Vanguard Fixed Income Securities Funds - Vanguard High-Yield Active ETF (VGHY)

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The fund employs an active management approach, investing primarily in a diversified group of high-yielding, higher-risk corporate bonds with medium- and lower-range credit quality ratings (commonly known as “junk” bonds). Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate bonds that are rated below Baa by Moody’s or the equivalent by another independent rating agency, or, if unrated, are determined to be of comparable quality by the fund’s advisors.