Rich Powers

Richard F. Powers is the head of ETF Product Management in Vanguard Portfolio Review Department. He joined Vanguard in 1999 and joined Portfolio Review in 2003. For the majority of his tenure in Portfolio Review, Mr. Powers was a senior member of the Oversight and Manager Search team, which is responsible for identifying subadvisory partners for Vanguard's active fund lineup and monitoring the firm, people, process, portfolio, and performance of all existing Vanguard funds on behalf of the firm's senior leadership team and board of directors. In 2015, Mr. Powers assumed his current role. His team is responsible for conducting surveillance of competitor products and positioning, meeting with clients and prospects to discuss Vanguard's ETF lineup, publishing on noteworthy developments in the ETF marketplace and Vanguard lineup, and supporting ETF education initiatives. Mr. Powers earned a B.S.B.A. in finance from Shippensburg University and an M.B.A. in investment management from Drexel University.

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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 very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. 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.

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