0000225997 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:C000260433Member 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member oef:RiskLoseMoneyMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member us-gaap:InterestRateRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:IncomeRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:CallRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:ExtensionRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member us-gaap:CreditRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:indexrelatedMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:IndexSamplingRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:LiquidityRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member oef:RiskNondiversifiedStatusMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:TaxRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:RegionalRiskMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:ETFexchangeVolatilityMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:ETFactivetradingincreasedMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member municipal:ETFtradinghaltedMember 2024-10-31 2024-10-31 0000225997 municipal:S000092428Member oef:RiskNotInsuredDepositoryInstitutionMember 2024-10-31 2024-10-31 pure iso4217:USD 2024-10-31 0000225997 false 2025-05-20 485BPOS N-1A VANGUARD MUNICIPAL BOND FUNDS ETF Summary Investment Objective The Fund seeks to track the performance of a benchmark index that measures the investment-grade segment of the U.S. municipal bond market with remaining maturities greater than 10 years. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0006 0 0.0003 0.0009 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to sell your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 9 29 This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. The Fund has no operating history and therefore has no portfolio turnover information. Principal Investment Strategies The Fund employs an indexing approach designed to track the performance of the S&P 10+ Year National AMT-Free Municipal Bond Index (the Index). The Index measures the performance of the investment-grade, fixed-rate U.S. municipal bond market with remaining maturities greater than 10 years as determined by the Index provider, S&P Dow Jones Indices LLC. The Index includes municipal bonds from issuers that are primarily state and local governments or agencies whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT) (excluding bonds issued by U.S. territories and commonwealths and certain other bonds as determined by the Index provider). To be eligible for inclusion in the Index, each bond must have a rating of at least investment-grade, as determined by a nationally recognized statistical rating organization (NRSRO) (e.g., at least BBB– by Fitch Ratings, Inc.), the lowest rating will be used in determining if the bond is investment-grade. Each bond also must be denominated in U.S. dollars, generally must be part of an offering where the original offering amount was at least $100 million, and generally have a minimum par (i.e., currently outstanding face value) amount of $25 million. In addition, to be included in the Index, each bond must have a remaining term to final maturity that is greater than 10 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. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in securities held in the Index. Under normal circumstances, at least 80% of the Fund’s assets will be invested in fixed income securities whose income will be exempt from federal income taxes and the federal AMT. The Fund seeks to maintain a dollar-weighted average maturity consistent with that of the Index, which, under normal circumstances, is expected to be greater than 10 years. As of March 31, 2025, the dollar-weighted average maturity of the Index was 19.6 years. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. • Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds. • Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds. • Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk is generally high for long-term bond funds. • Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds. • Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. In general, credit risk should be relatively low for the Fund because it invests primarily in bonds that are considered to be of high quality. • Index-related risks. The Fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the Fund’s use of an indexing strategy will negatively impact the Fund’s performance. Because the Fund seeks to track the performance of its target index regardless of how that index is performing, the Fund’s performance may be lower than it would be if the Fund were actively managed. Tracking error risk is the chance that the Fund’s performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the Fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders. • Index sampling risk, which is the chance that the securities selected for the Fund, in the aggregate, will not provide investment performance matching that of the Fund’s target index. Index sampling risk for the Fund is expected to be low to moderate. • Liquidity risk, the Fund may not be able to sell a security in a timely manner at a desired price. • Nondiversification risk. Because the Fund seeks to closely track the composition of the Fund’s target index, from time to time, more than 25% of the Fund’s total assets may be invested in issuers representing more than 5% of the Fund’s total assets due to an index rebalance or market movement, which would result in the Fund being nondiversified under the Investment Company Act of 1940. The Fund’s performance may be hurt disproportionately by the poor performance of bonds issued by just a few issuers or even a single issuer, and the Fund’s shares may experience significant fluctuations in value. • Tax risk, which is the chance that all or a portion of the tax-exempt income from municipal bonds held by the Fund will be declared taxable, possibly with retroactive effect, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state or local tax authorities, or noncompliant conduct of a bond issuer. • Regional risk, which is the chance that economic, political, or regulatory occurrences within a certain state may adversely affect the value of securities offered by issuers located within that state. Because the Fund may invest a large portion of its assets in securities located in any one state, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Because the Fund is an exchange-traded fund (ETF) and the Fund’s shares are traded on an exchange, the Fund is subject to additional risks: • The Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc. and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. • Although the Fund’s ETF Shares are listed for trading on Cboe BZX Exchange, Inc., it is possible that an active trading market may not be maintained. • Trading of the Fund’s ETF Shares may be halted by the activation of individual or marketwide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the shares are delisted from Cboe BZX Exchange, Inc. without first being listed on another exchange or (2) Cboe BZX Exchange, Inc. officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns This is the Fund’s initial prospectus, so it does not contain performance data. This is the Fund’s initial prospectus, so it does not contain performance data. None through Vanguard (Broker fees vary) The expense information shown in the table reflects estimated amounts for the current fiscal year.