Vanguard Tax-Managed Funds Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI)

The Vanguard Intermediate-Term Tax-Exempt Bond ETF is a municipal bond fund offered by Vanguard through its Tax-Managed Funds trust. It invests mainly in high-quality municipal securities from issuers across the United States whose interest is generally exempt from federal income tax.

The fund focuses on bonds with intermediate maturities, seeking a balance between the higher income typically available from longer bonds and the lower interest rate sensitivity of shorter ones. It is managed by Vanguard's fixed income team, which selects bonds from a broad range of states, sectors and issuer types with an emphasis on investment-grade credit.

The ETF provides exchange-traded access to a national, diversified portfolio of tax-exempt debt, with Vanguard acting as sponsor and investment adviser.