ETF overview
The Vanguard Core Tax-Exempt Bond ETF (VCRM) is an actively managed fund designed to achieve comprehensive returns through a combination of tax-free income and capital appreciation. This ETF primarily invests in municipal bonds, denominated in U.S. dollars, which are issued by state and local government entities across the United States. A key feature is that the interest income generated by these bonds is exempt from both federal income taxes and the Alternative Minimum Tax (AMT). While there are no specific maturity limits for individual bond holdings, the fund generally aims to maintain a dollar-weighted average maturity for its portfolio within an 8-to-20-year range. The majority of its holdings are dedicated to investment-grade municipal debt, specifically those rated A3 or higher by Moody's or a comparable rating service. The fund's exposure to speculative-grade, or "junk" bonds, is strictly capped at 20% of its total assets. Management of the fund is discretionary, guided by portfolio managers who integrate both macro-economic (top-down) insights and specific security (bottom-up) analyses. A core mandate ensures that, under typical market circumstances, a minimum of 80% of the portfolio's net assets remains invested in tax-exempt municipal obligations.
Fund facts
- Expense ratio
- 0.12%
- Fund assets
- 2.2B USD (all share classes)
- Issuer
- Vanguard
- Inception date
- Nov 19, 2024
- Number of holdings
- 2,588
Breakdown
Holdings (2,588)
| Name | Ticker | Weight |
|---|---|---|
| Vanguard Municipal Low Duration Fund 12/31/2049 | 2.09% | |
| Michigan State Hospital Finance Authority 5.00% 11/15/2032 | 1.17% | |
| Colorado Health Facilities Authority 5.00% 11/15/2031 | 0.94% | |
| California State Public Works Board 5.00% 09/01/2030 | 0.94% | |
| California State Public Works Board 5.00% 09/01/2031 | 0.92% | |
| Alabama Toll Road Bridge and Tunnel Authority 5.00% 10/01/2032 | 0.62% | |
| Black Belt Energy Gas District 5.00% 10/01/2035 | 0.57% | |
| City of New York NY 5.00% 08/01/2032 | 0.55% | |
| Salt River Project Agricultural Improvement & Power District 5.50% 01/01/2057 | 0.51% | |
| Black Belt Energy Gas District 5.00% 10/01/2055 | 0.50% | |
| and 2,575 more | ||
Similar ETFs
- Vanguard California Tax-Exempt Bond ETFVTEC · Expense ratio 0.06%
- Vanguard Tax-Exempt Bond ETFVTEB · Expense ratio 0.03%
Historical returns do not guarantee future returns. This is not investment advice.
- Expense ratio
- 0.12%
- Fund assets
- 2.2B USD (all share classes)
- Issuer
- Vanguard
- Inception date
- Nov 19, 2024
- Number of holdings
- 2,588
| Name | Ticker | Weight |
|---|---|---|
| Vanguard Municipal Low Duration Fund 12/31/2049 | 2.09% | |
| Michigan State Hospital Finance Authority 5.00% 11/15/2032 | 1.17% | |
| Colorado Health Facilities Authority 5.00% 11/15/2031 | 0.94% | |
| California State Public Works Board 5.00% 09/01/2030 | 0.94% | |
| California State Public Works Board 5.00% 09/01/2031 | 0.92% | |
| Alabama Toll Road Bridge and Tunnel Authority 5.00% 10/01/2032 | 0.62% | |
| Black Belt Energy Gas District 5.00% 10/01/2035 | 0.57% | |
| City of New York NY 5.00% 08/01/2032 | 0.55% | |
| Salt River Project Agricultural Improvement & Power District 5.50% 01/01/2057 | 0.51% | |
| Black Belt Energy Gas District 5.00% 10/01/2055 | 0.50% | |
| and 2,575 more | ||
The Vanguard Core Tax-Exempt Bond ETF (VCRM) is an actively managed fund designed to achieve comprehensive returns through a combination of tax-free income and capital appreciation. This ETF primarily invests in municipal bonds, denominated in U.S. dollars, which are issued by state and local government entities across the United States. A key feature is that the interest income generated by these bonds is exempt from both federal income taxes and the Alternative Minimum Tax (AMT). While there are no specific maturity limits for individual bond holdings, the fund generally aims to maintain a dollar-weighted average maturity for its portfolio within an 8-to-20-year range. The majority of its holdings are dedicated to investment-grade municipal debt, specifically those rated A3 or higher by Moody's or a comparable rating service. The fund's exposure to speculative-grade, or "junk" bonds, is strictly capped at 20% of its total assets. Management of the fund is discretionary, guided by portfolio managers who integrate both macro-economic (top-down) insights and specific security (bottom-up) analyses. A core mandate ensures that, under typical market circumstances, a minimum of 80% of the portfolio's net assets remains invested in tax-exempt municipal obligations.
- Vanguard California Tax-Exempt Bond ETFVTEC · Expense ratio 0.06%
- Vanguard Tax-Exempt Bond ETFVTEB · Expense ratio 0.03%
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