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Vanguard USD Treasury Bond UCITS ETF (USD) DistributingIndex, costs, backtest, listings and taxation

ISIN: IE00BZ163M45Ticker: VUTY (Borsa Italiana) · VGTY (Xetra) · VUTY (London SE) · VUTY (Euronext AMS) · VUTY (SIX)Issuer: Vanguard
Issuer-declared data
TER
0.05%
Transaction costs
0.02% (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
2.6 bn EUR
Domicile
Ireland
Inception date
24 February 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 Treasury Bond UCITS ETF (USD) Distributing tracks the issuer-declared index: Bloomberg Global Aggregate U.S. Treasury Float Adjusted Index. The declared annual cost (TER) is 0.05%, plus 0.02% 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 2.6 billion euro, was launched on 24 February 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 Global Aggregate US Treasury Float Adjusted 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 paying a fixed rate of interest issued by the US government. Bonds in the Index have maturities of greater than one year and are generally investment grade. 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 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 0.05%: below the median of bond ETFs we track (0.15%).
  • Assets larger than 93% of bond ETFs we track.
  • Average tracking difference over the last 3 years: -0.03% p.a., against a declared TER of 0.05%.
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 Mar 2016 to Jul 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+9.3%
Annualised
+0.9%
Volatility (ann.)
4.8%
Max drawdown
-18.43%
-6%+1%+8%+15%+22%Mar 2016Oct 2018May 2021Dec 2023Jul 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+9%Mar 2016Jul 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%201620182020202220242026−18.43% · 31 Oct 2023
Max drawdown
-18.43%
peak → trough
Trough
31 Oct 2023
from the 31 Jul 2020 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,191 days
decline + recovery: peak to break-even · ≈ 5 years and 12 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
31 Jul 202031 Oct 2023-18.43%ongoing2,191
31 Jul 201631 Dec 2016-4.63%31 Mar 2019973
31 Aug 201931 Dec 2019-1.78%31 Jan 2020153
31 Mar 201930 Apr 2019-0.34%31 May 201961
31 Mar 201631 May 2016-0.20%30 Jun 201691

Calendar-year returns

2016
-2.3%
2017
2.3%
2018
0.8%
2019
6.6%
2020
8.0%
2021
-2.4%
2022
-12.6%
2023
4.1%
2024
0.6%
2025
6.2%
2026
-0.8%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.01.8-1.7-0.10.10.3-1.1-0.8
20250.52.20.20.6-1.01.3-0.41.10.80.60.6-0.46.2
2024-0.2-1.30.6-2.31.51.02.21.31.2-2.40.8-1.60.6
20232.7-2.32.90.5-1.2-0.8-0.4-0.5-2.2-1.23.53.34.1
2022-1.8-0.7-3.1-3.10.2-0.91.6-2.5-3.5-1.42.7-0.7-12.6
2021-0.9-1.8-1.50.70.30.61.4-0.2-1.1-0.10.8-0.6-2.4
20202.62.62.80.6-0.20.11.1-1.20.2-1.00.4-0.28.0
20190.4-0.32.0-0.32.40.8-0.03.4-0.90.0-0.3-0.66.6
2018-1.4-0.70.9-0.80.80.2-0.40.7-0.9-0.40.92.10.8
20170.30.5-0.00.70.6-0.10.21.1-0.9-0.1-0.10.32.3
2016-0.1-0.12.30.4-0.6-0.0-1.1-2.8-0.1-2.3
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 3 of the last 8 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.03% /anno
Declared TER
0.05%
YearFundIndexDifference
2025+6.15%+6.32%-0.16%
2024+0.62%+0.58%+0.04%
2023+4.09%+4.05%+0.03%
2022-12.59%-12.46%-0.12%
2021-2.43%-2.32%-0.11%
2020+8.01%+8.00%+0.01%
2019+6.64%+6.86%-0.22%
2018+0.84%+0.86%-0.02%
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 yearsLast 10 yearsFull history
Volatility (ann.)6.34%7.77%9.36%8.67%8.79%
Max drawdown-5.50%-14.10%-22.56%-28.70%-28.70%
Sharpe-0.74-0.79-0.62-0.35-0.33
Sortino-0.98-1.04-0.85-0.49-0.47
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
5.60years

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
57.00%
5–10 years
22.10%
10–15 years
2.00%
15–20 years
7.40%
20–25 years
3.70%
> 25 years
7.50%

