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Vanguard USD Emerging Markets Government Bond UCITS ETF (USD) DistributingIndex, costs, backtest, listings and taxation

ISIN: IE00BZ163L38Ticker: VEMT (Borsa Italiana) · VGEM (Xetra) · VEMT (London SE) · VEMT (Euronext AMS) · VEMT (SIX)Issuer: Vanguard
Issuer-declared data
TER
0.23%
Transaction costs
0.08% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
1.4 bn EUR
Domicile
Ireland
Inception date
6 December 2016
Data as declared by Vanguard in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Vanguard USD Emerging Markets Government Bond UCITS ETF (USD) Distributing tracks the issuer-declared index: Bloomberg EM USD Sovereign + Quasi-Sov Index. The declared annual cost (TER) is 0.23%, plus 0.08% 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 distributed to investors. The fund has assets of about 1.4 billion euro, was launched on 6 December 2016 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 EM USD Sovereign + QuasiSov Index (the “Index“). The Fund invests in a representative sample of bonds included in the Index in order to closely match the Index's capital and income return. The Index measures the performance of a broad spread of US dollar denominated bonds issued by emerging market governments and public bodies. Bonds in the Index have maturities of greater than one year and no credit rating constraints. To a lesser extent the Fund may invest in similar types of 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 paid out. 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.

Keep reading the KID section ▾

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 · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.23%: above the median of bond ETFs we track (0.15%).
  • Assets larger than 87% of bond ETFs we track.
  • Average tracking difference over the last 3 years: -0.25% p.a., against a declared TER of 0.23%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Jan 2017 to Jul 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+35.9%
Annualised
+3.3%
Volatility (ann.)
7.8%
Max drawdown
-21.99%
-6%+6%+18%+30%+42%Jan 2017Jun 2019Oct 2021Mar 2024Jul 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+36%Jan 2017Jul 2026
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.
0%-5%-10%-15%-20%-25%-30%20172019202120232025−21.99% · 31 Oct 2022
Max drawdown
-21.99%
peak → trough
Trough
31 Oct 2022
from the 31 Aug 2021 peak
Recovery time
973 days
recovery only: trough to break-even · ≈ 2 years and 8 months
Underwater
1,399 days
decline + recovery: peak to break-even · ≈ 3 years and 10 months · → recovered on 30 Jun 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
31 Aug 202131 Oct 2022-21.99%30 Jun 20251,399
31 Jan 202031 Mar 2020-11.52%31 Jul 2020182
31 Dec 202031 Mar 2021-4.39%31 Aug 2021243
31 Dec 201730 Jun 2018-4.11%31 Jan 2019396
28 Feb 202631 Mar 2026-3.07%30 Jun 2026122

Calendar-year returns

2017
6.8%
2018
-2.7%
2019
13.0%
2020
6.0%
2021
-1.7%
2022
-15.1%
2023
9.7%
2024
6.3%
2025
11.6%
2026
0.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.21.5-3.12.10.80.6-1.50.6
20251.01.6-0.50.10.72.00.91.31.22.10.30.311.6
2024-0.90.31.9-1.81.70.52.02.11.9-1.51.3-1.46.3
20233.3-2.21.30.3-0.71.71.4-1.3-2.6-1.55.74.49.7
2022-2.7-4.4-1.5-4.90.2-4.92.6-0.9-5.7-0.26.60.2-15.1
2021-1.1-1.9-1.41.50.90.70.51.0-1.7-0.1-1.21.2-1.7
20201.6-0.5-11.12.35.02.53.40.3-1.1-0.43.31.56.0
20193.30.81.30.20.72.91.10.2-0.10.3-0.11.713.0
2018-0.4-1.50.2-1.1-0.6-0.81.7-1.51.5-1.5-0.11.4-2.7
20171.80.31.20.8-0.30.71.40.10.3-0.20.56.8
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: Vanguard. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 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 2 of the last 9 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.25% /anno
Declared TER
0.23%
YearFundIndexDifference
2025+11.60%+12.01%-0.41%
2024+6.30%+6.47%-0.18%
2023+9.66%+9.83%-0.17%
2022-15.13%-15.40%+0.27%
2021-1.70%-1.15%-0.55%
2020+6.02%+5.94%+0.08%
2019+12.97%+13.10%-0.12%
2018-2.73%-2.65%-0.09%
2017+8.13%+8.22%-0.09%
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? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)5.58%7.06%8.19%8.07%
Max drawdown-4.98%-12.02%-19.24%-26.75%
Sharpe-0.41-0.46-0.65-0.40
Sortino-0.54-0.60-0.88-0.54
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: 2.20%), 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.

Duration and maturities

Duration · average duration
6.10years

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

Maturity breakdown (% of fund)
< 1 year
0.30%
1–5 years
39.70%
5–10 years
30.60%
10–15 years
6.50%
15–20 years
4.80%
20–25 years
9.60%
> 25 years
8.50%

Source: factsheet Vanguard, data as of 31 July 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)
AA
12.80%
A
23.70%
BBB
28.50%
Less than BBB
34.80%
Not rated
0.20%

Source: factsheet Vanguard, data as of 31 July 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

Securities in portfolio
1,458
Top-10 weight
5.7%

Top 10 holdings

US Dollar · USD
1.38%
Argentine Republic Government International Bond · ARGENT
0.92%
Eagle Funding Luxco Sarl · MEXPCP
0.64%
Argentine Republic Government International Bond · ARGENT
0.52%
Argentine Republic Government International Bond · ARGENT
0.50%
Argentine Republic Government International Bond · ARGENT
0.43%
Petroleos Mexicanos · PEMEX
0.39%
Petroleos Mexicanos · PEMEX
0.37%
Qatar Government International Bond · QATAR
0.30%
Saudi Government International Bond · KSA
0.29%

Countries

AfghanistanAngola: 0.7%AlbaniaUnited Arab Emirates: 7.8%Argentina: 3.4%Armenia: 0.1%French Southern and Antarctic LandsAustraliaAustriaAzerbaijan: 0.1%BurundiBelgiumBenin: 0.1%Burkina FasoBangladeshBulgaria: 0.1%The Bahamas: 0.1%Bosnia and HerzegovinaBelarusBelizeBolivia: 0.1%Brazil: 3.4%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 3.1%China: 4.9%Ivory CoastCameroon: 0.1%Democratic Republic of the CongoRepublic of the CongoColombia: 2.6%Costa Rica: 0.4%CubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican Republic: 1.7%AlgeriaEcuador: 0.8%Egypt: 1.4%EritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabon: 0.1%United KingdomGeorgia: 0.1%Ghana: 0.4%GuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemala: 0.5%French GuianaGuyanaHonduras: 0.1%CroatiaHaitiHungary: 1.4%Indonesia: 5.5%India: 1%IrelandIranIraqIcelandIsrael: 2.1%ItalyJamaica: 0.3%Jordan: 0.3%JapanKazakhstan: 1%Kenya: 0.5%Kyrgyzstan: 0.1%CambodiaSouth Korea: 3.3%KosovoKuwait: 0.7%LaosLebanon: 0.1%LiberiaLibyaSri Lanka: 0.5%LesothoLithuaniaLuxembourgLatviaMorocco: 0.7%MoldovaMadagascarMexico: 9%MacedoniaMaliMyanmarMontenegroMongolia: 0.1%MozambiqueMauritaniaMalawiMalaysia: 1.3%NamibiaNew CaledoniaNigerNigeria: 1.1%NicaraguaNetherlandsNorwayNepalNew ZealandOman: 1.4%Pakistan: 0.3%Panama: 1.7%Peru: 1.4%Philippines: 2.4%Papua New GuineaPoland: 1.9%Puerto RicoNorth KoreaPortugalParaguay: 0.3%Qatar: 3.3%Romania: 1.4%RussiaRwandaWestern SaharaSaudi Arabia: 11.7%SudanSouth SudanSenegal: 0.1%Solomon IslandsSierra LeoneEl Salvador: 0.4%SomaliaRepublic of SerbiaSuriname: 0.1%SlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailand: 0.1%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraine: 0.8%Uruguay: 1%United States of America: 0.3%Uzbekistan: 0.4%VenezuelaVietnamVanuatuWest BankYemenSouth Africa: 1.4%Zambia: 0.1%Zimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Saudi Arabia11.7%
Mexico9%
United Arab Emirates7.8%
Turkey5.5%
Indonesia5.5%
China4.9%
Brazil3.4%
⬇ Download the full portfolio — Excel, 1,458 rows
Full portfolio declared by Vanguard, as of 31 July 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Frequency
Monthly
Latest dividend
0.2354 USD
ex 20 Aug 2026 · paid 2 Sept 2026
Dividends, last 12 months
2.53 USD
Dividend yield
5.88%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year2.53 USD5.84 %
20252.68 USD6.34 %
20242.47 USD5.87 %
20232.29 USD5.65 %
20222.04 USD4.06 %
20211.96 USD3.69 %

