Vanguard FINALLY launched a junk bond ETF VCHY.. Fee is 5bps = it's prob gonna be a hit.. altho it's a little late to party, this category had been Vgrd-ed already Schwab is 3bps and USHY is 8bps so it's won't have eimpact it would have 10yrs ago. (note: yes, they launched an active hy etf but this is first index product to counter HYG JNK)