BND's 0.04% Fee Hides $254,720 in Taxes Over 20 Years for $500,000 Investors

Vanguard's BND has a very low stated expense ratio, but the article warns that taxable investors may face a larger long-term tax cost depending on the account in which the bond fund is held. The core implication is that tax-inefficient placement of taxable bond exposure can quietly erode compounded after-tax returns over decades.