- What does VCAIX invest in?
- This investment option, exclusively tailored for California residents, aims to provide a more attractive current income stream than shorter-duration bonds, while simultaneously offering enhanced share price stability compared to longer-term debt instruments. It predominantly invests in high-quality municipal bonds issued by California's state and local governments, along with regional and public financing authorities. Under typical market conditions, at least 80% of the fund's holdings will consist of securities whose income is exempt from both federal and California state taxes. Although there are no specific restrictions on the maturity dates of individual securities, the portfolio's dollar-weighted average maturity is generally expected to fall within an intermediate range of 6 to 12 years. Potential risks include the impact of fluctuating interest rates, which can lead to a decline in bond values or a reduction in the fund's income over time. This fund may be suitable for California-based investors seeking tax-exempt income at both federal and state levels, provided they are comfortable with moderate variations in its value and income. It's important to distinguish this fund from the Vanguard California Tax-Exempt Bond ETF (VTEC), as their differing scales, investment methodologies, and underlying assets are expected to lead to distinct investment outcomes.
- What is the expense ratio of VCAIX?
- Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) charges an expense ratio of 0.14%. This is the annual fee deducted from fund assets to cover management and operations.
- What is VCAIX's dividend yield?
- VCAIX's trailing-twelve-month yield is 3.14%, calculated from the sum of dividends over the past year divided by the current price.
- What is the duration of VCAIX?
- Effective duration measures VCAIX's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VCAIX's current duration is published on the fund's factsheet on the issuer's website.
- What is the credit quality of VCAIX?
- VCAIX's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.
- What is the yield to maturity of VCAIX?
- Yield to maturity (YTM) is the total return you'd earn from VCAIX if every bond in the portfolio is held to maturity at the current price. VCAIX's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.
