VTES

Vanguard Short-Term Tax-Exempt Bond ETF Shares seeks to track the performance of the S&P 0-7 Year National AMT-Free Municipal Bond Index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities between one month and seven years. The fund invests by sampling the index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics.