By default, for HTML content, click-tracking applies to all links found in <a> tags. You can disable click-tracking on individual links, simply by adding a new parameter to the link tag, disable-tracking. This will leave the URL as is, and can be useful for dynamic generated links.
Link example:
<a href="http://example.com" disable-tracking>This link will not be changed</a>
No UTM params or VT specific params will be added to such links.