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Disclosures and footnotes
1. Vanguard is investor-owned. As an investor-owner, you own the funds that own Vanguard.
- All investing is subject to risk, including possible loss of principal.
- Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.