| Investment Objective: |
Vanguard Tax-Exempt Bond ETF an exchange-traded share class of Vanguard Tax-Exempt Bond Index Fund (the "Fund"), seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market. The Fund employs an indexing investment approach designed to track the performance of the S&P National AMT-Free Municipal Bond Index (the "Target Index"), which measures the performance of the investment-grade segment of the U.S. municipal bond market as determined by the Index Provider. The Target Index includes municipal bonds issued by states, local governments, or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). Bonds issued by U.S. territories and commonwealths are excluded from the Target Index, as are certain other bonds as determined by the Index Provider. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the bonds that make up the Target Index. |
