VBND's "strategy employs a systematic, rules-based, and transparent process that seeks to allocate capital among core fixed income sectors as well as high yield and Treasury Inflation-Protected Securities (TIPS). Bond Strategy ETF (VBND) Expense ratio: 0.43% per year, or $43 on a $10,000 investment. Bond Strategy ETF (NASDAQ: VBND ) pursues a different, multi-factor approach.