Key stats
About Vanguard Tax-Managed Funds Vanguard Core Tax-Exempt Bond ETF
Expense ratio
0.12%
Home page
Inception date
Nov 21, 2024
VCRM is an actively managed ETF that seeks total return through tax-exempt income and capital growth. It primarily invests in US dollar-denominated municipal bonds issued by US states or local agencies. Interest is exempt from federal income taxes and alternative minimum tax (AMT). The fund does not have maturity limitations on individual securities, but it typically maintains a dollar-weighted average maturity of 8 to 20 years. The majority of assets are invested in investment-grade bonds, rated A3 or better by Moody's or equivalent. Investments in junk bonds are limited to 20% of assets. The fund follows a portfolio manager-driven process, incorporating top-down and bottom-up insights. As a fundamental policy, at least 80% of assets are invested in tax-exempt securities under normal market conditions.
Classification
What's in the fund
Exposure type
Municipal
Bonds, Cash & Other100.00%
Municipal96.55%
Mutual fund3.45%
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