# Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD (VGED) **Page:** https://fundology.uk/fund/vged · ISIN IE00BH04GM46 ## 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, VGED (Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD, ISIN IE00BH04GM46) closed at $25.59 on the London Stock Exchange. Its ongoing charge is 0.10% a year (about £10 on £10,000). Over the year to 13/11/2026 its total return was −0.6%, or −4.2% after UK CPIH inflation. ## Summary Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD is an exchange-traded fund (ETF) from Vanguard, launched in 2025. It tracks the Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.1% a year — about £10 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. It is currency-hedged to US dollars, not to the pound: it aims to remove most of the effect of exchange-rate moves against US dollars, so a holder who counts in pounds still has currency risk. Latest close: **$25.59** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | VGED | | ISIN | IE00BH04GM46 | | Category | Government bonds | | Type | ETF | | Provider | Vanguard | | Tracks | Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged | | Income | Accumulating | | Ongoing charge | 0.10% a year (£10 per £10,000) | | Fund size | £67.1m | | Launched | 2025 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/04/2025 | ## 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 | -0.65% | -4.17% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +1.2%. Returns of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −0.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2026 to 13/11/2026 | +1.2% | -2.0% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.14% | -5.07% | ## Largest fall Volatility of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD in pounds, annualised from weekly returns to 13/11/2026: 6.1% over 1 year. Largest fall in the price of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD since April 2025, in pounds: −5.1% from 26/06/2026 to 21/08/2026. On 13/11/2026 the price of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD was 2.9% below its highest weekly close since April 2025 (26/06/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Vanguard EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.10%** per year (as of 13/11/2026) - 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 30/09/2026, VGED holds 524 positions, according to its published holdings. The largest is French Republic Government Bond OAT 2.75% 25/02/2030 at 1.22% of the fund; the ten largest make up 9.3%. ### Top holdings Largest positions (as of 30/09/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | French Republic Government Bond OAT 2.75% 25/02/2030 | — | 1.22% | | 2 | French Republic Government Bond OAT 0.75% 25/05/2028 | — | 1.17% | | 3 | French Republic Government Bond OAT 0.00% 25/11/2031 | — | 0.97% | | 4 | French Republic Government Bond OAT 2.75% 25/02/2029 | — | 0.93% | | 5 | French Republic Government Bond OAT 0.50% 25/05/2029 | — | 0.90% | | 6 | French Republic Government Bond OAT 2.00% 25/11/2032 | — | 0.87% | | 7 | French Republic Government Bond OAT 1.25% 25/05/2034 | — | 0.86% | | 8 | French Republic Government Bond OAT 0.00% 25/11/2030 | — | 0.81% | | 9 | French Republic Government Bond OAT 2.40% 24/09/2028 | — | 0.80% | | 10 | Spain Government Bond 2.70% 31/01/2030 | — | 0.80% | ## 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 30/09/2026. | Country | Weight | |---|---| | France | 23.8% | | Italy | 21.5% | | Germany | 19.5% | | Spain | 14.3% | | Belgium | 5.0% | | Netherlands | 4.1% | | Austria | 3.6% | | Portugal | 1.9% | | Other countries | 6.2% | | Not classified | 0.2% | ### By type of asset Added up from the fund’s published holdings, as of 30/09/2026. | Type of asset | Weight | |---|---| | Bonds | 99.8% | | Cash and money market | 0.2% | The 498 holdings on record (of 524 reported): https://fundology.uk/fund/vged/holdings ## Questions people ask **What is the ongoing charge of VGED?** The ongoing charge of VGED is 0.10% a year — about £10 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 EUR Eurozone Government Bond UCITS ETF Accum- Hedged USD 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once). **What does VGED track?** VGED tracks the Bloomberg Euro Aggregate Treasury Index - USD - Benchmark TR Net Hedged. **Is VGED accumulating or distributing?** VGED 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 VGED?** The ISIN of VGED is IE00BH04GM46. An ISIN identifies one exact share class of a fund; VGED is its ticker on the London Stock Exchange. **What does VGED hold?** As of 30/09/2026, VGED holds 524 positions, according to its published holdings. The largest is French Republic Government Bond OAT 2.75% 25/02/2030 at 1.22% of the fund; the ten largest make up 9.3%. Its ten largest holdings are French Republic Government Bond OAT 2.75% 25/02/2030 (1.22%), French Republic Government Bond OAT 0.75% 25/05/2028 (1.17%), French Republic Government Bond OAT 0.00% 25/11/2031 (0.97%), French Republic Government Bond OAT 2.75% 25/02/2029 (0.93%), French Republic Government Bond OAT 0.50% 25/05/2029 (0.90%), French Republic Government Bond OAT 2.00% 25/11/2032 (0.87%), French Republic Government Bond OAT 1.25% 25/05/2034 (0.86%), French Republic Government Bond OAT 0.00% 25/11/2030 (0.81%), French Republic Government Bond OAT 2.40% 24/09/2028 (0.80%) and Spain Government Bond 2.70% 31/01/2030 (0.80%). **What were VGED’s returns in each of the last five years?** Calendar-year returns of VGED in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 +1.2%. Past performance is not a guide to future returns. **How has VGED done after inflation?** Over the year to 13/11/2026 VGED’s total return was −0.6%, or −4.2% 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/E081/eur-eurozone-government-bond-ucits-etf-usd-hedged-acc) - [Key investor information document (KIID)](https://fund-docs.vanguard.com/ie00bh04gm46-en.pdf) - [Factsheet](https://fund-docs.vanguard.com/EUR_Eurozone_Government_Bond_UCITS_ETF_USD_Hedged_Acc_E081_EU_INT_UK_EN.pdf) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.