BLV

Vanguard Long‑Term Bond Index Fund ETF (BLV) invests primarily in U.S. investment‑grade fixed‑income securities, including Treasury bonds, agency issues and high‑quality corporate bonds that have maturities longer than ten years, with a small portion of internationally‑issued dollar‑denominated bonds. The fund seeks to replicate the Bloomberg U.S. Long Government/Credit Float‑Adjusted Index by using a representative‑sampling approach, providing exposure to a broad, market‑weighted basket of long‑duration, high‑credit‑quality bonds. Its strategy emphasizes maintaining a high average duration, which makes the ETF sensitive to changes in long‑term interest rates while delivering relatively stable income. BLV is suitable for investors who want a dedicated long‑term bond position within a diversified portfolio, such as those seeking higher income potential and willing to accept the interest‑rate risk associated with extended maturities.