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
99.70%
Not rated
0.30%

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
305
Top-10 weight
8.3%

Top 10 holdings

United States Treasury Note/Bond · T
0.89%
United States Treasury Note/Bond · T
0.86%
United States Treasury Note/Bond · T
0.86%
United States Treasury Note/Bond · T
0.85%
United States Treasury Note/Bond · T
0.84%
United States Treasury Note/Bond · T
0.83%
United States Treasury Note/Bond · T
0.82%
United States Treasury Note/Bond · T
0.81%
United States Treasury Note/Bond · T
0.79%
United States Treasury Note/Bond · T
0.79%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
Other0.3%
⬇ Download the full portfolio — Excel, 305 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
0.0868 USD
ex 20 Aug 2026 · paid 2 Sept 2026
Dividends, last 12 months
0.89 USD
Dividend yield
4.24%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.89 USD4.11 %
20250.93 USD4.38 %
20240.87 USD3.94 %
20230.75 USD3.42 %
20220.46 USD1.80 %
20210.31 USD1.17 %

Dividend contribution to total return

-20%-10%0%10%+1.06 %1 year+6.03 %2025+0.62 %2024+3.99 %2023−12.53 %2022−2.43 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.070.080.070.070.080.070.070.09
20250.090.070.090.070.090.070.090.090.070.070.090.07
20240.080.070.070.070.080.070.070.090.070.070.090.07
20230.060.050.050.050.070.060.060.080.060.060.080.07
20220.030.030.030.030.040.030.040.050.040.040.060.05
20210.030.020.020.020.030.020.020.030.020.020.030.02
20200.060.040.050.040.030.020.040.030.030.020.020.02
20190.040.060.060.040.060.060.050.050.050.040.040.03
20180.030.040.040.050.040.040.060.040.060.050.060.05
20170.030.030.030.020.040.030.040.030.030.030.030.04
20160.010.030.020.020.030.020.030.020.020.02

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.0868 USD20 Aug 202621 Aug 20262 Sept 2026
0.0666 USD16 Jul 202617 Jul 202629 Jul 2026
0.0685 USD18 Jun 202619 Jun 20261 Jul 2026
0.0823 USD21 May 202622 May 20263 Jun 2026
0.0726 USD16 Apr 202617 Apr 202629 Apr 2026
0.0672 USD19 Mar 202620 Mar 20261 Apr 2026
0.0843 USD19 Feb 202620 Feb 20264 Mar 2026
0.0702 USD15 Jan 202616 Jan 202628 Jan 2026
Per-share dividends as declared by the issuer, in USD, since the first payment (17 Mar 2016). Past dividends are not indicative of future ones.

Index tracked

Bloomberg Global Aggregate U.S. Treasury Float Adjusted Index
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
12.53%
White-list share
99.75%
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:

IE00BZ163M45VUTY(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
IE00BGYWFS63VDTA(class: USD ACCUMULATING)
  • 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
IE00BMX0B631VDTE(class: EUR HEDGED ACCUMULATING)
  • 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
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)VUTY18 Jan 2019
Börse DüsseldorfVGTY7 Sept 2017
Börse FrankfurtVGTY26 Oct 2017
Börse HamburgVGTY31 Oct 2017
Börse HannoverVGTY9 Dec 2024
Börse München / gettexVGTY3 Mar 2016
Börse StuttgartVGTY8 Nov 2017
Euronext AmsterdamVUTY10 Mar 2016
Euronext Paris—10 Mar 2016
Tradegate ExchangeVGTY13 Apr 2018
Xetra (Deutsche Börse)VGTY26 Oct 2017
+ 16 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 Treasury Bond UCITS ETF (USD) Distributing track?
The issuer Vanguard declares the benchmark: Bloomberg Global Aggregate U.S. Treasury Float Adjusted Index.
How much does VUTY cost?
The issuer-declared TER is 0.05% per year; the transaction costs estimated in the KID are 0.02%.
How is VUTY taxed in Italy?
On sale, the capital gain is taxed at an effective 12.53% rate (white-list share 99.75%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of VUTY?
The fund size declared by Vanguard is about 2.6 billion euro.
When was VUTY launched?
The fund was launched on 24 February 2016: it has 10 years of history.
How does VUTY replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (sampled) (issuer wording: “Fisica - campionamento (dal KID)”).
Does VUTY pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing Income”).
Where does VUTY trade?
Per the official ESMA register it trades on 11 main exchanges, including Borsa Italiana (ETFplus) (VUTY), Börse Düsseldorf (VGTY), Börse Frankfurt (VGTY), Börse Hamburg (VGTY), Börse Hannover (VGTY), Börse München / gettex (VGTY).
What was VUTY's worst fall?
Over the available history (since 2016), the maximum drawdown was -24.11%, reached in October 2023. Past performance is not indicative of future results.
What is VUTY's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.03% per year versus its index (from issuer-declared series).
How many securities does VUTY hold?
The declared portfolio holds 305 securities; the top 10 positions weigh 8.3%.
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.