| Vanguard Ultra-Short Bond ETF seeks to provide current income while maintaining limited price volatility, and aggregate performance consistent with ultra-short-term, investment-grade fixed income securities. It is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the fund will invest at least 80% of its assets in fixed income securities. Vanguard Fixed Income Group, the fund s advisor, emphasizes sectors and securities that represent good relative value, while modestly adjusting portfolio duration to reflect the near-term interest rate outlook, shape of the yield curve, and other factors. |