This index-tracking fund aims to mirror the performance of a specific benchmark, the Standard & Poor's National AMT-Free Municipal Bond Index, which represents the investment-grade segment of the U.S. municipal bond market. It achieves this by employing a sampling strategy, carefully selecting a portion of the index's holdings to replicate its overall characteristics. A minimum of 80% of its assets will be invested in securities included in this target index. Crucially, under typical market conditions, at least 80% of the fund's portfolio will consist of bonds generating income that is exempt from both federal income tax and the federal alternative minimum tax (AMT). A primary risk is its sensitivity to interest rate fluctuations: rising rates can lead to a decrease in bond prices, while falling rates may eventually reduce the income distributed by the fund. This fund is designed for investors seeking potentially tax-free federal income who are comfortable with moderate swings in both investment value and distributed income. To maintain diversification, for 75% of its total assets, the fund generally restricts its holdings: it won't acquire more than 10% of an issuer's voting securities, nor will it invest more than 5% of its total assets in a single issuer's securities. Exceptions to these limits apply when necessary to match the target index's composition or when investing in U.S. government or agency obligations.

American Strategic Investment Co.

Masco Corporation

CTS Corporation

Calamos Convertible Opportunities and Income Fund

The Walt Disney Company

MetLife, Inc.

Delta Air Lines, Inc.

PLDT Inc.

Honeywell International Inc.

The Cooper Companies, Inc.

Municipal

Cash & Others

Vanguard Tax-Exempt Bond ETF

This fund aims to replicate the overall performance of a comprehensive, market-capitalization-weighted bond index. It provides extensive exposure to the U.S. domestic, taxable, investment-grade fixed-income market, specifically excluding bonds that are inflation-protected or tax-exempt. Investors can anticipate a robust potential for generating income, while also experiencing relatively modest fluctuations in its share value. The fund is particularly suitable for individuals with medium to long-term financial objectives who are seeking a consistent and reliable stream of income. Moreover, it serves as an effective tool for enhancing portfolio diversification and cushioning against the volatility typically associated with stock investments.

Morgan Stanley

The Boeing Company

The Goldman Sachs Group, Inc.

Cisco Systems, Inc.

The PNC Financial Services Group, Inc.

Bank of America Corporation

Citigroup Inc.

CVS Health Corp.

AbbVie Inc.

Apple Inc.

Vanguard Total Bond Market ETF

VTEB vs. BND Stock Comparison

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VTEB vs BND - Daily Updated Stock Comparison

	VTEB	BND
Basics
Name	Vanguard Tax-Exempt Bond ETF	Vanguard Total Bond Market ETF
Price	$49.54	$72.23
Category	Muni National Interm	Intermediate Core Bond
Expense ratio	0.03%	0.03%
Assets	46,715,884	161,908,864
Beta	0.95	0.99
Dividends
Dividend	$1.70	$2.92
Yield	3.43%	4.04%
Frequency	Monthly	Monthly
Payout ratio	–	–
Dividend CAGR (3y)	9.07%	11.95%
Dividend CAGR (5y)
Dividend CAGR (10y)
Total returns
YTD	0.92%	-0.08%
1y	5.30%	2.29%
3y	3.27%	4.38%
5y	0.70%	-0.27%
10y	1.91%	1.38%
1y volatility	4.42%	3.33%
3y volatility	5.46%	5.51%
Sharpe ratio	-0.30	-0.15
Sector breakdown
Communication services	–	–
Consumer discretionary	–	–
Consumer staples	–	–
Energy	–	–
Financials	–	–
Healthcare	–	–
Industrials	–	–
Materials	–	–
Real estate	–	–
Technology	–	–
Utilities	–	–
Cash & others	1.90%	100.00%

	VTEB	BND
Basics
Name	Vanguard Tax-Exempt Bond ETF	Vanguard Total Bond Market ETF
Price	$49.54	$72.23
Category	Muni National Interm	Intermediate Core Bond
Expense ratio	0.03%	0.03%
Assets	46,715,884	161,908,864
Beta	0.95	0.99
Dividends
Dividend	$1.70	$2.92
Yield	3.43%	4.04%
Frequency	Monthly	Monthly
Payout ratio	–	–
Dividend CAGR (3y)	9.07%	11.95%
Dividend CAGR (5y)
Dividend CAGR (10y)
Total returns
YTD	0.92%	-0.08%
1y	5.30%	2.29%
3y	3.27%	4.38%
5y	0.70%	-0.27%
10y	1.91%	1.38%
1y volatility	4.42%	3.33%
3y volatility	5.46%	5.51%
Sharpe ratio	-0.30	-0.15
Sector breakdown
Communication services	–	–
Consumer discretionary	–	–
Consumer staples	–	–
Energy	–	–
Financials	–	–
Healthcare	–	–
Industrials	–	–
Materials	–	–
Real estate	–	–
Technology	–	–
Utilities	–	–
Cash & others	1.90%	100.00%

NYC	American Strategic Investment Co.	3.37%
MAS	Masco Corporation	2.40%
CTS	CTS Corporation	1.09%
CHI	Calamos Convertible Opportunities and Income Fund	0.40%
DIS	The Walt Disney Company	0.40%
MET	MetLife, Inc.	0.24%
DAL	Delta Air Lines, Inc.	0.14%
PHI	PLDT Inc.	0.11%
HON	Honeywell International Inc.	0.11%
COO	The Cooper Companies, Inc.	0.10%
All holdings

MS	Morgan Stanley	0.04%
BA	The Boeing Company	0.03%
GS	The Goldman Sachs Group, Inc.	0.03%
CSCO	Cisco Systems, Inc.	0.03%
PNC	The PNC Financial Services Group, Inc.	0.03%
BAC	Bank of America Corporation	0.03%
C	Citigroup Inc.	0.03%
CVS	CVS Health Corp.	0.02%
ABBV	AbbVie Inc.	0.02%
AAPL	Apple Inc.	0.02%
All holdings

VTEB vs. BND Stock Comparison

VTEB vs. BND Stock Comparison

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