Vanguard has introduced its first index junk bond ETF, $VCHY, with a competitive fee of 5 basis points. This launch marks Vanguard's entry into the index junk bond market, aiming to compete with established products like HYG and JNK. Despite being a latecomer, $VCHY's fee positions it between Schwab's 3bps and $USHY's 8bps offerings, potentially attracting cost-conscious investors.