Vanguard Target Maturity 2036 Corporate Bond ETF

Vanguard Target Maturity 2036 Corporate Bond ETF is an exchange-traded fund that provides targeted exposure to U.S. dollar-denominated investment-grade corporate bonds maturing in 2036. Launched in 2026 and managed by Vanguard, it tracks the ICE 2036 Maturity US Corporate Constrained Index through a passive, physical replication strategy, holding a diversified portfolio of bonds selected to mature or be called in its target year. This ETF is part of Vanguard's BondBuilder Target Maturity suite, designed to mimic the experience of holding individual bonds to maturity while offering the liquidity, diversification, and tradability of an ETF structure. It supports predictable cash-flow planning with monthly income distributions from underlying bond coupons, transitioning gradually toward cash equivalents in its final year before liquidating and returning principal based on net asset value. Ideal for goals-based investing, liquidity management, and constructing bond ladders, it helps investors navigate interest rate and credit risks in the fixed-income market with broad exposure across corporate issuers and sectors.