Vanguard Total Bond Market ETF
Institutional Structure & Tax Specification
Statutory fund vehicle structure, benchmark mechanics, regulatory identifiers & taxation specifications
Open-Ended Fund (1940 Act)
Physical (Sampling)
Passive
2007-04-03
Bloomberg U.S. Aggregate Float Adjusted Index
Market Value-Weighted
US Investment-Grade Taxable Fixed-Income
Quarterly / Periodic
Distributes (Monthly Cash Pass-Through)
Ordinary Income / Taxable Interest
39.60%
20.00%
Ordinary Income
US9219378356 · CEOJMS
The Vanguard Group, Inc.
Vanguard Marketing Corp.
Operational Governance & Primary Market Mechanics (S48-Phase 2)
Statutory Form 497K & N-CEN statutory disclosures: creation/redemption mechanics, securities lending & tax forms
Standard 1099-DIV qualified pass-through; no complex partnership tax filing
Portfolio collateral not rehypothecated to short sellers
100% direct physical equity replication; zero swap counterparty risk
Statutory Form N-PORT transparent reporting schedule
Standard block size for authorized participant (AP) primary creation
Active primary market arbitrage throughput
Massive AUM scale and daily dollar liquidity protect against liquidation
Fit vs. Bloomberg U.S. Aggregate Float Adjusted Index
Ease of AP primary market arbitrage and basket creation
Annual NAV tracking variance vs benchmark index
SEC EDGAR & Regulatory Structure
Statutory filings and fund prospectuses