ETF sheet · Issuer-declared data

🇮🇹 Effective capital-gains rate: 12.53%details →

Vanguard U.S. Treasury 0-1 Year Bond UCITS ETF (USD) AccumulatingIndex, costs, backtest, listings and taxation

Q: Which index does Vanguard U.S. Treasury 0-1 Year Bond UCITS ETF (USD) Accumulating track?

The issuer Vanguard declares the benchmark: Bloomberg Short Treasury Index.

Q: How much does VDST cost?

The issuer-declared TER is 0.05% per year; the transaction costs estimated in the KID are 0.04%.

Q: How is VDST taxed in Italy?

On sale, the capital gain is taxed at an effective 12.53% rate (white-list share 99.74%): 12.5% on the government-bond “white list” portion, 26% on the rest.

Q: What is the fund size of VDST?

The fund size declared by Vanguard is about 6.8 billion euro.

Q: When was VDST launched?

The fund was launched on 2 September 2020: it has 6 years of history.

Q: How does VDST replicate its index?

It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Fisica - campionamento (dal KID)”).

Q: Does VDST pay dividends?

No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating Income”).

Q: Where does VDST trade?

Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 11 exchanges with a ticker available, including Borsa Italiana (ETFplus) (VDST), Börse Düsseldorf (VUCF), Börse Frankfurt (VUCF), Börse Hamburg (VUCF), Börse Hannover (VUCF), Börse München / gettex (VUCF).

Q: What is VDST's tracking difference?

Over the three most recent complete calendar years (2023–2025) the fund returned on average -0.05 percentage points per year versus its index: the annual mean of the differences, from issuer-declared series.

Q: How many positions does VDST publish?

The list published by the issuer and archived by Rebalix has 94 rows; the top 10 weigh 27.4%. The issuer does not declare the list as complete: rows are reported as published, weights included, even where a position has zero weight.

ISIN: IE00BLRPPV00Ticker: VDST (Borsa Italiana) · VUCF (Xetra) · VDST (London SE) · VUCF (SIX)Issuer: Vanguard

North America Bonds tracking the Bloomberg Short Treasury Index, physical, sampled replication, accumulating. Share class in US dollars (USD).

0.40 years

average duration, as declared by Vanguard · maturities ↓ ✓ declared by the issuer

AA 99.5%

largest rating bucket · full breakdown ↓ ✓ declared by the issuer

0.05% + 0.04%

TER + KID transaction costs ✓ declared by the issuer

rows published by the issuer · holdings ↓ ✓ declared by the issuer

6.8 bn €

fund assets ✓ declared by the issuer

−0.05 pt /year

average tracking difference 2023–2025 · year by year ↓ ≈ computed by Rebalix

Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name

Vanguard U.S. Treasury 0-1 Year Bond UCITS ETF

Declared index

Bloomberg Short Treasury Index

Management

Passive (index-tracking) (from the KID)

Replication

Physical (sampled)

SFDR

not declared in the sources we read ≈ Rebalix reading: Article 6 (issuer documents do not declare art. 8/9) what does it mean?

Fund assets

6.8 bn EUR

Domicile

Ireland

Share class · this page

ISIN

IE00BLRPPV00

Ticker

VDST (Borsa Italiana) · VUCF (Xetra) · VDST (London SE) · VUCF (SIX)

Share-class currency

US dollars (USD)

TER

0.05%

Transaction costs

0.04% (issuer estimate, from the KID)

Income policy

Accumulating

Share-class launch

2 September 2020

Data as declared by Vanguard in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.

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OverviewIn this sectionQuick reads Fund objective What changed over time Tax

Quick reads

TER 0.05%below the median of bond ETFs we track (0.15%).≈ computed by Rebalix
Assetslarger than 99% of bond ETFs we track.≈ computed by Rebalix
Average tracking difference over the last 3 years-0.05% p.a., against a declared TER of 0.05%.≈ computed by Rebalix
Duration 0.40 yearsaverage, as declared by Vanguard✓ declared by the issuer
Declared ratingAA 99.5%✓ declared by the issuer
Maturity Under 1 years 100%the heaviest bucket of the declared breakdown✓ declared by the issuer
94 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
Top 10 = 27.4%of the fund✓ declared by the issuer
Effective rate 12.53%on capital gains for Italian tax residents: from the declared white-list share≈ computed by Rebalix

✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Description and fund objective

Vanguard U.S. Treasury 0-1 Year Bond UCITS ETF (USD) Accumulating tracks the issuer-declared index: Bloomberg Short Treasury Index. The declared annual cost (TER) is 0.05%, plus 0.04% in transaction costs estimated by the issuer in the KID. Replication is sampled physical replication (the KID declares buying a representative sample of constituents); income is accumulated and reinvested in the fund. The fund has assets of about 6.8 billion euro, was launched on 2 September 2020 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Fund employs a passive management or indexing investment approach, through physical acquisition of securities, and seeks to track the performance of the Bloomberg Short Treasury Index (the “Index”). The Fund invests in a portfolio of fixed-rate, short-term US Dollardenominated US Treasury securities that so far as possible and practicable consists of a representative sample of the component securities of the Index.
Keep reading the KID section ▾
The Index measures the performance of US dollar denominated bonds paying a fixed rate of interest issued by the US government. Bonds in the Index have maturities of less than one year and include US Treasury bills, notes and bonds with remaining maturities between one month and one year. To a lesser extent the Fund may invest in similar types of government bonds outside the Index. The Fund invests in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. The Fund attempts to remain fully invested except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. While the Fund is expected to track the Index as closely as possible, it typically will not match the performance of the targeted Index exactly, due to various factors such as expenses to be paid by the Fund and regulatory constraints. Details of these factors and the anticipated tracking error of the Fund are set out in the Prospectus. Information on the Fund's portfolio can be found at https://www.ie.vanguard/products. The Indicative Net Asset Value for the Fund is calculated throughout the trading day and is published on Bloomberg or Reuters. The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. ETF Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in the Prospectus). ETF Shares are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants may only buy or sell ETF Shares through a company that is a member of a relevant stock exchange at any time when that stock exchange is open for business. A list of the days on which shares in the Fund cannot be bought or sold is available on: https://fund-docs.vanguard.com/holiday-calendar-vanguard-funds-plcETFs.pdf Income from the ETF Shares will be reinvested and reflected in the price of shares in the ETF. VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF.
Intended retail investor:The Fund is available to a wide range of investors seeking access to a portfolio managed in accordance with a specific investment objective and policy. The VF depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited. You can obtain copies of the Prospectus and the latest annual and semiannual report and accounts for Vanguard Funds plc (“VF”) along with the latest published prices of shares and other practical information, from VF c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at https://global.vanguard.com. Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at https://global.vanguard.com/portal/site/portal/ucits-documentation. The documents are available in English and are free of charge.

From the KID’s “Objectives” section · KID acquired on 2 October 2026 · original document ↓

Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

Share-class launch
2 September 2020
declared by the issuer
Basket snapshots
3 monthly
since June 2026
Dated events
2
latest: tax event, 1 July 2026

Open the history →

Italian taxation

Effective rate on capital gains

12.53%

White-list share

99.74%

From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.

Deep-dive into this fund’s taxation →

PerformanceIn this sectionChart Backtest Tracking difference

Fund performance

issuer-declared net asset value (NAV) · USD (loading exchange rates) · from Sept 2020 to Oct 2026

Adjusted for inflationCompare with the index

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+19.5%

Annualised

+3.0%

Volatility (ann.)

0.2%

Max drawdown

-0.35%

02 Sept 2020 → 16 Oct 20266 years and 1 month · +19.5%

Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.

Calculations on the NAV: issuer total-return series too short.

Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.

Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.

Max drawdown

-0.35%

peak → trough

Trough

14 Jun 2022

from the 24 May 2021 peak

Recovery time

80 days

recovery only: trough to break-even · ≈ 3 months

Underwater

466 days

decline + recovery: peak to break-even · ≈ 1 year and 3 months · → recovered on 02 Sept 2022

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
24 May 2021	14 Jun 2022	-0.35%	02 Sept 2022	466
05 Sept 2022	14 Sept 2022	-0.07%	28 Sept 2022	23
15 Mar 2023	16 Mar 2023	-0.04%	17 Mar 2023	2
13 Mar 2023	14 Mar 2023	-0.04%	15 Mar 2023	2
06 Mar 2023	07 Mar 2023	-0.03%	09 Mar 2023	3

Calendar-year returns

2020

0.0%

since launch, 2 Sept

2021

-0.0%

2022

0.9%

2023

5.0%

2024

5.2%

2025

4.3%

2026

2.8%

2020: the share class was launched on 2 September 2020; the return runs from launch to 31 December 2020 and is not a full year.

