Vanguard has withdrawn its application with the US Securities and Exchange Commission for a suite of municipal bond funds that would have issued ETF shares.
The move comes a day before the funds' filing was due to become effective. This latest document reveals that Vanguard delayed its original application five times, with the last request for an extension coming as recently as 16 December. Vanguard's plans were for three funds investing in US-issued bonds across a range of maturities, conceived to appeal to low risk investors. The Vanguard Short-Term Municipal Bond Index Fund was designed to track the performance of S&P's 1-5 Year National AMT-Free Municipal Bond index. The intermediate and long-term funds would have used equivalent S&...
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