Overview
Investment-grade bonds issued outside the United States, currency-hedged back to US dollars — over 7,000 holdings across government and corporate debt.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| JGB | Japanese Government Bonds | 14.2% |
| FRTR | French Government Bonds | 8.4% |
| DBR | German Government Bonds | 7.8% |
| BTPS | Italian Government Bonds | 7.2% |
| UKT | UK Gilts | 5.8% |
| CAN | Canadian Government Bonds | 4.2% |
| SPGB | Spanish Government Bonds | 4.0% |
| — | Other sovereign & supranational | 28.4% |
| — | Investment-grade corporates | 20.0% |
Fund Details
Investment Thesis
BNDX is the international counterpart to BND, and the currency hedge is its defining feature. Unhedged foreign bonds are dominated by exchange-rate movements rather than interest-rate fundamentals — the currency swings swamp the yield. By hedging back to US dollars, BNDX delivers genuine international interest-rate and credit diversification without importing FX volatility, which is precisely what a bond allocation is meant to provide. Its heavy Japanese and European government weighting means it behaves quite differently from US-only bond funds.
Who It's For
Investors building a properly diversified fixed-income allocation who recognise that US bonds alone leave them exposed to a single central bank's policy path. BNDX pairs naturally with BND or AGG. Monthly distributions suit income-focused holders. Best held in tax-advantaged accounts, as bond income is taxed as ordinary income.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $52.18 | -- |
| 2017 | $53.43 | +2.4% |
| 2018 | $55.09 | +3.1% |
| 2019 | $59.44 | +7.9% |
| 2020 | $62.18 | +4.6% |
| 2021 | $60.74 | -2.3% |
| 2022 | $52.97 | -12.8% |
| 2023 | $56.78 | +7.2% |
| 2024 | $58.71 | +3.4% |
| 2025 | $61.12 | +4.1% |
| Year | Yield |
|---|---|
| 2016 | 2.42% |
| 2017 | 2.12% |
| 2018 | 2.28% |
| 2019 | 1.88% |
| 2020 | 1.42% |
| 2021 | 1.28% |
| 2022 | 2.68% |
| 2023 | 3.42% |
| 2024 | 4.08% |
| 2025 | 4.32% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $12B | -- |
| 2017 | $16B | +33.3% |
| 2018 | $22B | +37.5% |
| 2019 | $28B | +27.3% |
| 2020 | $38B | +35.7% |
| 2021 | $48B | +26.3% |
| 2022 | $52B | +8.3% |
| 2023 | $62B | +19.2% |
| 2024 | $72B | +16.1% |
| 2025 | $83B | +15.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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