Vanguard High-Yield Active ETF (VGHY)

The fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds commonly known as ?junk bonds with medium and lower range credit quality ratings. Under normal circumstances, the fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in corporate bonds that are rated Baa by Moody's Ratings.