A | 0.001437 | ✓ | | NJ TRANSPRTN TRUST-A | 0.001436 | | | GREAT LAKES WTR AUTH- | 0.001436 | | | E CO AWP JT PWRS-A-2 | 0.001428 | | | State of California | 0.001425 | | | State of Maryland | 0.001421 | ✓ | | NEW YORK MUNI WTR-AA2 | 0.001413 | | | STATE OF CALIFORNIA 5.0% 04-01-29 | 0.001402 | | | Washington Metropolitan Area Transit Authority, Series 2021A | 0.001343 | | | State of California, Series 2017 | 0.001342 | ✓ | | GUILFORD CO | 0.001340 | | ## Invesco BulletShares 2028 Municipal Bond ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | TX WTR DEV BRD-B | 0.005543 | | | TRIBOROUGH NY BRIDGE & TUNNEL TRIBOROUGH BRIDGE & TUNNEL AUTHORITY | 0.004273 | | | N TX TOLLWAY AUTH REVENUE | 0.004222 | | | Los Angeles Department of Water & Power, Series 2025A | 0.004001 | ✓ | | Los Angeles Unified School District, Series 2018B-1 | 0.003980 | ✓ | | Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2018, RB | 0.003670 | | | State of Illinois, Series D | 0.003520 | ✓ | | Los Angeles Unified School District, Series 2018B-1 | 0.003468 | | | GRAND PKWY TRANSPRTN | 0.003248 | | | Orlando (City of), FL, Series 2018 B, RB | 0.003043 | | | LONG ISLAND NY PWR AU | 0.003032 | | | State of New Jersey, Series 2020A | 0.002979 | ✓ | | ILL ST TOLL 5% 1/1/2042 | 0.002906 | | | STATE OF NEW YORK SALES TAX REVENUE 5.0% 03-15-48 | 0.002529 | | | STATE OF NEW JERSEY 5.0% 12-15-32 | 0.002507 | ✓ | | NV CLA 5 05/01/2048 | 0.002416 | | | NJ TRANSPRTN TRUST-A | 0.002406 | | | STATE OF OHIO | 0.002379 | | | State of California, Series 2018 | 0.002345 | ✓ | | NY DORM AUTH-C-REF | 0.002296 | | | Connecticut (State of), Series 2018 C, GO Bonds | 0.002292 | | | PECOS BARSTOW TOYAH TX INDEP SCH DIST | 0.002282 | | | NYC WTR 5% 6/15/2040 | 0.002271 | | | New York (City of), NY, Series 2020 B-1, Ref. GO Bonds | 0.002265 | | | State of California | 0.002246 | | | State of California, Series 2019 | 0.002219 | | | Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB | 0.002215 | ✓ | | Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB | 0.002202 | | | NY MTA TRANSP 4% 11/15/2035 | 0.002185 | | | PENNSYLVANIA ST-1ST | 0.002166 | ✓ | | New York City Transitional Finance Authority Future Tax Secured Revenue | 0.002162 | | | State of California, Series 2022 | 0.002136 | | | State of Illinois, Series 2020B | 0.002129 | | | PENNSYLVANIA TURNPIKE COMMISSI PASTRN 12/43 FIXED 5 | 0.002124 | | | N TX TOLLWAY AUTH REVENUE | 0.002116 | | | UNIV OF CALIFORNIA-AZ | 0.002106 | | | NEW YORK-D-SUBSER D1 | 0.002098 | | | Los Angeles Unified School District, Series 2018B-1 | 0.002089 | | | New York (City of), NY, Subseries 2024 C-1, GO Bonds | 0.002081 | ✓ | | STATE OF CALIFORNIA 5.0% 11-01-28 | 0.002039 | ✓ | | STATE OF NEW YORK ST AID WITHHLDG 5.0% 07-15-43 | 0.002032 | | | NY DORM AUTH-C-REF | 0.002031 | | | NV LASGEN 5 07/01/2043 | 0.002030 | | | NYC TRANS FIN-S-3 | 0.002029 | | | New Jersey Transportation Trust Fund Authority | 0.002000 | | | State of Maryland, Series A2 | 0.001980 | ✓ | | New York (City of), NY, Series 2020 C, Ref. GO Bonds | 0.001979 | ✓ | | Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB | 0.001962 | | | Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 0.001951 | ✓ | | STATE OF NEW YORK ST AID WITHHLDG 5.0% 07-15-35 | 0.001942 | | ## Sources - N-PORT (fund A) — accession `0000105563-26-000162` (as of 2026-02-28) - N-PORT (fund B) — accession `0001657201-26-000362` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _