Vanguard Total International Bond 

This Exchange Traded Fund (ETF) seeks to replicate the investment performance of the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). It employs strategic currency hedging to reduce the impact of fluctuating foreign exchange rates. The fund is managed passively, typically utilizing an index sampling approach, and consistently maintains a fully invested position. It offers extensive exposure to a wide array of prominent international bond markets, excluding those in the United States. Its economical expense ratio is designed to minimize any deviation from the benchmark's performance (tracking error). For 75% of its total assets, the fund adheres to specific diversification guidelines: it generally cannot purchase more than 10% of an issuer's outstanding voting securities, nor can investments in a single issuer exceed 5% of the fund's total assets. An exception to these rules applies if necessary to approximate the composition of its target index. Notably, these restrictions do not extend to obligations issued by the U.S. government, its agencies, or instrumentalities.