Vanguard Intermediate-Term Tax-Exempt Bond ETF
Cboe: VTEI
Listed January 30, 2024
The investment objective of this index fund is to seek to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and twenty years. The fund employs an indexing investment approach designed to track the S&P Intermediate Term National AMT-Free Municipal Bond Index using a sampling technique to closely match key benchmark characteristics. All of the funds investments will be selected through the sampling process, and at least 80% of the funds assets will be invested in securities held in the index. Under normal circumstances, at least 80% of the funds assets will be invested in fixed income securities whose income will be exempt from federal income taxes and the federal AMT. Risks of the fund include the fact that changes in interest rates can affect the fund by resulting in lower bond prices (when interest rates go up) or an eventual decrease in income for the fund (when rates decline). Investors who are looking for a fund that may provide federal tax-exempt income and can tolerate moderate price and income fluctuations may wish to consider this fund.
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About Vanguard
Vanguard was founded in 1975 by John C. Bogle under a, investor-owned** structure. Unlike some other investment management companies, Vanguard is owned by the Vanguard funds, which in turn are owned by the funds' investors. Under other arrangements, mutual funds are products of a management company and serve two constituents-fund owners and company owners.
Today, Vanguard is one of the world's most respected investment management companies offering investments, advice and retirement services, and insights to more than 50 million clients*. Vanguard, which is based in Malvern, Pennsylvania, has offices worldwide and manages more than $9.5 trillion* on behalf of individual investors, institutions, and financial professionals.
Recognizing that investors have diverse investment needs, Vanguard has developed a broad and carefully defined roster of investment portfolios. Each portfolio is managed for specific objectives, follows tightly prescribed strategies, and adheres to well-articulated policies. Vanguard's in-house investment professionals oversee an array of index and actively managed portfolios, and distinguished external managers are retained for specific active mandates.
Vanguard's advice services adhere to a time-tested investment approach of balance, diversification, discipline, and a long-term orientation. This approach, in concert with low-cost funds and ETFs, is designed to provide the potential for superior investment outcomes. Vanguard also seeks to provide its clients with a world-class experience that exceeds their expectations and inspires their loyalty. A crew of nearly 20,000* serves clients with dedication, integrity, and care-guided by a clear purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
*Note: All figures as of June 30, 2024.
**Investor-owned means that Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients.