Vanguard Long-Term Tax-Exempt Bond ETF (VTEL)

The Vanguard Long-Term Tax-Exempt Bond ETF is a municipal bond fund from Vanguard that seeks to provide income exempt from federal income tax by investing primarily in investment-grade municipal bonds issued by states, cities and other public entities across the United States.

The fund concentrates on longer-maturity municipal securities, which generally offer more income than shorter bonds but are more sensitive to changes in interest rates. Vanguard's fixed income group manages the portfolio, diversifying across states, sectors such as general obligation, revenue, health care and transportation debt, and individual issuers.

The ETF gives investors an exchange-traded way to hold a broad portfolio of long-term tax-exempt bonds, with Vanguard serving as sponsor and adviser.