BNDW aims to track the global investment-grade bond market. This ETF uses a fund-of-funds approach, combining existing Vanguard funds that represent the US market (BND) and the global ex-US market (BNDX). The two ETFs are weighted such that the combined portfolio is weighted by the market value of the underlying bonds. BNDWs bond exposure includes of a variety of investment-grade government, corporate, and securitized bonds from many countries, across the yield curve and credit-risk spectrum.