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Added: 2026-10-08 10:42
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Key Investor Information
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.
Vanguard USD High Yield Corporate Bond UCITS ETF (the "Fund") A sub-fund of Vanguard Funds PLC
(USD) Distributing Shares ISIN: IE0007XDORZ1 Manager: Vanguard Group (Ireland) Limited (“VGIL”)
Objectives and investment policy • The Fund employs a passive management – or indexing – investment
hthh hil iitif itid kttk th pypgg
approach, through physical acquisition of securities, and seeks to track the
ff thBlbUS Hih Yild 250MM 2% ICd pp, gpyq,
performance of the Bloomberg US High Yield 250MM 2% Issuer Capped
Id(th“Id”) p
Index (the “Index”). • The Fund invests in a portfolio of USD-denominated, fixed-rate, high yield
tbd(hih ildbditd llblbd) tht p, , gy
corporate bonds (which may include subordinated or callable bonds) that,
fibld tiblitf ttilf p(y ) ,
so far as possible and practicable, consists of a representative sample of
tht itif thId pp,
the component securities of the Index. • The Index provides a measure of the USD-denominated, high yield, fixed
ttbd ktSitihtid hih ild if p, gy,
rate corporate bond market. Securities are characterised as high yield if
thiddltif Md’Fith d S&P iB1/BB/BBbl pgy
the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Idliiblbdt ht ttdif t lt USD g y,
Index-eligible bonds must have an amount outstanding of at least USD
250 illid i’ tkt iht id t 2% f th gg
250 million and issuers’ aggregate market weight is capped at 2% of the
ttl idkt lBdfikt idfid ggggpp
total index market value. Bonds from emerging market issues, as defined
bthididldd fthId gg
by the index provider, are excluded from the Index. • The Fund may hold corporate bonds, which may be fixed or floating rate
d ildbditd llblbdtht t t y py g
and may include subordinated or callable bonds, that are not components
f thIdbt hik d thtitillbl y , p
of the Index, but whose risk and return characteristics closely resemble
ik d thtitif tittf thIdf thId , y
risk and return characteristics of constituents of the Index or of the Index as a whole. To a lesser extent the Fund may invest in similar types of
t bdtidthId government bonds outside the Index. • The Fund may use derivatives in order to reduce risk or cost and/or
ttithA ditiifiil tt h y
generate extra income or growth. A derivative is a financial contract whose
libd thlf fiil t (h hbd gg
value is based on the value of a financial asset (such as a share, bond, or
) kt id currency) or a market index. • The base currency of the Fund is USD. • The Fund may invest in rule 144a securities, some of which will not meet
thFd’tdd liibilititid blliid y ,
the Fund’s standard eligibility criteria and may be less liquid.
• The Fund attempts to remain fully invested and hold small amounts of cash
t itdiktlitil iilditihth py
except in extraordinary market, political or similar conditions where the
Fd tildt fthiitt litid l py , p
Fund may temporarily depart from this investment policy to avoid losses. • The Fund may invest in securities which are denominated in currencies
thththbMtiht y
other than the base currency. Movements in currency exchange rates can
fft thtf itt y
affect the return of investments. • The Fund is appropriate for long-term investment. You should have an
itt hif t lt 3 pppg
investment horizon of at least 3 years. • Income from the ETF Shares will be paid out. • Portfolio transaction costs will have an impact on performance. • ETF Shares in the Fund can be bought or sold on a daily basis (save on
tibk / blihlidd bjt ttititidibd gy (
certain bank / public holidays and subject to certain restrictions described
iAdi1 f thPtitSlt)ETF Sh pyj
in Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares
litd tk h()Sbjt ttiti pppppp)
are listed on one or more stock exchange(s). Subject to certain exceptions
t t ithPtitht Athid Ptiit g()jp
set out in the Prospectus, investors who are not Authorised Participants
lbll ETF Shthh tht ibf p, p
may only buy or sell ETF Shares through a company that is a member of
lt tk ht tihtht tk hi y y y gpy
a relevant stock exchange at any time when that stock exchange is open
fbiA lit f thdhih hithFd t b gy gp
for business. A list of the days on which shares in the Fund cannot be
bht ld iilblhtt//fddd/hlid y
bought or sold is available on
lddfdlET https://fund-docs.vanguard.com/holiday
Fdf gp
calendar-vanguard-funds-plc-ETFs.pdf For further information about the objectives and investment policy of
thFdll thliitd ltihiith thIdid jpy
the Fund, as well as the limited relationship with the Index provider,
lthlt fthFd ("Slt") d Adi , p p,
please see the supplement for the Fund ("Supplement") and Appendix
6 f thVd Fdlt(th"Pt") ppp(pp) pp
6 of the Vanguard Funds plc prospectus (the "Prospectus") on our
