VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND
Emerging-markets bond index ETF · tracks Bloomberg USD Emerging Markets Government RIC Capped Index
As of its 2026 Q2 report, VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND held 918 positions with $6.48B in net assets. Its ten largest holdings made up 6.0% of the fund. The VWOB share class costs 0.15% a year. Over the 12 months to May 2026, VWOB returned 11.3%, with dividends reinvested. In 2026 Q3 it added 35 new positions and exited 19.
Vanguard Emerging Markets Government Bond Index Fund (the Fund) seeks to track the performance of a benchmark index that measures the investment return of U.S. dollar-denominated bonds issued by governments and government-related issuers in emerging market countries.
The fund tracks the Bloomberg USD Emerging Markets Government RIC Capped Index through sampling, holding a range of securities that approximate the index's key risk factors and maturity profile rather than all constituents. Because the fund samples the index, its returns may diverge from the index. The fund is nondiversified, meaning it may invest a greater percentage of its assets in securities of particular issuers than diversified funds do.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Argentine Republic Government International Bond 4.13% floating · due 2035-07-09 | 1.15% | $74.15M | — |
Argentine Republic Government International Bond 0.75% floating · due 2030-07-09 | 0.75% | $48.84M | — |
Argentine Republic Government International Bond 5.00% floating · due 2038-01-09 | 0.66% | $42.98M | — |
Petroleos Mexicanos 7.69% · due 2050-01-23 | 0.56% | $36.00M | — |
Argentine Republic Government International Bond 3.50% floating · due 2041-07-09 | 0.54% | $35.01M | — |
Petroleos Mexicanos 6.70% · due 2032-02-16 | 0.52% | $33.47M | — |
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 0.51% | $33.04M | — |
Eagle Funding Luxco Sarl 5.50% · due 2030-08-17 | 0.49% | $31.66M | — |
Eagle Funding Luxco Sarl 5.50% · due 2030-08-17 | 0.42% | $27.29M | — |
Ecuador Government International Bond 6.90% floating · due 2035-07-31 | 0.41% | $26.47M | — |
The 200 largest of 918 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 97.95% |
| Cash & short-term | 0.51% |
Derivatives are shown at market value, not notional exposure.
How it has done
VWOB share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.42%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.20% | +11.28% | +31.74% | +11.54% | -6.04% | |
| 0.15% | +11.32% | +31.85% | +11.60% | -6.07% | |
| 0.08% | +11.32% | +31.90% | +11.69% | -6.09% |
These classes hold the same portfolio, so the 0.15pp spread over 5 years is the cost difference between them — roughly 0.03pp a year — not a difference in what they own.
Fees & fund details
VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND is an emerging-markets bond index ETF that tracks the Bloomberg USD Emerging Markets Government RIC Capped Index.
- Asset class
- Bonds
- Region
- Emerging markets
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.08% – 0.20%· VWOB 0.15%
- Portfolio turnover
- 27.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
35 new· the largest 6
19 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.5% |
| Floating rate | 6.4% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 13.2% |
| 3-5y | 17.8% |
| 5-10y | 31.9% |
| 10y+ | 37.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.48 yr |
| High yield | +2.22 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.52 yr | 8% |
| 5 yr | 1.83 yr | 28% |
| 10 yr | 2.80 yr | 42% |
| 30 yr | 1.47 yr | 22% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.52 yr | 8% |
| 5 yr | 1.84 yr | 27% |
| 10 yr | 2.83 yr | 42% |
| 30 yr | 1.50 yr | 22% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.01 | $4.3k | $4.1k |
| 1 yr | +0.52 | +0.31 | +0.21 | $197.8k | $136.0k |
| 5 yr | +1.83 | +1.09 | +0.75 | $703.6k | $485.7k |
| 10 yr | +2.80 | +1.90 | +0.93 | $1.23m | $604.2k |
| 30 yr | +1.47 | +1.18 | +0.32 | $765.9k | $205.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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