$领航免税债券指数ETF (VTEB.US)$ Better than BND! VTEB has a 1.74% 5 yr. return and BND only 1.19% 5yr. return. It has less interest rate risk than most bonds and 80% of VTEB is federal income tax exempt. BNDs e/p is .03% vs VTEB .05%. If you ask me  .02% savings on the expense ratio isn’t enough to make up for it. I’ve converted my bonds over to VTEB.