Bill McNabb

Bill McNabb

Bill McNabb is chairman and chief executive officer of Vanguard. Bill joined Vanguard in 1986, became chief executive officer in 2008, and then chairman of the board of directors and the board of trustees in 2009. Previously, he led each of Vanguard’s client-facing business divisions, most recently serving as managing director of Vanguard’s institutional and international businesses. Bill is active in the investment management industry, and serves on the executive committee of the Investment Company Institute’s Board of Governors. He also serves on the boards of the Zoological Society of Philadelphia and the United Way of Greater Philadelphia and Southern New Jersey. Bill earned an A.B. at Dartmouth College and an M.B.A. at The Wharton School of the University of Pennsylvania.

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Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing 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.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Foreign investing involves additional risks including currency fluctuations and political uncertainty.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

All investing is subject to risk, including possible loss of principal.

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