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The Vanguard Total International Bond Index Fund ETF Shares (BNDX) is an exchange-traded fund that seeks to track the performance of a broad index of fixed income securities issued outside the USA with exposure to developed global markets. The ETF is managed by Vanguard and trades under the ticker BNDX on NYSE Arca.
Classified as an international fixed-income ETF, BNDX aims to reflect, before fees and expenses, the aggregated performance of the bonds included in its benchmark index.
To achieve this objective, the fund employs a passive management strategy, maintaining a portfolio that seeks to replicate the composition and weighting of the international fixed income index.
BNDX’s benchmark index includes investment-grade debt securities issued by governments and corporations in developed markets outside the U.S., weighted by float-adjusted market capitalization, with periodic rebalancing to reflect changes in the eligible bond universe, maturities, and new issues.
Composition and Exposure Profile
BNDX provides exposure to the global fixed income market outside the United States, diversified across multiple issuers and regions, including:
Government bonds from developed markets.
Investment-grade corporate bonds.
Government agency-backed securities.
Structure and costs
Shares of BNDX are traded on the secondary market, while creation and redemption of shares are carried out by authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).
The fund features a low and competitive expense ratio, typical of Vanguard’s passive ETFs, and does not charge a performance fee. BNDX makes periodic income distributions, derived from interest payments on the bonds held in its portfolio. The ETF has a single share class and trades exclusively under the ticker BNDX.
History and evolution of the ETF
The Vanguard Total International Bond Index Fund ETF Shares was launched in 2013, amid growing investor demand for passive fixed income instruments with international exposure, enabling diversification beyond the U.S. bond market.
Since its inception, BNDX has been used by institutional and individual investors as an efficient way to achieve global fixed income diversification, complementing domestic-focused allocations.
Between 2020 and 2024, the ETF reflected global interest rate cycles, monetary policy adjustments across regions, and changes in international credit appetite, while maintaining high liquidity and broad usage as a diversified fixed income allocation tool.
