BNDW Vanguard Total World Bond ETF

Management style

Index

Asset class

Taxable Bond

Category

World Bond

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 2

Less

More

End of Risk Scale.

Expense ratio

0.05%

as of 12/20/2024

as of 12/31/2024

Market price (MP)

$68.48

as of 01/30/2025

NAV price

$68.49

as of 01/30/2025

Overview

Key facts

IOV ticker symbol

BNDW.IV

CUSIP

92206C565

Management style

Index

Asset class

Taxable Bond

Category

World Bond

Inception date

09/04/2018

Fund Number

3061

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 2

Less

More

End of Risk Scale.
Price

Minimum Investment

$1.00

as of 01/30/2025

Market price

$68.48

as of 01/30/2025

Market price change

increased$0.13 (0.19%)

as of 01/30/2025

Expense Ratio

0.05%

as of 12/20/2024

NAV Price

$68.49

as of 01/30/2025

NAV Change

increased$0.14 (0.20%)

as of 01/30/2025

Performance

YTD returns (MP)

0.43%

as of 01/30/2025

YTD returns (NAV)

0.45%

as of 01/30/2025

Product summary
  • Seeks to track the performance of the Bloomberg Global Aggregate Float Adjusted Composite Index.
  • Broad, diversified exposure to the global investment-grade bond market.
  • Unique ETF of ETFs structure.
  • Intermediate-duration portfolio, with exposure to short-, intermediate-, and long-term maturities.
  • Provides current income with high credit quality.

With respect to 75% of its total assets, the fund may not: (1) purchase more than 10% of the outstanding voting securities of any one issuer or (2) purchase securities of any issuer if, as a result, more than 5% of the fund’s total assets would be invested in that issuer’s securities; except as may be necessary to approximate the composition of its target index. This limitation does not apply to obligations of the U.S. government or its agencies or instrumentalities.

Fund management

Vanguard Fixed Income Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 12/31/2024

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

09/04/2018

BNDW (Market price)-1.21%-1.57%2.44%2.44%-1.48%-0.11%1.41%
BNDW (NAV)
-1.25%-1.52%2.44%2.44%-1.48%-0.10%1.41%

Benchmark

-1.13%-1.45%2.53%2.53%-1.46%-0.04%1.49%
Market Price/Nav Toggle

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2024-0.38%-0.18%4.66%-1.57%2.44% 2.53%
20233.33%-0.29%-2.42%6.60%7.18% 7.13%
2022-5.32%-5.04%-4.09%0.99%-12.91% -12.88%
2021-2.93%1.03%-0.07%-0.09%-2.09% -1.83%
20201.37%3.02%0.77%0.97%6.26% 6.25%
20193.02%3.06%2.61%-0.56%8.34% 8.47%
20181.68%1.40%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Total return by Market Price

Benchmark

2024-1.45% 3.89%2.44% 2.44%2.53%
20233.24% 3.96%7.20% 7.18%7.13%
2022-14.58% 1.66%-12.92% -12.91%-12.88%
2021-4.42% 2.36%-2.06% -2.09%-1.83%
20204.56% 1.66%6.22% 6.26%6.25%
20195.09% 3.25%8.35% 8.34%8.47%
2018-0.29% 1.67%1.38%

as of 12/31/2024

1-yr3-yr5-yr10-yr

Since inception

09/04/2018

BNDW (Market price)2.44%-4.39%-0.53%9.27%
BNDW (NAV)2.44% -4.37%-0.51% 9.27%

Benchmark

2.53%-4.31%-0.19%

Expense ratio

BNDW

0.05%

Average expense ratio of similar funds3

0.92%

Historical volatility measures
as of 12/31/2024
BenchmarkR-Squared4Beta4
Bloomberg Global Aggregate Float Adjusted Composite Index21.001.03
Bloomberg U.S. Aggregate Bond Index0.910.73

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

Price

Current market price

Current price as of Thu Jan 30 21:15:00GMT+0 2025

Market price change

increased$0.13 (0.19%)

Open

$68.50

High

$68.54

Low

$68.42

Bid/Ask spread

$0.00 (%)

Volume

147,961

Size

0 X 0

Tick

UP

Quotes delayed at least 15 minutes. Source: FactSet.

