Vanguard Total International Bond ETF (BNDX)

Based on the provided text, the investment objective is to minimize currency risk associated with investments in bonds denominated in currencies other than the U.S. dollar and to mimic the performance of foreign bonds without regard to currency exchange rate fluctuations. The fund attempts to offset foreign currency exposure through hedging.

The fund uses an indexing investment approach to track the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). This index measures global, investment-grade, fixed-rate debt markets excluding U.S. dollar denominated bonds with maturities over one year. The fund samples the index, aiming to hold securities approximating the index's key risk factors. At least 80% of assets will be invested in index-included bonds, maintaining a dollar-weighted average maturity consistent with the index (8.9 years as of October 31, 2024). The fund attempts to hedge foreign currency exposure using forward contracts.