Vanguard Fixed Income Securities Funds - Vanguard High-Yield Active ETF

Vanguard Fixed Income Securities Funds - Vanguard High-Yield Active ETF is an exchange traded fund launched and managed by The Vanguard Group, Inc. The fund invests in fixed income markets. The fund invests in high-yielding, higher-risk corporate bonds that are rated below Baa by Moody’s. Vanguard Fixed Income Securities Funds - Vanguard High-Yield Active ETF Shares was formed on September 16, 2025 and is domiciled in the United States.