Month-by-month returns

2026Year 2.8%

Jan

0.3

Feb

0.3

Mar

0.3

Apr

0.3

May

0.3

Jun

0.3

Jul

0.3

Aug

0.3

Sept

0.2

Oct

0.2

Nov

Dec

2025Year 4.3%

Jan

0.4

Feb

0.3

Mar

0.3

Apr

0.4

May

0.3

Jun

0.4

Jul

0.3

Aug

0.4

Sept

0.4

Oct

0.3

Nov

0.3

Dec

0.4

2024Year 5.2%

Jan

0.4

Feb

0.4

Mar

0.4

Apr

0.4

May

0.5

Jun

0.4

Jul

0.5

Aug

0.5

Sept

0.5

Oct

0.3

Nov

0.4

Dec

0.4

2023Year 5.0%

Jan

0.3

Feb

0.3

Mar

0.5

Apr

0.3

May

0.3

Jun

0.4

Jul

0.4

Aug

0.4

Sept

0.4

Oct

0.4

Nov

0.5

Dec

0.5

2022Year 0.9%

Jan

-0.1

Feb

-0.0

Mar

-0.1

Apr

-0.0

May

0.1

Jun

-0.1

Jul

0.1

Aug

0.1

Sept

0.1

Oct

0.1

Nov

0.3

Dec

0.4

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2			2.8
2025	0.4	0.3	0.3	0.4	0.3	0.4	0.3	0.4	0.4	0.3	0.3	0.4	4.3
2024	0.4	0.4	0.4	0.4	0.5	0.4	0.5	0.5	0.5	0.3	0.4	0.4	5.2
2023	0.3	0.3	0.5	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.5	0.5	5.0
2022	-0.1	-0.0	-0.1	-0.0	0.1	-0.1	0.1	0.1	0.1	0.1	0.3	0.4	0.9
2021	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0
2020										0.0	0.0	-0.0	0.0(since launch)

From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested: where declared). Deeper colour = larger move.

Method and sources

Source: Vanguard. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available August 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 4 calendar years: a past observation, not an indication of future outperformance.

Average annual TD, 2023–2025

-0.05 pt /year

Declared TER

0.05%

Year	Fund	Index	Difference (pt)
2025	+4.26%	+4.31%	-0.05 pt
2024	+5.21%	+5.26%	-0.05 pt
2023	+5.04%	+5.09%	-0.05 pt
2021	-0.01%	+0.04%	-0.05 pt

Monthly index series (issuer-declared): the yearly TD compounds the 12 months. Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

RiskIn this sectionRisk

Risk indicators· EUR

Last year

Volatility (ann.)5.41%

Max drawdown-3.20%

Sharpe0.88

Sortino1.26

Last 3 years

Volatility (ann.)6.63%

Max drawdown-11.97%

Sharpe-0.09

Sortino-0.13

Last 5 years

Volatility (ann.)7.61%

Max drawdown-12.16%

Sharpe0.24

Sortino0.34

Full history

Volatility (ann.)7.24%

Max drawdown-12.16%

Sharpe0.26

Sortino0.37

	Last year	Last 3 years	Last 5 years	Full history
Volatility (ann.)	5.41%	6.63%	7.61%	7.24%
Max drawdown	-3.20%	-11.97%	-12.16%	-12.16%
Sharpe	0.88	-0.09	0.24	0.26
Sortino	1.26	-0.13	0.34	0.37

Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.25%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

PortfolioIn this sectionDuration Rating Holdings

Duration and maturities

Duration · average duration

0.40years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)

< 1 year

100.00%

Source: factsheet Vanguard, data as of 30 September 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)

99.50%

Not rated

0.50%

Source: factsheet Vanguard, data as of 30 September 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings· structure first, single issues after

Rows in the published list

Top-10 weight

27.4%