Important information about the Vanguard Total World Bond ETF

Investors should be mindful in evaluating the Vanguard Total World Bond ETF's current SEC yield. This yield, while accurately calculated based on the SEC requirements, does not capture returns resulting from currency hedging. This fund includes bonds that are denominated in local currencies and hedges returns back to the U.S. dollar to minimize currency risk. Currency hedging can have a meaningful impact on total returns over the short term.