(VTEB) Vanguard Tax-Exempt Bond ETF

Vanguard Tax-Exempt Bond ETF seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market.

• Seeks to track the performance of the S&P National AMT-Free Municipal Bond Index.
• Broadly diversified exposure to investment-grade U.S. municipal bond market.
• Passively managed using index sampling.
• Intermediate-duration portfolio.
• Provides moderate current income with high credit quality.

With respect to 75% of its total assets, the fund may not: (1) purchase more than 10% of the outstanding voting securities of any one issuer or (2) purchase securities of any issuer if, as a result, more than 5% of the fund’s total assets would be invested in that issuer’s securities; except as may be necessary to approximate the composition of its target index. This limitation does not apply to obligations of the U.S. government or its agencies or instrumentalities.