Vanguard ETFs are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. 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.

Vanguard provides investment management services to the Vanguard funds and ETFs at cost. More information about Vanguard funds and ETFs, including at-cost services, is available in the funds prospectus. Limitations, fund expenses, and a minimum investment may apply.

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