# Vanguard Core Tax-Exempt Bond E (VCRM): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vcrm for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Municipal Bond - Strategy: Actively Managed · Inception: 2024-11-19 The Vanguard Core Tax-Exempt Bond ETF (VCRM) is an actively managed fund designed to achieve comprehensive returns through a combination of tax-free income and capital appreciation. This ETF primarily invests in municipal bonds, denominated in U.S. dollars, which are issued by state and local government entities across the United States. A key feature is that the interest income generated by these bonds is exempt from both federal income taxes and the Alternative Minimum Tax (AMT). While there are no specific maturity limits for individual bond holdings, the fund generally aims to maintain... ## Key Facts | Metric | Value | |---|---| | Price | $73.62 | | Expense Ratio | 0.12% | | Assets Under Management | $2.20B | | NAV | $73.38 | | Holdings Count | 0 | | Distribution Yield (TTM) | 3.83% | | Annual Distribution (TTM) | $2.82 /share | | Distribution Frequency | Monthly | | 52-Week Range | $70.85 – $77.05 | | Beta | 0.17 | ## Latest Distribution - Amount: $0.2137 /share - Ex-date: 2026-10-01 - Pay date: 2026-10-05 ## Frequently Asked Questions ### What does VCRM invest in? The Vanguard Core Tax-Exempt Bond ETF (VCRM) is an actively managed fund designed to achieve comprehensive returns through a combination of tax-free income and capital appreciation. This ETF primarily invests in municipal bonds, denominated in U.S. dollars, which are issued by state and local government entities across the United States. A key feature is that the interest income generated by these bonds is exempt from both federal income taxes and the Alternative Minimum Tax (AMT). While there are no specific maturity limits for individual bond holdings, the fund generally aims to maintain a dollar-weighted average maturity for its portfolio within an 8-to-20-year range. The majority of its holdings are dedicated to investment-grade municipal debt, specifically those rated A3 or higher by Moody's or a comparable rating service. The fund's exposure to speculative-grade, or "junk" bonds, is strictly capped at 20% of its total assets. Management of the fund is discretionary, guided by portfolio managers who integrate both macro-economic (top-down) insights and specific security (bottom-up) analyses. A core mandate ensures that, under typical market circumstances, a minimum of 80% of the portfolio's net assets remains invested in tax-exempt municipal obligations. ### What is the expense ratio of VCRM? Vanguard Core Tax-Exempt Bond E (VCRM) charges an expense ratio of 0.12%. This is the annual fee deducted from fund assets to cover management and operations. ### What is VCRM's dividend yield? VCRM's trailing-twelve-month yield is 3.83%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of VCRM? Effective duration measures VCRM's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCRM's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of VCRM? VCRM's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of VCRM? Yield to maturity (YTM) is the total return you'd earn from VCRM if every bond in the portfolio is held to maturity at the current price. VCRM's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does VCRM pay a dividend? Yes, Vanguard Core Tax-Exempt Bond E (VCRM) distributes dividends to shareholders. The trailing-twelve-month yield is 3.83%. Full dividend history is on this page. ### How often does VCRM pay dividends? Vanguard Core Tax-Exempt Bond E pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is VCRM's next ex-dividend date? The most recently announced ex-dividend date for VCRM was 2026-10-01. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VCRM's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.12% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VCRM charge its expense ratio? The expense ratio is deducted in tiny daily slices from VCRM's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VCRM cost more than a fund like VOO? VCRM is actively managed (current expense ratio 0.12%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether VCRM's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to VCRM? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as VCRM (0.12%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vcrm - Distribution history: https://www.dividenddata.com/funds/vcrm/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vcrm/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vcrm/expenses - Peer comparison: https://www.dividenddata.com/funds/vcrm/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.