Vanguard New York Tax-Exempt Bond ETF is an exchange-traded fund that seeks to track the performance of the investment-grade segment of the New York municipal bond market and is intended for New York residents only. Founded in 2025 and headquartered in Malvern, Pennsylvania, the fund is managed by The Vanguard Group, Inc. through its wholly owned subsidiary Vanguard Capital Management and is listed on Cboe BZX Exchange under ticker MUNY. The ETF employs an indexing approach to replicate the S&P New York AMT-Free Municipal USD10 Million Par Bond Index, investing primarily in municipal bonds issued by New York state and local governments or agencies whose interest income is exempt from U.S. federal income taxes, including the federal alternative minimum tax, and New York state income taxes. Its principal features include at least 80% of net assets invested in bonds in the target index under normal circumstances; sampling of the benchmark rather than full replication; nondiversified portfolio construction; and tax-exempt income distributions that are generally expected to be exempt from federal and state income taxes. The fund’s core offering consists of tax-exempt fixed-income exposure for investors seeking New York municipal bond market income through a low-cost ETF structure with a stated management fee of 0.09%. Recent major company changes include the fund’s launch in May 2025, its first full reporting period and ongoing portfolio management under Justin A. Schwartz since inception, and a March 2026 updated summary prospectus reflecting continued operation, listing on Cboe BZX, and the fund’s ongoing use of the S&P New York AMT-Free Municipal USD10 Million Par Bond Index.