Vanguard Core Tax-Exempt Bond E
VCRM
Chicago Board Options Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Nov 21, 2024
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Core Tax-Exempt Bond ETF (VCRM) is a U.S. dollar-denominated municipal bond exchange-traded fund that seeks to provide total return through current income exempt from federal personal income taxes and capital appreciation. The fund primarily invests at least 80% of its assets in tax-exempt municipal bonds issued by U.S. states or local governments or their agencies, with a focus on securities whose interest is federally tax-exempt, and often AMT-exempt for most investors. It employs active management to construct a tax-ex-empt fixed-income portfolio, aiming to balance income generation with capital appreciation while managing duration, credit risk, and liquidity. Founding and structure Vanguard Core Tax-Exempt Bond ETF is developed and managed by Vanguard Group, a leading global asset manager, with the fund launched to provide investors access to a diversified, actively managed municipal bond strategy within an ETF wrapper. Vanguard serves as the fund sponsor and administrator, leveraging its scale and research capabilities to deliver tax-exempt income and downside protection potential through a broad municipal bond universe. Products and services Main products and services include: - Tax-exempt municipal bond ETF exposure: core holdings in federally tax-exempt bonds; emphasis on high-quality, taxable-equivalent municipal securities to generate current tax-exempt income; includes considerations of AMT exposure for certain shareholders. - Active fixed-income management: portfolio construction and risk controls guided by fundamental and strategic analysis; systematic duration management; sector and issuer selection across the municipal market. - ETF wrapper and related services: daily liquidity trading on major exchanges; transparent daily NAVs; real-time pricing and market data; issuer and credit monitoring; tax reporting and year-end documentation. Geographic operations and market reach VCRM primarily targets U.S. investors seeking federal tax-exempt income, with fund operations and securities investments focused on the U.S. municipal bond market. As an ETF, it operates within U.S. regulatory frameworks and is distributed through Vanguard’s investor network and affiliated channels. Fund characteristics and leadership The fund adheres to Vanguard’s governance standards, with oversight from the senior investment committee and risk management processes designed to align with the objective of income generation and capital appreciation within tax-exempt constraints. It is positioned within Vanguard’s broader family of tax-exempt bond products and fixed-income strategies. Recent developments The fund has undergone strategic positioning within Vanguard’s tax-exempt bond lineup, including ongoing adjustments to approach, holdings, and risk controls to reflect evolving municipal market dynamics and investor demand for tax-efficient income solutions. Recent partnerships, product launches, or reorganizations within Vanguard’s fixed-income platform support enhanced distribution, client service, and product development for tax-exempt strategies. Subsidiaries and corporate relationships VCRM operates under the Vanguard umbrella, with corporate relationships and governance aligned with Vanguard Group’s investment management platform, internal risk controls, and distribution network. Founding year and headquarters The Vanguard Group, the sponsor and manager, established the fund as part of its ETF and fixed-income suite, with headquarters in the United States. The fund’s structure and branding align with Vanguard’s long-standing focus on low-cost, transparent investment vehicles for individual and institutional investors.