bitt htt//lbld website at gppp
https://global.vanguard.com
Risk and reward profile Lower risk Higher risk Typically lower rewards Typically higher rewards
1 2 3 4 5 6 7
• This indicator is based on historical data and may not be a reliable
iditif thftik filf thFd indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean “risk free”. - The value of bonds and fixed income-related securities is affected by
ifltil fth itt tifltidit dd y
influential factors such as interest rates, inflation, credit spreads and
ltilithihitdibthftildilitil , , p
volatility which, in turn, are driven by other factors including political,
iid iifit tt y , , y g p
economic news, company earnings and significant corporate events. - Movements in currency exchange rates can adversely affect the return
f itt of your investment. - Investment risk is concentrated in specific sectors, countries, currencies
iThithFd iititllid p
or companies. This means the Fund is more sensitive to any localised
iktlitil ltt p
economic, market, political or regulatory events.
- Use of derivatives. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the
Fd't t l pyg
Fund's net asset value. The risk and reward indicator does not take account of the following
ikf itiithFd risks of investing in the Fund: • Counterparty risk. The insolvency of any institutions providing services
h fkif ttitttditi py y y pg
such as safekeeping of assets or acting as counterparty to derivatives or
thittthFd tfiil l pg g py
other instruments, may expose the Fund to financial loss. • Liquidity risk. Lower liquidity means there are insufficient buyers or sellers
tllthFd tll bittdilThild th qy qy y
to allow the Fund to sell or buy investments readily. This could cause the
Fd tihihthbilliittld y y
Fund to incur higher costs when buying or selling investments or could
tht thFd it bltbll itthit ld gyg g
mean that the Fund is not able to buy or sell investments when it would
liktd like to do so. • High Yield Bonds Risk. High yield bonds are issued by lower-rated
id hihik tht thit bblt ggyy
companies and carry a higher risk that the issuer may not be able to repay
ht it Thittlbfftd bi py gy py
what it owes. These investments can also be more affected by economic
ditiithilid fll hld th y
conditions, meaning their value may rise and fall more sharply and the
Fd ld il g
Fund could incur losses. For further information on risks please see the “Risk Factors” section
f thPtbitt htt//lbld p
of the Prospectus on our website at https://global.vanguard.com
Page 2
Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential
th f itt gypy
growth of your investment. One-off charges taken before or after you invest Entry charge* None Exit charge* None This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year Ongoing charges 0.15% Charges taken from the Fund under certain specific conditions
Performance fee None
Investors who are not Authorised Participants ("APs") may have to pay fees
ttkbkhbll tk h()Thf p() y py
to a stockbroker when you buy or sell on stock exchange(s). The fees are
ilblditlftkbkd t hd bbl yy g()
available directly from your stockbroker and are not charged by, or payable
tthFd to, the Fund. The entry and exit charges shown are maximum figures and in some cases
iht lItfid t thtl td it h y gg
you might pay less. Investors can find out the actual entry and exit charges
fthiditibtd di ygpy
from their distributor and or adviser. APs dealing directly with the Fund will pay related transaction costs. For cash
tidtithbh ttiff i g y py
creations or redemptions there may be a cash transaction fee of a maximum
f 2% hih iid tthFdd ll ttiill hitd py
of 2% which is paid to the Fund, and all transactions will have associated
ttitItht APill t thft p,
transaction costs. Investors who are not APs will not pay these fees or costs. * In the case of a large subscription or redemption by an investor, that
ithtdditil h(tidiltil) tth gppy ,
investor may have to pay an additional charge (e.g. anti-dilution levy) to the
Fd tttitid y py
Fund to cover transaction costs incurred. Ongoing charges have not been based on an ex-post calculation as the
hllhd lthldOih gg gp
share class was launched less than one calendar year ago. Ongoing charges
hdilbtitd bd thtd ttl f htht yggg g
have accordingly been estimated based on the expected total of charges that
ill btkfthtf thFd thf It gy pg
will be taken from the assets of the Fund over the course of a year. It
ldtflittit excludes portfolio transaction costs. For further information about charges, please see the Supplement and
thtititld “BiSh”“RdiSh”d “F g, ppp
the sections entitled “Buying Shares”, “Redeeming Shares”, and “Fees
d E” ithPtbitt yg , g ,
and Expenses” in the Prospectus on our website at
htt//lbld p
https://global.vanguard.com
2021 2022 2023 2024 2025 Fund Index
• This share class has not yet launched.
