I've been in T. Rowe Price Hi-Yield and Value Line Hi-Yield for over 20 years. At the inception of these funds they too had one year waiting periods. Then with the advent of ETF's they changed their waiting periods to 90 and 120 days respectively to compete with the new ETF funds that were gaining popularity. Unfortunately,Vanguard still maintains their one year redemption period. They seem to be living in the past. In these times where you have markets moving dramatically every day one can't buy and hold for an entire year anymore. I'm going with JNK and HYG more and more. I like the flexibility one gets with these ETF's. An investor can react quickly to changes in the market and pay no redemption fees. Just look at what has happened to junk in the last month. After Scott Brown was elected in Mass. Obama declared war on the banks. Then problems surfaced in Greece and the Eurozone. Junk started declinig. Someone on this board said VWEHX was going to $4.50. Then this last week nobody was paying attention to Greece or tightening of bank regulations. Throw in some encouraging economic data and junk went up quite a bit. How does an investor react to these fast paced developments? If you got out of VWEHX in January you probably paid the fee. But last week you probably wished you hadn't gotten out. What will happen next week? Greece is supposed to have a pretty big bond sale. Will Greece be able to sell their bonds next week? If not VWEHX will go down along with the rest of the market. The talking heads on CNBC will start wringing their hands and declaring the end of the world is coming. It may be another disaster in the market just like in January. The investor needs a vehicle to react to these changes in the market without being killed with redemption fees. ETF's are a great way for a junk bond investor to protect himself in these changing markets. VWEHX seems to me to be a dinosaur in this respect.