Vanguard Long-Term Tax-Exempt Bond ETF

Vanguard Long-Term Tax-Exempt Bond ETF is a fixed-income exchange-traded fund designed to provide exposure to long-term U.S. municipal bonds with investment-grade credit quality. It seeks to track an index of tax-exempt municipal securities with remaining maturities greater than 10 years, giving investors access to a portfolio of bonds issued primarily by state and local governments and related public authorities. The fund focuses on securities whose interest is generally exempt from U.S. federal income tax and the federal alternative minimum tax, making it a specialized vehicle within the municipal bond market. Managed by Vanguard Fixed Income Group, the ETF uses an index-based approach and diversified holdings to mirror the characteristics of its benchmark while maintaining a long-duration municipal bond profile. Vanguard Long-Term Tax-Exempt Bond ETF serves as a tax-efficient fixed-income option for investors seeking broad market exposure to the long-term municipal bond segment.