Vanguard Short Duration Tax-Exempt Bond ETF (VSDM)

Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) is an actively managed exchange-traded fund that invests in short-term municipal bonds whose interest is generally exempt from federal income tax. Its holdings are issued by U.S. states, cities and other public entities.

The fund focuses on investment-grade securities and keeps a short duration, seeking tax-advantaged income with modest interest rate sensitivity. Vanguard's municipal bond team manages credit quality, maturity structure and issuer diversification. Holdings are diversified across many issuers and states, and frequent maturities allow the fund's income to adjust relatively quickly as municipal yields change.

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