Vanguard Intermediate-Term Corporate Bond ETF
VCIT
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- Vanguard Intermediate-Term Corporate Bond ETF (VCIT) is an exchange-traded fund that tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index, providing exposure to a market value-weighted portfolio of investment-grade corporate bonds maturing in five to 10 years; eligible bonds feature fixed coupon rates, at least $300 million outstanding face value, and exclude riskier types such as floating-rate notes, contingent capital securities, and bonds with equity features. The fund emphasizes higher-quality credits, with over 40% in A-rated bonds and around 50% in BBB-rated bonds as of May 2025, alongside a portfolio duration of approximately 6.1 years; top holdings include issuers from financial services like Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co., as well as corporates such as Meta Platforms Inc. and Pfizer. Launched on November 19, 2009, and domiciled in the United States, VCIT operates primarily in U.S. dollar-denominated securities with geographic focus on U.S. issuers, though minor non-U.S. bond exposure exists at about 14%; it is managed by Vanguard's fixed-income index team, including lead manager Joshua C. Barrickman, with assets under management exceeding $59 billion and an expense ratio of 0.03%. In early 2025, Vanguard implemented its largest fee cuts in history across 87 funds effective February 1, reducing costs firm-wide and benefiting VCIT's low-fee structure. Vanguard has expanded its fixed-income offerings throughout 2025, launching multiple dynamic asset allocation model portfolios for advisors—including Risk Diversification Tax-Aware and Income Focused in October, Capital Preservation and Active Total Return in July, and initial Risk Diversification and Total Return in April—as well as new active fixed-income ETFs like Short Duration Bond ETF (VSDB) in April and tax-exempt bond ETFs earlier in the year; these enhancements complement VCIT within Vanguard's broader corporate bond lineup targeting institutional and retail investors seeking moderate income and credit exposure.