Dividend contribution to total return

-20%-10%0%10%20%+5.26 %1 year+11.21 %2025+6.13 %2024+9.27 %2023−15.05 %2022−1.71 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.180.250.180.180.260.180.200.24
20250.240.200.260.190.250.190.240.250.190.200.250.21
20240.220.190.200.180.230.170.190.240.190.200.250.19
20230.200.180.190.160.220.170.180.230.180.180.220.18
20220.190.160.180.140.190.150.160.200.160.140.200.17
20210.190.150.170.140.200.100.160.190.150.160.180.16
20200.260.170.240.160.210.110.240.160.190.170.160.17
20190.150.230.240.120.240.220.180.170.220.180.170.14
20180.170.140.180.210.170.170.230.170.220.190.220.18
20170.210.220.200.150.250.170.240.170.190.180.170.24

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.2354 USD20 Aug 202621 Aug 20262 Sept 2026
0.2005 USD16 Jul 202617 Jul 202629 Jul 2026
0.1823 USD18 Jun 202619 Jun 20261 Jul 2026
0.2592 USD21 May 202622 May 20263 Jun 2026
0.1837 USD16 Apr 202617 Apr 202629 Apr 2026
0.1796 USD19 Mar 202620 Mar 20261 Apr 2026
0.2518 USD19 Feb 202620 Feb 20264 Mar 2026
0.1825 USD15 Jan 202616 Jan 202628 Jan 2026
Per-share dividends as declared by the issuer, in USD, since the first payment (19 Jan 2017). Past dividends are not indicative of future ones.

Index tracked

Bloomberg EM USD Sovereign + Quasi-Sov Index
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
17.72%
White-list share
61.34%
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 →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00BZ163L38VEMT(class: USD DISTRIBUTING)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BGYWCB81VDEA(class: USD ACCUMULATING)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)VEMT18 Jan 2019
Börse DüsseldorfVGEM7 Sept 2017
Börse FrankfurtVGEM26 Oct 2017
Börse HamburgVGEM31 Oct 2017
Börse HannoverVGEM9 Dec 2024
Börse München / gettexVGEM30 Oct 2017
Börse StuttgartVGEM8 Nov 2017
Euronext AmsterdamVEMT18 Jan 2017
Euronext Paris—18 Jan 2017
Tradegate ExchangeVGEM15 Nov 2017
Xetra (Deutsche Börse)VGEM26 Oct 2017
+ 15 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Vanguard USD Emerging Markets Government Bond UCITS ETF (USD) Distributing track?
The issuer Vanguard declares the benchmark: Bloomberg EM USD Sovereign + Quasi-Sov Index.
How much does VEMT cost?
The issuer-declared TER is 0.23% per year; the transaction costs estimated in the KID are 0.08%.
How is VEMT taxed in Italy?
On sale, the capital gain is taxed at an effective 17.72% rate (white-list share 61.34%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of VEMT?
The fund size declared by Vanguard is about 1.4 billion euro.
When was VEMT launched?
The fund was launched on 6 December 2016: it has 9 years of history.
How does VEMT replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Fisica - campionamento (dal KID)”).
Does VEMT pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing Income”).
Where does VEMT trade?
Per the official ESMA register it trades on 11 main exchanges, including Borsa Italiana (ETFplus) (VEMT), Börse Düsseldorf (VGEM), Börse Frankfurt (VGEM), Börse Hamburg (VGEM), Börse Hannover (VGEM), Börse München / gettex (VGEM).
What was VEMT's worst fall?
Over the available history (since 2016), the maximum drawdown was -29.81%, reached in October 2022. Past performance is not indicative of future results.
What is VEMT's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.25% per year versus its index (from issuer-declared series).
How many securities does VEMT hold?
The declared portfolio holds 1,458 securities; the top 10 positions weigh 5.7%.
Transparency note
The data in this sheet is declared by Vanguard in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.