Vanguard U.S. High-Yield Corporate Bond Index ETF

The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. High Yield 250MM 2% Issuer Capped Index, which measures the performance of U.S. dollar-denominated, high-yield, fixed-rate corporate bonds, including international U.S. dollar-denominated bonds, that have an amount outstanding, or par value, of at least $250 million; are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody’s, S&P, and Fitch; and have remaining maturities of at least one year.