Practical information • Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited. • Documents, prices of shares and further information:
tfVd Fdl(“VF”) lith thl You can obtain copies of the Prospectus and the latest annual and semi-annual report and
tt blihd if hd thtil iftifVF /BBth , pppp
accounts for Vanguard Funds plc (“VF”) along with the latest published prices of shares and other practical information, from VF c/o Brown Brothers
HiFd AdiittiSi(Ild) Liitd30 Hbt SttDbli2D02 W329Ild fbitt htt//lbld gp() g ppp,
Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at
IftithFd'tflidillid blitif thiNAV bbtid t htt//lbl https://global.vanguard.com
d/tl/it/tl/it . () , , , ,
Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at
dttiThdtilbliElih d ff h pgg
https://global.vanguard.com/portal/site/portal/ucits documentation ppy p
. The documents are available in English and are free of charge. • Prices: The last published prices of shares in the Fund are also available from the FT's website www.ft.com or https://global.vanguard.com . • Tax: VF is subject to the tax laws of Ireland. Depending on your country of residence, this may have an impact on your personal tax position. You are
dd tlt fil tdi jp
recommended to consult your professional tax adviser. • Liability:
lt VGIL may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the
tf thPtfVF yy
relevant parts of the Prospectus for VF. • Sub-funds: VF is an umbrella fund with a number of sub-funds. This document describes a sub-fund of VF. The prospectus and periodic reports are
thti prepared for the entire company. • VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law
fhldif thbfdf VF d itt ithFd ill t bfftd bliit thbfd f VF ggy gpy
from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF. • Shares: ETF Shares in the Fund may not be exchanged for ETF Shares in any other sub-funds of VF, however APs may, with prior approval, switch ETF
thFd tdifft hlf thFdhthhlilbl y gy ,
Shares in the Fund to a different share class of the same Fund, where other share classes are available. • Information about other share classes offered by VF can be found in the prospectus or from our website at https://global.vanguard.com . • Further information on the Index Provider please see the Fund's prospectus. • Remuneration policy:
tilid Details of VGIL's Remuneration Policy are available at
ildi() ditif htid https://www.ie.vanguard/content/dam/intl/europe/documents/ch/en/ucits-v
bfitlltdd (b) thidtitif iblf py
remuneration-policy.pdf
diti y pgp
including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for
d bfitA f thdtilbbtidff ht fVGIL t 70 SiJhR'Q pypg() p; () pp
awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay,
Dbli2Ild g
Dublin 2, Ireland.
The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the “Central Bank”). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 08/10/2026.
0
0.2
0.4
0.6
0.8
1
1.2
There is insufficient data to provide a useful indication of past performance to investors.
Per cent (%)
Past performance
Truncated: This annotation is too large to fit.
View the raw JSON.
