VTEL – Vanguard Long-Term Tx-Exm Bd ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to track the performance of the S&P 10+ Year National AMT-Free Municipal Bond Index. The index tracks the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities greater than ten years. The fund invests at least 80% of the fund's assets will be invested in securities held in the index. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VTEL	Vanguard Long-Term Tax-Exempt Bond ETF Shares	ETF	Open	—		May 20, 2025	$477.80M	0.090%	—	—	$322.59M

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