# Vanguard USD Emerging Markets Government Bond UCITS ETF (VEMA)

**Page:** https://fundology.uk/fund/vema · ISIN IE00BGYWCB81

## 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, VEMA (Vanguard USD Emerging Markets Government Bond UCITS ETF, ISIN IE00BGYWCB81) closed at £46.90 on the London Stock Exchange. Its ongoing charge is 0.23% a year (about £23 on £10,000). Over the five years to 13/11/2026 its total return was +11.0%, or −13.3% after UK CPIH inflation.

## Summary

Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD is an exchange-traded fund (ETF) from Vanguard, launched in 2019. It tracks the Bloomberg EM USD Sovereign + Quasi-Sov. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.23% a year — about £23 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: **£46.90** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | VEMA |
| ISIN | IE00BGYWCB81 |
| Also listed as | VDEA (London Stock Exchange, US dollars), VAGG (Xetra, euros) |
| Category | Government bonds |
| Type | ETF |
| Provider | Vanguard |
| Tracks | Bloomberg EM USD Sovereign + Quasi-Sov |
| Income | Accumulating |
| Ongoing charge | 0.23% a year (£23 per £10,000) |
| Fund size | £716m |
| 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 | -0.32% | -3.85% | income reinvested |
| 3 years | +18.65% | +7.20% | income reinvested |
| 5 years | +11.02% | -13.34% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD in pounds (price, with income reinvested in the fund): 2022 −5.3%, 2023 +3.4%, 2024 +9.3%, 2025 +2.3%; 2026 to 13/11/2026 +1.0%. Returns of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +1.8%; to 30/09/2025: +6.8%; to 30/09/2024: +6.8%; to 30/09/2023: −1.8%; to 30/09/2022: −3.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -5.3% | -13.3% | Price |
| 2023 | +3.4% | -0.7% | Price |
| 2024 | +9.3% | +5.6% | Price |
| 2025 | +2.3% | -1.2% | Price |
| 2026 to 13/11/2026 | +1.0% | -2.2% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.36% | -4.30% |
| 3 years | 6.55% | -8.15% |
| 5 years | 7.64% | -10.77% |

## Largest fall

Volatility of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD in pounds, annualised from weekly returns to 13/11/2026: 5.4% over 1 year, 6.6% over 3 years, 7.6% over 5 years. Largest fall in the price of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD since November 2021, in pounds: −10.8% from 10/12/2021 to 07/07/2023. The lowest 12-month return of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD in pounds (price, with income reinvested in the fund) since January 2021 was −7.7% (12 months to 09/12/2022); the highest was +13.2% (12 months to 22/11/2024). On 13/11/2026 the price of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD was 3.2% below its highest weekly close since November 2021 (26/06/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD 0.23% a year. Compared on 14/11/2026, 49 of the 311 other government bond funds charge more, 2 the same and 260 less (share classes counted once).

## Funds tracking the same index

2 funds track Bloomberg EM USD Sovereign + Quasi-Sov, this one included and share classes counted once; their ongoing charges range from 0.23% to 0.23% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Vanguard USD Emerging Markets Government Bond UCITS ETF | 0.23% | -0.5% | — | — |
| Vanguard USD Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD (this fund) | 0.23% | -0.3% | +18.7% | +11.0% |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.23%** 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, VEMA holds 1,467 positions, according to its published holdings. The largest is Argentine Republic Government International Bond 4.125% 09/07/2035 at 0.78% of the fund; the ten largest make up 4.6%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Argentine Republic Government International Bond 4.125% 09/07/2035 | — | 0.78% |
| 2 | Eagle Funding Luxco Sarl 5.50% 17/08/2030 | — | 0.68% |
| 3 | Cash and cash equivalents | — | 0.52% |
| 4 | Argentine Republic Government International Bond 0.75% 09/07/2030 | — | 0.48% |
| 5 | Argentine Republic Government International Bond 5.00% 09/01/2038 | — | 0.47% |
| 6 | Petroleos Mexicanos 7.69% 23/01/2050 | — | 0.39% |
| 7 | Argentine Republic Government International Bond 3.50% 09/07/2041 | — | 0.38% |
| 8 | Petroleos Mexicanos 6.70% 16/02/2032 | — | 0.36% |
| 9 | Ecuador Government International Bond 6.90% 31/07/2035 | — | 0.28% |
| 10 | Qatar Government International Bond 4.817% 14/03/2049 | — | 0.28% |

## Where it invests

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

### By country

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

| Country | Weight |
|---|---|
| Mexico | 8.1% |
| Cayman Islands | 7.6% |
| United Arab Emirates | 6.5% |
| Saudi Arabia | 6.1% |
| Turkey | 5.4% |
| Indonesia | 5.4% |
| South Korea | 3.4% |
| Argentina | 3.1% |
| Other countries | 53.8% |
| 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 1,434 holdings on record (of 1,467 reported): https://fundology.uk/fund/vema/holdings

## Questions people ask

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

The ongoing charge of VEMA is 0.23% a year — about £23 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 Emerging Markets Government Bond UCITS ETF Accum Shs Unhedged USD 0.23% a year. Compared on 14/11/2026, 49 of the 311 other government bond funds charge more, 2 the same and 260 less (share classes counted once).

**What does VEMA track?**

VEMA tracks the Bloomberg EM USD Sovereign + Quasi-Sov.

**Is VEMA accumulating or distributing?**

VEMA 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 VEMA?**

The ISIN of VEMA is IE00BGYWCB81. An ISIN identifies one exact share class of a fund; VEMA is its ticker on the London Stock Exchange. The same share class is also listed as VDEA (London Stock Exchange, US dollars) and VAGG (Xetra, euros).

**What does VEMA hold?**

As of 31/10/2026, VEMA holds 1,467 positions, according to its published holdings. The largest is Argentine Republic Government International Bond 4.125% 09/07/2035 at 0.78% of the fund; the ten largest make up 4.6%. Its ten largest holdings are Argentine Republic Government International Bond 4.125% 09/07/2035 (0.78%), Eagle Funding Luxco Sarl 5.50% 17/08/2030 (0.68%), Cash and cash equivalents (0.52%), Argentine Republic Government International Bond 0.75% 09/07/2030 (0.48%), Argentine Republic Government International Bond 5.00% 09/01/2038 (0.47%), Petroleos Mexicanos 7.69% 23/01/2050 (0.39%), Argentine Republic Government International Bond 3.50% 09/07/2041 (0.38%), Petroleos Mexicanos 6.70% 16/02/2032 (0.36%), Ecuador Government International Bond 6.90% 31/07/2035 (0.28%) and Qatar Government International Bond 4.817% 14/03/2049 (0.28%).

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

Calendar-year returns of VEMA in pounds (price, with income reinvested in the fund): 2022 −5.3%, 2023 +3.4%, 2024 +9.3%, 2025 +2.3%; 2026 to 13/11/2026 +1.0%. Past performance is not a guide to future returns.

**How has VEMA done after inflation?**

Over the five years to 13/11/2026 VEMA’s total return was +11.0%, or −13.3% 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/9596/usd-emerging-markets-government-bond-ucits-etf-usd-accumulating)
- [Key investor information document (KIID)](https://fund-docs.vanguard.com/ie00bgywcb81-en.pdf)
- [Factsheet](https://fund-docs.vanguard.com/USD_Emerging_Markets_Government_Bond_UCITS_ETF_USD_Accumulating_9596_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.