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"text": "y py g \r\nand may include subordinated or callable bonds, that are not components \r\nf thIdbt hik d thtitillbl"
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"text": "y , p\r\nof the Index, but whose risk and return characteristics closely resemble \r\nik d thtitif tittf thIdf thId"
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"text": ", y \r\nrisk and return characteristics of constituents of the Index or of the Index"
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"text": "as a whole. To a lesser extent the Fund may invest in similar types of \r\nt bdtidthId"
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"text": "The Fund may use derivatives in order to reduce risk or cost and/or \r\nttithA ditiifiil tt h"
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"text": "y \r\ngenerate extra income or growth. A derivative is a financial contract whose \r\nlibd thlf fiil t (h hbd"
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"text": "gg\r\nvalue is based on the value of a financial asset (such as a share, bond, or \r\n) kt id"
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"text": "The base currency of the Fund is USD."
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"text": "The Fund may invest in rule 144a securities, some of which will not meet \r\nthFd\u2019tdd liibilititid blliid"
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"text": "y , \r\nthe Fund\u2019s standard eligibility criteria and may be less liquid."
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"text": "The Fund attempts to remain fully invested and hold small amounts of cash \r\nt itdiktlitil iilditihth"
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"text": "py \r\nexcept in extraordinary market, political or similar conditions where the \r\nFd tildt fthiitt litid l"
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"text": "py , p\r\nFund may temporarily depart from this investment policy to avoid losses."
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"text": "The Fund may invest in securities which are denominated in currencies \r\nthththbMtiht"
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"text": "y \r\nother than the base currency. Movements in currency exchange rates can \r\nfft thtf itt"
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"text": "y\r\naffect the return of investments."
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"text": "The Fund is appropriate for long-term investment. You should have an \r\nitt hif t lt 3"
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"text": "pppg\r\ninvestment horizon of at least 3 years."
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"text": "Income from the ETF Shares will be paid out."
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{
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"text": "Portfolio transaction costs will have an impact on performance."
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{
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{
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"text": "ETF Shares in the Fund can be bought or sold on a daily basis (save on \r\ntibk / blihlidd bjt ttititidibd"
},
{
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"text": "gy (\r\ncertain bank / public holidays and subject to certain restrictions described \r\niAdi1 f thPtitSlt)ETF Sh"
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{
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"text": "pyj\r\nin Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares \r\nlitd tk h()Sbjt ttiti"
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{
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"text": "pppppp)\r\nare listed on one or more stock exchange(s). Subject to certain exceptions \r\nt t ithPtitht Athid Ptiit"
},
{
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"id": "9c435eca-f061-45df-a31f-cceae38bfc9c",
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"text": "g()jp\r\nset out in the Prospectus, investors who are not Authorised Participants \r\nlbll ETF Shthh tht ibf"
},
{
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"text": "p, p\r\nmay only buy or sell ETF Shares through a company that is a member of \r\nlt tk ht tihtht tk hi"
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{
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"text": "y y y gpy \r\na relevant stock exchange at any time when that stock exchange is open \r\nfbiA lit f thdhih hithFd t b"
},
{
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"id": "cecfca49-83e9-4da3-8a71-e6c8bd986f9e",
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"text": "gy gp\r\nfor business. A list of the days on which shares in the Fund cannot be \r\nbht ld iilblhtt//fddd/hlid"
},
{
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"id": "727cf7fe-d547-463c-b1fa-a798f4ad4c1e",
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"text": "y\r\nbought or sold is available on \r\nlddfdlET"
},
{
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"id": "0f7888c1-efa2-4834-936c-73dbdea5c6f8",
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"text": "https://fund-docs.vanguard.com/holiday\r\nFdf"
},
{
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"id": "9d22cb5d-672b-4a88-95e1-4ad494b156d2",
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"text": "gp\r\ncalendar-vanguard-funds-plc-ETFs.pdf"
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{
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"id": "2fb05a79-b149-4581-b294-70e98134a6fe",
"page_number": 1,
"text": "For further information about the objectives and investment policy of \r\nthFdll thliitd ltihiith thIdid"
},
{
"block_type": "box",
"box": {
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"width": 448,
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"id": "31397dc5-1802-4080-9f87-8a8cff37c809",
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"text": "jpy \r\nthe Fund, as well as the limited relationship with the Index provider, \r\nlthlt fthFd (\"Slt\") d Adi"
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{
