Vanguard ®

Vanguard Total Bond Market ETF | BND
As of June 30, 2024

Investment approach

Investment focus
Duration
Short Medium Long

• Seeks to track the performance of the Bloomberg U.S. Aggregate
Float Adjusted Index.

Trsy/Agcy• Broad exposure to the taxable investment-grade U.S.
dollar-denominated bond market, excluding inflation-protected andtax-exempt bonds.
• Intermediate-duration portfolio.
• Provides moderate current income with high credit quality.

Quality• Passively managed using index sampling.

Inv
GrdCorpBelowInv
GrdCentral tendency
Expected rangeof fund holdings

Quick facts
Bloomberg U.S. Aggregate Float
Adjusted Index

About the benchmark

Benchmark• The Bloomberg US Aggregate Float Adjusted Index is a broad-based
flagship benchmark that measures the investment grade, US dollar
denominated, fixed-rate taxable bond market.

Expense ratio1

0.03%

Dividend schedule

Monthly

ETF total net assets$107,325 million• The index includes treasuries, government-related and corporate
securities, fixed rate agency MBS, ABS and CMBS (agency andnon-agency).

Fund total net assets$320,057 million

Inception dateTrading information

Performance history
Total returns 2 for period ended June 30, 2024
BND (Inception 2007-04-03)

2007-04-03

QuarterYear todate

1 year

3 years

5 years

10 years

Since
inception

Net asset value (NAV) return3

0.15%-0.60%

2.73%-3.01%-0.19%

1.34%

2.88%

Market price return4

0.12

-0.60

2.58

-3.03

-0.21

1.34

2.87

Spliced Bloomberg U.S.
Aggregate Float AdjustedIndex

0.08

-0.64

2.73

-2.99

-0.18

1.38

2.93

Bloomberg U.S. Aggregate Bond Index through December 31, 2009; Bloomberg U.S. Aggregate Float
Adjusted Index thereafter.
The performance data shown represent past performance, which is not a guarantee offuture results. Investment returns and principal value will fluctuate, so investors’ shares,
when sold, may be worth more or less than their original cost. Current performance may belower or higher than the performance data cited. For performance data current to themost recent month-end, visit our website at vanguard.com/performance. The performance of anindex is not an exact representation of any particular investment, as you cannot invest directly in anindex.

Ticker symbol

BND

CUSIP number

921937835

IIV (intra-day ticker)

BND.IV

Index ticker (Bloomberg)

I20984US

Exchange

NASDAQETF attributes
Total Bond
Market ETF

Bloomberg U.S.
Aggregate Float
Adjusted Index

Number of bonds

11,22013,617

Average duration

6.0 years

6.1 years

Average effective maturity

8.5 years

8.4 years

Turnover rate5

36.5

—

Short-term reserves

0.0—

Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

1. As reported in the most recent prospectus. A fund’s current expense ratio may be lower or higher than the figure reported in the prospectus.
2. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Fund performance figures assume the reinvestment of dividends and capital gains distributions;the figures are pre-tax and net of expenses. The above widely used comparative index represents unmanaged or average returns on various financial assets that can be compared with the fund’s total returns forthe purpose of measuring relative performance.
3. As of 4 p.m., Eastern time, when the regular trading session of the New York Stock Exchange typically closes.
4. Market price returns are calculated using the midpoint between the bid and offer prices at the time NAV is calculated, typically 4 p.m., Eastern time.
5. For most recent fiscal year. Turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including Vanguard ETF CreationUnits.

Vanguard Total Bond Market ETF | BND
As of June 30, 2024

Expense ratio comparison 1

Distribution by issuer
Asset-Backed
Commercial Mortgage-Backed
Finance
Foreign
Government Mortgage-Backed
Industrial
Treasury/Agency
Utilities
Other

0.65%

0.18%
0.03%
Core Bond
Funds
AverageCore Bond
Total Bond
Funds
Market ETF
Average ETFs
only

0.6%
1.8%
8.7%
3.6%
19.9%
15.1%
47.2%
2.4%
0.7%

Distribution by credit quality 2

Distibution by effective maturity

U.S. Government

67.6%

Aaa

3.6%

Under 1 Year

0.4%

Aa

3.1%

1 - 5 Years

42.3%

A

12.5%

5 - 10 Years37.0%

Baa

13.2%

10 - 15 Years

3.1%

B

0.0%

15 - 20 Years

5.6%

CCC or Lower

0.0%

20 - 25 Years

4.4%

Not Rated

0.0%Over 25 Years

7.2%

1. Represents the expense ratio for the Vanguard ETF as reported in the most recent prospectus. There are material differences between mutual funds and ETFs. Unlike mutual funds, ETFs are priced continuously
and bought and sold throughout the day in the secondary market (at a premium or discount to net asset value) with the assistance of a stockbroker, which entails paying commissions. Sources: Lipper, aThomson Reuters Company, and Vanguard, December 31, 2023.
2. 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’sinvestment 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 theVanguard 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 fromBloomberg 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.

Vanguard ETF® shares are not redeemable with the issuing fund other than in very large aggregations worth millions of dollars. Instead, investors must buy or 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.
All ETF products are subject to risk, which may result in the loss of principal. Investments in bond ETF products are subject to interest rate, credit, and inflation risk.
“Bloomberg®” is a service mark of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and havebeen licensed for use for certain purposes by Vanguard. Bloomberg is not affiliated with Vanguard, and Bloomberg does not approve, endorse, review, or recommend the products. Bloomberg does
not guarantee the timeliness, accurateness, or completeness of any data or information relating to the products.
CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use ordissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2024 American Bankers Association. “CUSIP” is a registered trademark of the American
Bankers Association.

For more information about Vanguard ETF Shares, visit vanguard.com, call 866-499-8473, or contact your broker to obtain a prospectus or, if available, a summary
prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before
investing.
F0928_062024© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.