Vanguard Core Tax-Exempt Bond ETF

Vanguard Core Tax-Exempt Bond ETF is an actively managed fixed-income fund that seeks to provide current income exempt from federal personal income taxes, along with capital appreciation. The fund primarily invests in U.S. dollar-denominated municipal bonds issued by states, local governments, and related agencies, with a portfolio built to span a broad range of sectors, credit qualities, and maturities. Its holdings are weighted toward investment-grade municipal securities, while allowing limited exposure to lower-rated bonds to broaden the opportunity set. VCRM is designed to serve investors looking for diversified municipal bond exposure within a tax-advantaged structure. As part of Vanguard’s municipal bond lineup, it plays a role in the taxable bond market by offering access to a professionally managed portfolio focused on tax-exempt income generation and broad municipal credit exposure.