Vanguard Target Maturity 2028 Corporate Bond ETF

Vanguard Target Maturity 2028 Corporate Bond ETF is a target maturity exchange-traded fund that seeks to track the performance of the ICE 2028 Maturity US Corporate Constrained Index, composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028. Designed to mimic the experience of holding an individual bond to maturity, it holds a diverse portfolio of these bonds, providing monthly income through distributions and aiming for predictability in cash flows and return of principal upon liquidation. The fund operates as a term fund with a planned liquidation on or about December 15, 2028, after which proceeds from matured bonds are held in cash or cash equivalents during its final year, distributing the net asset value to shareholders. Launched in 2026 and managed by Vanguard, it supports goals-based planning, liquidity management, and bond ladder construction within fixed-income portfolios, offering exposure to the corporate bond market while managing interest rate and credit risks through its defined maturity horizon.