Closing price

Closing price as of 01/30/2025

Market price change

increased$0.13 (0.19%)

NAV

$68.49

NAV change

increased$0.14 (0.20%)

30-day Median Bid/Ask spread

0.01%

52-week High

$70.86

as of 09/16/2024

52-week Low

$67.02

as of 04/25/2024

52-week Difference

$3.84 (5.73%)

Premium/Discount

-$0.01

25-day Avg Volume

161,174.24

50-day Avg Volume

178,943.56

30 day SEC yield

3.94%

 

B SEC yield footnote code

 

as of 12/31/2024

Historical prices
Chart/Table Toggle
NameDateNAV
BNDW 01/30/2025
$68.49

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Allocation to underlying funds

as of 01/30/2025

52.80%VANGUARD TOTALBOND MARKET INDEX F
Holdings
TickerCUSIPSEDOLShares/
Contracts
Market Value *Notional Value% of funds *
VANGUARD TOTAL BOND MARKET INDEX F BND 921937835 B1VZBS5 7,874,320 $569,628,309.00 $569,628,309.00 52.80%VANGUARD TOTAL INTERNATIONAL BOND BNDX 92203J407 BBDJJS1 10,389,038 $508,855,081.00 $508,855,081.00 47.20%

MKTLIQ

MKTLIQ 716 $71,554.00 $71,554.00 0.00%

USD CASH(Alpha Committed)

USD 224 $224.00 $224.00 0.00%

*There may be deviations when applying fair value and other considerations.

Characteristics

as of 12/31/2024

FundamentalBNDW
Benchmark
Number of bonds 18152 27114
Yield to maturity 4.7% 4.0%
Average coupon 3.1% 3.1%
Average effective maturity 8.5 years 8.6 years
Average duration 6.5 years 6.6 years
Short-term reserves
Fund total net assets as of 12/31/2024 $1.1 B
Turnover rate (Fiscal Year-end 08/31/2024) 10.4%
Weighted exposures

as of 12/31/2024

4.00%Emerging Markets
RegionsBNDWEmerging Markets 4.00%Europe 27.60%Pacific 9.80%Middle East 0.20%North America 55.30%Other 3.10%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 01/31/2025

The Portfolio Composition File identifies the expected name and amount of each security that "authorized participants" were required to deposit/receive with Vanguard to purchase/redeem a Creation Unit of ETF Shares on that date. Except in certain circumstances as deemed appropriate by Vanguard in accordance with applicable internal policies and regulatory requirements, an authorized participant purchasing/redeeming ETF Shares on that date would deposit/receive the same securities in the same amounts as shown on the PCF.

Portfolio composition as of 01/31/2025

View the PCF for this Vanguard ETF

Holdings
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
92203J407
921937835
Ticker Description Shares
BNDX Vanguard Total International Bond ETF 6,583
BND Vanguard Total Bond Market ETF 4,990

Distributions

Realized/Unrealized gains

as of 12/31/2024

Realized gain

-$0.90

% of NAV

decreased-1.31%

Unrealized gains of NAV

-$5.58

% of NAV

decreased-8.18%

Fiscal year end

08/31/2025

Distribution schedule

Monthly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Ex-dividend date Distribution yield
Dividend$0.18550002/05/202502/03/202502/03/2025
Dividend$0.78940012/27/202412/24/202412/24/202410.95%
Dividend$0.17610012/04/202412/02/202412/02/202410.95%
Dividend$0.17670011/05/202411/01/202411/01/20242.99%
Dividend$0.17270010/03/202410/01/202410/01/20243.20%
Dividend$0.18000009/05/202409/03/202409/03/20242.86%
Dividend$0.17590008/05/202408/01/202408/01/20243.03%
Dividend$0.17030007/03/202407/01/202407/01/20243.27%
Dividend$0.17190006/05/202406/03/202406/03/20242.90%
Dividend$0.16460005/06/202405/02/202405/01/20242.98%

Fund management

Vanguard Total World Bond ETF seeks to track the investment performance of the Bloomberg Global Aggregate Float Adjusted Composite Index (Index), which is designed to track the market capitalized weights of the global investment-grade bond market and is comprised of the Bloomberg U.S. Aggregate Float Adjusted Index and the Bloomberg Aggregate ex- USD Float Adjusted RIC Capped Index (USD Hedged). Vanguard Fixed Income Group’s stability and experience have permitted continuous refinement of techniques for tracking the target index. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with the index’s key characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking, net of expenses.

Vanguard Fixed Income Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Sara Devereux, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Total World Bond ETF since 2018.

Investment Manager Biography

Joshua C. Barrickman
CFA, Principal, Co-Head of Fixed Income Indexing Americas Portfolio manager.
Advised the fund since 2018. Worked in investment management since 1999. B.S., Ohio Northern University. M.B.A., Lehigh University.

