Vanguard Core Tax-Exempt Bond ETF (VCRM)

Vanguard Core Tax-Exempt Bond ETF (VCRM) is an actively managed exchange-traded fund that invests primarily in municipal bonds whose interest is generally exempt from federal income tax. Its holdings are issued by U.S. states, cities and other public entities to finance projects such as schools, utilities and infrastructure.

The fund focuses on investment-grade municipal securities across a range of maturities and issuers, with Vanguard's fixed income team managing credit quality, duration and sector positioning. It is designed as a core municipal bond holding for investors seeking tax-advantaged income. Holdings are diversified across many states and issuers to reduce reliance on any single municipality.

The fund is managed by The Vanguard Group, headquartered in Malvern, Pennsylvania.