News release

Vanguard to Expand Active Fixed Income Lineup with Launch of Two Active Bond ETFs

VALLEY FORGE, PA (September 22, 2023)—Vanguard today announced plans to introduce Vanguard Core Bond ETF (VCRB) and Vanguard Core-Plus Bond ETF (VPLS), two active fixed income ETFs that will be managed by Vanguard Fixed Income Group. Vanguard intends to launch the ETFs at the end of the year.

"For more than forty years, Vanguard has delivered strong investment outcomes for our active fixed income investors across an expanding range of strategies,” said Dan Reyes, head of Vanguard Portfolio Review Department. “These new ETFs will offer investors access to Vanguard’s world-class active investment talent at a low cost and with the convenience and flexibility offered by the ETF structure.”

Vanguard Core Bond ETF and Core-Plus Bond ETF are designed to provide clients with single-fund fixed income holdings that are broadly diversified across a range of sectors, credit qualities, and maturities. The active mandates of these ETFs enable the portfolio managers to seek the best opportunities while remaining risk aware. Vanguard Core Bond ETF will offer exposure primarily to U.S. investment-grade securities with modest allocations to riskier sectors, such as U.S. high-yield corporates and emerging markets. Vanguard Core-Plus Bond ETF will be similarly constructed but will have flexibility to add greater allocations in both U.S. high-yield corporates and emerging markets. Vanguard Core Bond ETF will have an estimated expense ratio of 0.10% while Vanguard Core-Plus Bond ETF will have an estimated expense ratio of 0.20%.

Core Bond ETF and Core-Plus Bond ETF will share the benchmarks, management teams, and expense ratios of the admiral share classes of their respective mutual fund counterparts. However, they will be separate and distinct products. Natural differences in total asset size, client cash flow activity, and other factors will result in differences in fund holdings and, in turn, modest differences in fund performance, between the corresponding ETFs and mutual funds, particularly over shorter time periods.

A leading fixed income adviser

For more than 40 years, Vanguard Fixed Income Group has distinguished itself with deep investment capabilities, disciplined security selection processes, and rigorous risk management techniques, resulting in consistent, long-term performance. Vanguard Fixed Income Group is the world’s largest manager of bond mutual funds and ETFs, overseeing the full spectrum of fixed income asset classes and sectors. The team oversees more than $2.1 trillion in global assets under management and has 192 investment professionals across the globe.

Vanguard’s track record remains unparalleled—95% of Vanguard active bond funds outperformed their peer group averages over the past 10 years ending June 30, 20231.   


About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit

All figures as of August 31, 2023, unless stated otherwise.

1 For the ten-year period ended June 30, 2023, 42 of 44 Vanguard active bond funds outperformed their peer group averages; results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparisons. (Source: Lipper, a Thomson Reuters Company) Note that this competitive performance data represents past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at

Vanguard Core Bond ETF and Vanguard Core-Plus Bond ETF are not to be confused with the similarly named Vanguard Core Bond Fund and Vanguard Core-Plus Bond Fund. These products are independent of one another. Differences in scale, certain investment processes, and underlying holdings are expected to produce different investment returns by the funds. To obtain a prospectus for Vanguard Core Bond Fund or Vanguard Core-Plus Bond Fund, please call 800-662-7447.

A registration statement relating to the Vanguard ETF shares has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is considered a criminal offense. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 

Copies of the final Vanguard ETF prospectuses, when available, as well as prospectuses for all other Vanguard funds can be obtained by visiting Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Please note that a preliminary prospectus is subject to change.

All investing is subject to risk, including the possible loss of the money you invest. 

Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk.

Vanguard Marketing Corporation, Distributor.

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