Vanguard USD Treasury Bond UCITS ETF EUR Hedged Distributing is an exchange-traded fund that tracks the Bloomberg Global Aggregate US Treasury Float Adjusted (EUR Hedged) index, providing exposure to a broad range of US dollar-denominated, fixed-rate bonds issued by the US government. Domiciled in Ireland and launched on 4 March 2025, it employs physical replication by sampling key constituents, holding high-quality bonds primarily rated AA or higher, with nearly 100% invested in US Treasuries. The portfolio features intermediate-term maturities, including about 56% in 1-5 year bonds and 23% in 5-10 year bonds, alongside a low total expense ratio of 0.10% p.a. Distinctive elements include its EUR currency hedge to mitigate USD-EUR exchange rate risk for European investors and a distributing policy that pays income monthly. With assets under management around 118 million euros, it offers a stable, low-risk fixed-income vehicle backed by the full faith and credit of the US government, playing a key role in diversified portfolios seeking hedged access to the benchmark US Treasury market.