Fund Description: Vanguard Long-Term Bond ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Bond Index Funds, an investment management company. INVESTMENT OBJECTIVE: The Vanguard Long-Term Bond ETF seeks to track the performance of the Barclays Capital U.S. Long Government/Credit Float Adjusted Index. INDEX DESCRIPTION: The Barclays Capital U.S. Long Government/Credit Float Adjusted Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of greater than 10 years and are publicly issued. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in bonds held in the Index. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 15 and 30 years. FUND MANAGEMENT: The Vanguard Group, Inc. serves as the investment advisor to the Fund.