# Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD (VCPA)

**Page:** https://fundology.uk/fund/vcpa · ISIN IE00BGYWFK87

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, VCPA (Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD, ISIN IE00BGYWFK87) closed at £45.52 on the London Stock Exchange. Its ongoing charge is 0.07% a year (about £7 on £10,000). Over the five years to 13/11/2026 its total return was +1.3%, or −20.9% after UK CPIH inflation.

## Summary

Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD is an exchange-traded fund (ETF) from Vanguard, launched in 2019. It tracks the Bloomberg Global Aggregate Corporate - United States Dollar. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.07% a year — about £7 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

Latest close: **£45.52** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | VCPA |
| ISIN | IE00BGYWFK87 |
| Also listed as | VDPA (London Stock Exchange, US dollars), VUCE (Xetra, euros) |
| Category | Corporate & other bonds |
| Type | ETF |
| Provider | Vanguard |
| Tracks | Bloomberg Global Aggregate Corporate - United States Dollar |
| Income | Accumulating |
| Ongoing charge | 0.07% a year (£7 per £10,000) |
| Fund size | £2.7bn |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 19/02/2019 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -1.33% | -4.82% | income reinvested |
| 3 years | +8.80% | -1.70% | income reinvested |
| 5 years | +1.34% | -20.90% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD in pounds (price, with income reinvested in the fund): 2022 −4.9%, 2023 +2.1%, 2024 +5.2%, 2025 −1.0%; 2026 to 13/11/2026 +0.6%. Returns of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −1.0%; to 30/09/2025: +3.6%; to 30/09/2024: +3.7%; to 30/09/2023: −5.5%; to 30/09/2022: +0.1%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -4.9% | -12.9% | Price |
| 2023 | +2.1% | -1.9% | Price |
| 2024 | +5.2% | +1.7% | Price |
| 2025 | -1.0% | -4.4% | Price |
| 2026 to 13/11/2026 | +0.6% | -2.6% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.63% | -4.69% |
| 3 years | 6.68% | -8.64% |
| 5 years | 7.57% | -11.92% |

## Largest fall

Volatility of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD in pounds, annualised from weekly returns to 13/11/2026: 5.6% over 1 year, 6.7% over 3 years, 7.6% over 5 years. Largest fall in the price of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD since November 2021, in pounds: −11.9% from 03/12/2021 to 14/07/2023. The lowest 12-month return of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD in pounds (price, with income reinvested in the fund) since January 2021 was −9.0% (12 months to 14/07/2023); the highest was +9.2% (12 months to 22/11/2024). On 13/11/2026 the price of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD was 2.8% below its highest weekly close since November 2021 (26/06/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD 0.07% a year. Compared on 14/11/2026, 424 of the 427 other corporate and other bond funds charge more, 3 the same and 0 less (share classes counted once).

## Funds tracking the same index

9 funds track Bloomberg Global Aggregate Corporate - United States Dollar, this one included and share classes counted once; their ongoing charges range from 0.07% to 0.25% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Global Corporate Bond UCITS ETF USD | 0.13% | -0.1% | — | — |
| HSBC Global Funds ICAV - Global Corporate Bond UCITS ETF - GBP | 0.13% | +2.4% | +8.9% | — |
| iShares Global Corp Bond EUR Hedged UCITS ETF | 0.25% | -6.8% | +6.5% | -10.2% |
| iShares Global Corp Bond UCITS ETF | 0.20% | -2.4% | +7.7% | -0.7% |
| iShares Global Corp Bond UCITS ETF Acc | 0.20% | -1.5% | +8.8% | -1.1% |
| iShares Global Corp Bond UCITS ETF Hedged GBP | 0.25% | +0.0% | +16.7% | -0.9% |
| iShares Global Corp Bond UCITS ETF USD Hedged (Acc) | 0.25% | -0.3% | +8.8% | +3.2% |
| Vanguard USD Corporate Bond UCITS ETF | 0.07% | -1.7% | — | — |
| Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD (this fund) | 0.07% | -1.3% | +8.8% | +1.3% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.07%** per year (as of 14/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 31/10/2026, VCPA holds 9,163 positions, according to its published holdings. The largest is Cash and cash equivalents at 0.47% of the fund; the ten largest make up 1.2%.

