Vanguard Short Duration Tax-Exempt Bond ETF is an actively managed exchange-traded fund sponsored by The Vanguard Group, Inc. that seeks to provide current income exempt from federal personal income taxes while maintaining limited price volatility, investing at least 80% of assets, plus borrowings for investment purposes, in U.S. dollar-denominated municipal bonds issued primarily by U.S. states, local governments and agencies; the fund typically targets a dollar-weighted average maturity of 2 to 7 years and emphasizes investment-grade credit quality. The ETF is listed on Cboe under ticker VSDM, was launched on November 21, 2024, is structured as an open-end investment company, and distributes income monthly. Vanguard was founded in 1975 by John C. Bogle and is headquartered in Malvern, Pennsylvania, with offices worldwide and a broad platform spanning investments, advice and retirement services; the firm is investor-owned through its fund structure and manages index and actively managed portfolios for individual investors, institutions and financial professionals. Recent developments include the ETF’s November 2024 launch as a newer active municipal-bond product within Vanguard’s tax-exempt fixed-income lineup, along with ongoing portfolio management updates and continued market availability as reflected in 2026 fund materials and listings.