Vanguard Target Maturity 2033 Corporate Bond ETF

Vanguard Target Maturity 2033 Corporate Bond ETF is an exchange-traded fund that seeks to track the performance of the ICE 2033 Maturity US Corporate Constrained Index, composed of U.S. dollar-denominated investment-grade corporate bonds maturing in 2033. This target maturity ETF holds a diversified portfolio of these bonds, providing investors with defined-maturity exposure to the U.S. investment-grade corporate bond market. Designed as part of Vanguard's BondBuilder target maturity suite, it aims to help manage interest rate and credit risks while offering predictable cash flows through monthly income distributions and an expected return of principal upon maturity. The fund operates as a term fund, planning to liquidate in December 2033, gradually shifting holdings toward cash in the final year to align with prevailing money market rates. Managed passively by Vanguard's Fixed Income Group Global Bond Indexing team, it supports goals-based fixed-income strategies, such as bond ladders or liability matching, within customizable portfolios across various maturity horizons.