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"id": "1d9e9718-e210-4699-9fc1-5dad49ce863c",
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"text": ", p p, \r\nplease see the supplement for the Fund (\"Supplement\") and Appendix \r\n6 f thVd Fdlt(th\"Pt\")"
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{
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"text": "ppp(pp) pp\r\n6 of the Vanguard Funds plc prospectus (the \"Prospectus\") on our \r\nbitt htt//lbld"
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"id": "783ed402-da0d-48c6-b0a3-e05369551a06",
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"text": "website at"
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"id": "3db5d5a4-b43c-495a-8e09-051502f74459",
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"text": "gppp\r\nhttps://global.vanguard.com"
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"x": 40,
"y": 464
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"id": "e4d02950-1048-4b4e-990c-892400e0f6c8",
"page_number": 1,
"text": "Risk and reward profile"
},
{
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"width": 53,
"x": 58,
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"id": "9ee345fa-7103-4357-a17a-546f6e05fc59",
"page_number": 1,
"text": "Lower risk"
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{
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"width": 55,
"x": 414,
"y": 483
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"id": "3a86e7f2-1572-44ab-b6bc-694ef55cd5dd",
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"text": "Higher risk"
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"id": "524a9e81-6c19-47e7-8ef3-94883b7f4079",
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"text": "Typically lower rewards"
},
{
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"width": 126,
"x": 343,
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"id": "efe8861e-0246-41c7-a6b9-8a25771c1bf4",
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"text": "Typically higher rewards"
},
{
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"x": 66,
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"id": "c6002aaa-f1f2-401a-b07a-b6bfb08c3100",
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"text": "1"
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{
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"id": "14f720be-81d0-4885-989c-be15d719bd72",
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"x": 194,
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"text": "3"
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"text": "4"
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"text": "5"
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"text": "6"
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"text": "\u2022"
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"id": "1cc45c70-9aa1-4a1e-84c4-47ab4c83ab19",
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"text": "This indicator is based on historical data and may not be a reliable \r\niditif thftik filf thFd"
},
{
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"text": "indication of the future risk profile of the Fund."
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"text": "The risk category shown is not guaranteed and may change over time."
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"text": "The lowest category does not mean \u201crisk free\u201d."
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"text": "- The value of bonds and fixed income-related securities is affected by \r\nifltil fth itt tifltidit dd"
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"text": "y \r\ninfluential factors such as interest rates, inflation, credit spreads and \r\nltilithihitdibthftildilitil"
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"text": ", , p\r\nvolatility which, in turn, are driven by other factors including political, \r\niid iifit tt"
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"id": "c3c41d1b-be3a-465f-a4ce-3818546b6e52",
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"text": "y , , y g p\r\neconomic news, company earnings and significant corporate events."
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"text": "- Movements in currency exchange rates can adversely affect the return \r\nf itt"
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"text": "of your investment."
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"id": "364985af-1109-44ea-806a-ad629f2fc9da",
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"text": "- Investment risk is concentrated in specific sectors, countries, currencies \r\niThithFd iititllid"
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"text": "p\r\nor companies. This means the Fund is more sensitive to any localised \r\niktlitil ltt"
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"text": "p\r\neconomic, market, political or regulatory events."
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"text": "- Use of derivatives. The use of derivatives could increase or reduce"
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"text": "exposure to underlying assets and result in greater fluctuations of the \r\nFd\u0027t t l"
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"text": "pyg \r\nFund\u0027s net asset value."
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"text": "The risk and reward indicator does not take account of the following \r\nikf itiithFd"
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"id": "b05ad910-d452-461c-93df-d1211ac60dfa",
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"text": "risks of investing in the Fund:"
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"id": "2b3b5bb1-48c9-4723-a6bd-a3380ddbdc41",
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"text": "Counterparty risk. The insolvency of any institutions providing services \r\nh fkif ttitttditi"
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"text": "py y y pg \r\nsuch as safekeeping of assets or acting as counterparty to derivatives or \r\nthittthFd tfiil l"
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"text": "pg g py \r\nother instruments, may expose the Fund to financial loss."