### Top holdings

Largest positions (as of 31/10/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Cash and cash equivalents | — | 0.47% |
| 2 | Sopaipilla Investor LLC 7.534% 30/11/2048 | — | 0.13% |
| 3 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 4.90% 01/02/2046 | — | 0.10% |
| 4 | Meta Platforms Inc 5.25% 15/05/2036 | — | 0.09% |
| 5 | Bank of America Corp 3.419% 20/12/2028 | — | 0.08% |
| 6 | Wells Fargo & Co 5.574% 25/07/2029 | — | 0.08% |
| 7 | Bank of America Corp 5.468% 23/01/2035 | — | 0.07% |
| 8 | Bank of America Corp 5.511% 24/01/2036 | — | 0.07% |
| 9 | British Telecommunications Ltd 9.625% 15/12/2030 | — | 0.07% |
| 10 | CVS Health Corp 5.05% 25/03/2048 | — | 0.07% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

Added up from the fund’s published holdings, as of 31/10/2026.

| Sector | Weight |
|---|---|
| Financials | 24.5% |
| Health Care | 6.4% |
| Information Technology | 6.1% |
| Communication Services | 5.7% |
| Industrials | 5.0% |
| Utilities | 4.3% |
| Energy | 4.1% |
| Consumer Discretionary | 4.1% |
| Other sectors | 6.5% |
| Not classified | 33.2% |

### By country

Added up from the fund’s published holdings, as of 31/10/2026.

| Country | Weight |
|---|---|
| United States | 78.1% |
| United Kingdom | 3.5% |
| Canada | 2.7% |
| Japan | 2.4% |
| France | 1.7% |
| Netherlands | 1.5% |
| Cayman Islands | 1.3% |
| Australia | 1.2% |
| Other countries | 6.8% |
| Not classified | 0.5% |

### By type of asset

Added up from the fund’s published holdings, as of 31/10/2026.

| Type of asset | Weight |
|---|---|
| Bonds | 99.5% |
| Cash and money market | 0.5% |

The 6,478 holdings on record (of 9,163 reported): https://fundology.uk/fund/vcpa/holdings

## Questions people ask

**What is the ongoing charge of VCPA?**

The ongoing charge of VCPA is 0.07% a year — about £7 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Vanguard USD Corporate Bond UCITS ETF Accum Unhedged USD 0.07% a year. Compared on 14/11/2026, 424 of the 427 other corporate and other bond funds charge more, 3 the same and 0 less (share classes counted once).

**What does VCPA track?**

VCPA tracks the Bloomberg Global Aggregate Corporate - United States Dollar.

**Is VCPA accumulating or distributing?**

VCPA is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of VCPA?**

The ISIN of VCPA is IE00BGYWFK87. An ISIN identifies one exact share class of a fund; VCPA is its ticker on the London Stock Exchange. The same share class is also listed as VDPA (London Stock Exchange, US dollars) and VUCE (Xetra, euros).

**What does VCPA hold?**

As of 31/10/2026, VCPA holds 9,163 positions, according to its published holdings. The largest is Cash and cash equivalents at 0.47% of the fund; the ten largest make up 1.2%. Its ten largest holdings are Cash and cash equivalents (0.47%), Sopaipilla Investor LLC 7.534% 30/11/2048 (0.13%), Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 4.90% 01/02/2046 (0.10%), Meta Platforms Inc 5.25% 15/05/2036 (0.09%), Bank of America Corp 3.419% 20/12/2028 (0.08%), Wells Fargo & Co 5.574% 25/07/2029 (0.08%), Bank of America Corp 5.468% 23/01/2035 (0.07%), Bank of America Corp 5.511% 24/01/2036 (0.07%), British Telecommunications Ltd 9.625% 15/12/2030 (0.07%) and CVS Health Corp 5.05% 25/03/2048 (0.07%).

**What were VCPA’s returns in each of the last five years?**

Calendar-year returns of VCPA in pounds (price, with income reinvested in the fund): 2022 −4.9%, 2023 +2.1%, 2024 +5.2%, 2025 −1.0%; 2026 to 13/11/2026 +0.6%. Past performance is not a guide to future returns.

**How has VCPA done after inflation?**

Over the five years to 13/11/2026 VCPA’s total return was +1.3%, or −20.9% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at Vanguard](https://www.vanguard.co.uk/professional/product/etf/bond/9594/usd-corporate-bond-ucits-etf-usd-accumulating)
- [Key investor information document (KIID)](https://fund-docs.vanguard.com/ie00bgywfk87-en.pdf)
- [Factsheet](https://fund-docs.vanguard.com/USD_Corporate_Bond_UCITS_ETF_USD_Accumulating_9594_EU_INT_UK_EN.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.