Performance & fees

1
Effective July 15, 2024, the market price returns are calculated using the official closing price as reported by the ETF’s primary exchange. Prior to July 15, 2024, the market price returns were calculated using the midpoint between the bid and ask prices as of the closing time of the New York Stock Exchange (typically 4 p.m., Eastern time). The returns shown do not represent the returns you would receive if you traded shares at other times.
2
A custom, market-weighted, USD-hedged index designed to track the global investment-grade bond market, composed of the Bloomberg U.S. Aggregate Float Adjusted Index and the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index.
3

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

4

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

5

Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government." Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard ETFs as a share class: Vanguard ETFs® (exchange-traded funds) are a class of shares listed for trading on an exchange. The shares are available only through a broker, including Vanguard Brokerage Services®.

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.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

Vanguard average ETF expense ratio: 0.05%. Industry average ETF expense ratio: 0.22%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund invests substantially all of its assets in underlying Vanguard funds and therefore is subject to underlying fund risk. This means that the fund is exposed to all of the risks associated with the investment strategies and policies of the underlying Vanguard funds, including the risk that the underlying funds will not meet their investment objectives. Although Total World Bond ETF is listed for trading on the Nasdaq, it is possible that an active trading market may not be maintained. Trading of Vanguard Total World Bond ETF and underlying funds’ ETF shares on the Nasdaq may be halted if Nasdaq officials deem such action appropriate, or if Total World Bond ETF shares and underlying funds’ ETF shares are delisted from the Nasdaq, or if the activation of market wide “circuit breakers” halts stock trading generally. The fund’s performance could be hurt by:

  • Interest rate risk: The chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the fund.
  • Credit risk: The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be relatively low for the fund because it invests primarily in bonds that are considered to be of high quality.
  • Income risk: The chance that the fund’s income will decline because of falling interest rates.
  • Prepayment risk: The chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the fund. The fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income.
  • Liquidity risk: The chance that the fund may not be able to sell a security in a timely manner at a desired price.
  • Country/Regional risk: The chance that world events—such as political upheaval, financial troubles, or natural disasters—will adversely affect the value of securities issued by foreign companies, governments, or government agencies. Because the fund may invest a large portion of its assets in bonds of issuers located in a particular country or region, the fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. Country/Regional risk for the fund is high.
  • Currency hedging risk: The risk that the currency hedging transactions entered into by the fund may not perfectly offset the fund’s foreign currency exposures. The fund seeks to mimic the performance of foreign bonds without regard to currency exchange rate fluctuations. To accomplish this goal, the fund attempts to offset, or hedge, its foreign currency exposures by entering into currency hedging transactions. However, it generally is not possible to perfectly hedge the fund’s foreign currency exposures. The fund will decline in value if it underhedges a currency that has weakened, or overhedges a currency that has strengthened, relative to the U.S. dollar. In addition, the fund will incur expenses to hedge its foreign currency exposures. Currency hedging risk for the fund is low.
  • Index sampling risk: The chance that the securities selected for a fund, in the aggregate, will not provide investment performance matching that of a fund’s target index.
  • Index-related risks: The fund is subject to risks associated with index investing, which include passive management risk, tracking error risk, and index provider risk. Passive management risk is the chance that the fund's use of an indexing strategy will negatively impact the fund's performance. Because the fund seeks to track the performance of its target index regardless of how that index is performing, the fund's performance may be lower than it would be if the fund were actively managed. Tracking error risk is the chance that the fund's performance will deviate from the performance of its target index. Tracking error risk may be heightened during times of increased market volatility or under other unusual market conditions. Index provider risk is the chance that the fund will be negatively impacted by changes or errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund and, as a result, the fund's shareholders. 
  • Call risk: The chance that during periods of low or falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income. Such redemptions and subsequent reinvestments would also increase the fund’s portfolio turnover rate. Call risk should be low for the fund.
  • Extension risk: The chance that during periods of rising interest rate rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall.
  • Nondiversification risk: Because the fund seeks to closely track the composition of the fund's target index, from time to time, more than 25% of the fund's total assets may be invested in issuers representing more than 5% of the fund's total assets due to an index rebalance or market movement, which would result in the fund being nondiversified under the Investment Company Act of 1940. The fund’s performance may be hurt disproportionately by the poor performance of bonds issued by just a few issuers or even a single issuer, and the fund’s shares may experience significant fluctuations in value.