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"text": "Liquidity risk. Lower liquidity means there are insufficient buyers or sellers \r\ntllthFd tll bittdilThild th"
},
{
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"text": "qy qy y\r\nto allow the Fund to sell or buy investments readily. This could cause the \r\nFd tihihthbilliittld"
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"text": "y y\r\nFund to incur higher costs when buying or selling investments or could \r\ntht thFd it bltbll itthit ld"
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"text": "gyg g \r\nmean that the Fund is not able to buy or sell investments when it would \r\nliktd"
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"id": "c3d44f43-d745-491a-837e-295f6667176b",
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"text": "like to do so."
},
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"id": "a499a677-b39d-4e49-8e03-bf9d06427fcc",
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"text": "\u2022"
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"id": "8cb3d548-3180-4447-8e1f-1ac37df196ad",
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"text": "High Yield Bonds Risk. High yield bonds are issued by lower-rated \r\nid hihik tht thit bblt"
},
{
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"text": "ggyy \r\ncompanies and carry a higher risk that the issuer may not be able to repay \r\nht it Thittlbfftd bi"
},
{
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"text": "py gy py \r\nwhat it owes. These investments can also be more affected by economic \r\nditiithilid fll hld th"
},
{
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"text": "y \r\nconditions, meaning their value may rise and fall more sharply and the \r\nFd ld il"
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"text": "g \r\nFund could incur losses."
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{
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"text": "For further information on risks please see the \u201cRisk Factors\u201d section \r\nf thPtbitt htt//lbld"
},
{
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"text": "p\r\nof the Prospectus on our website at"
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"page_number": 2,
"text": "Charges"
},
{
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"id": "0d1efe82-14cc-49ff-8753-e04fd48a6cc8",
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"text": "The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential \r\nth f itt"
},
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"id": "2e8fe4e8-4be5-49c6-9a14-05eef31ac7b5",
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"text": "gypy \r\ngrowth of your investment."
},
{
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"id": "5b6c0db9-70a2-4d8d-a354-e3dea298b92e",
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"text": "One-off charges taken before or after you invest"
},
{
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"text": "Entry charge*"
},
{
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"text": "None"
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"id": "46b65454-56e4-4086-94ce-09293a6e21ec",
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"text": "None"
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"x": 48,
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"id": "4f47b90c-7949-4a54-ad0d-587bda3931d3",
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"text": "This is the maximum that might be taken out of your money before it is"
},
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"id": "2bbcd6fa-e363-443b-bd80-93aa66528ce5",
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"text": "invested / before the proceeds of your investment are paid out."
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"text": "Charges taken from the Fund over a year"
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"id": "0f5d08c9-0e6a-460a-a597-f7df67180349",
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"text": "Charges taken from the Fund under certain specific conditions"
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"text": "None"
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"id": "b6802afe-755c-47d9-9214-83521fc8f08b",
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"text": "Investors who are not Authorised Participants (\"APs\") may have to pay fees \r\nttkbkhbll tk h()Thf"
},
{
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"text": "p() y py \r\nto a stockbroker when you buy or sell on stock exchange(s). The fees are \r\nilblditlftkbkd t hd bbl"
},
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"text": "yy g()\r\navailable directly from your stockbroker and are not charged by, or payable \r\ntthFd"
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{
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"text": "to, the Fund."
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"text": "The entry and exit charges shown are maximum figures and in some cases \r\niht lItfid t thtl td it h"
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"text": "y gg\r\nyou might pay less. Investors can find out the actual entry and exit charges \r\nfthiditibtd di"
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{
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"text": "ygpy \r\nfrom their distributor and or adviser."
},
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"id": "a0ed7e08-c4d6-4b28-b915-d58d3216a25d",
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"text": "APs dealing directly with the Fund will pay related transaction costs. For cash \r\ntidtithbh ttiff i"
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"text": "g y py \r\ncreations or redemptions there may be a cash transaction fee of a maximum \r\nf 2% hih iid tthFdd ll ttiill hitd"
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...