Short

Vanguard Ultra-Short-Term Tax-Exempt Fund

Vanguard Ultra-Short-Term Tax-Exempt Fund (the “Fund”) seeks to provide current income that is exempt from federal personal income taxes, with limited price volatility.

$15.70

Key Metrics

TER 0.17% per year
Distribution policy Distributing
Fund size USD 18,233 M
Inception date September 1, 1977
Holdings 3,599
Fund currency USD
Fund domicile US
Provider Vanguard
For full official fund details, factsheets, and holdings, visit investor.vanguard.com (opens in new tab).

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Historical Return

Last updated: Oct 15, 2026
1 Year +0.3% +3.0% Div
3 Years (avg.) +0.1% +3.0% Div
5 Years (avg.) +0.1% +3.0% Div

Risk & Analysis Metrics

Last updated: Oct 15, 2026

Volatility

N/A 1 Year
N/A 3 Years
N/A 5 Years
N/A 10 Years

Max Drawdown

N/A 1 Year
N/A 3 Years
N/A 5 Years
N/A 10 Years

Sharpe Ratio

N/A 1 Year
N/A 3 Years
N/A 5 Years
N/A 10 Years

Distributions

*by ETF Portfolio Weight Last updated: Oct 15, 2026

Profit Margin Distribution

< 0%
4%
1y 3y N/A N/A
0 - 5%
0%
1y 3y N/A N/A
5 - 10%
0%
1y 3y N/A N/A
10 - 15%
0%
1y 3y N/A N/A
15 - 20%
0%
1y 3y N/A N/A
20 - 30%
0%
1y 3y N/A N/A
30 - 40%
0%
1y 3y N/A N/A
> 40%
96%
1y 3y N/A N/A

P/E Ratio Distribution

< 0
9%
1y 3y N/A N/A
0 - 10
0%
1y 3y N/A N/A
10 - 15
92%
1y 3y N/A N/A
15 - 20
0%
1y 3y N/A N/A
20 - 25
0%
1y 3y N/A N/A
25 - 35
0%
1y 3y N/A N/A
35 - 50
0%
1y 3y N/A N/A
> 50
0%
1y 3y N/A N/A

Discounted Cash Flow

Weighted Average Undervaluation
N/A
Undervalued
> 60%
0%
1y 3y N/A N/A
45 - 60%
0%
1y 3y N/A N/A
30 - 45%
0%
1y 3y N/A N/A
15 - 30%
0%
1y 3y N/A N/A
Fair (&plusmn;15%)
0%
1y 3y N/A N/A
Overvalued
15 - 30%
0%
1y 3y N/A N/A
30 - 45%
0%
1y 3y N/A N/A
45 - 60%
0%
1y 3y N/A N/A
> 60%
0%
1y 3y N/A N/A

Market Cap Size Distribution

Micro Cap
0.0%
1y 3y N/A N/A
Small Cap
8.5%
1y 3y N/A N/A
Mid Cap
91.5%
1y 3y N/A N/A
Large Cap
0.0%
1y 3y N/A N/A
Mega Cap
0.0%
1y 3y N/A N/A
Micro: < $300M Small: $300M–$2B Mid: $2B–$10B Large: $10B–$200B Mega: > $200B

Portfolio Concentration

*by ETF Portfolio Weight Last updated: Oct 15, 2026
92.9% Top 5 Holdings
100.0% Top 10 Holdings
100.0% Top 50 Holdings
100.0% Top 100 Holdings
Top 5 Companies
NEA Nuveen AMT-Free Quality Municipal Income Fund
39.6%
NEA Nuveen AMT-Free Quality Municipal Income Fund
20.0%
NVG Nuveen AMT-Free Municipal Credit Income Fund
18.8%
NVG Nuveen AMT-Free Municipal Credit Income Fund
10.0%
NRK Nuveen New York AMT-Free Quality Municipal Income Fund
4.5%

Latest News

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Discounted cash flow valuation vs. current price. Positive = undervalued, negative = overvalued.

<-50% >+100%
Market Cap
P/E Ratio
Dividends Ratio of dividends in the last 12 months to current share price
Total Investment
Weight

Nuveen AMT-Free Quality Municipal Income Fund

NEA

Nuveen AMT-Free Quality Municipal Income Fund

NEA
Market Cap $2.99B
P/E Ratio 13.0
Dividends 8.2%
Total Investment $219M
Weight 1.20%

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Nuveen AMT-Free Quality Municipal Income Fund

NEA

Nuveen AMT-Free Quality Municipal Income Fund

NEA
Market Cap $2.99B
P/E Ratio 13.0
Dividends 8.2%
Total Investment $110.74M
Weight 0.61%

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Nuveen AMT-Free Municipal Credit Income Fund

NVG

Nuveen AMT-Free Municipal Credit Income Fund

NVG
Market Cap $2.31B
P/E Ratio 11.9
Dividends 8.9%
Total Investment $103.7M
Weight 0.57%

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Nuveen AMT-Free Municipal Credit Income Fund

NVG

Nuveen AMT-Free Municipal Credit Income Fund

NVG
Market Cap $2.31B
P/E Ratio 11.9
Dividends 8.9%
Total Investment $55.32M
Weight 0.30%

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Nuveen New York AMT-Free Quality Municipal Income Fund

NRK

Nuveen New York AMT-Free Quality Municipal Income Fund

NRK
Market Cap $812.16M
P/E Ratio -10.6
Dividends 8.7%
Total Investment $24.7M
Weight 0.14%

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Nuveen California AMT-Free Quality Municipal Income Fund

NKX

Nuveen California AMT-Free Quality Municipal Income Fund

NKX
Market Cap $559.56M
P/E Ratio -14.0
Dividends 8.6%
Total Investment $22.1M
Weight 0.12%

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Nuveen AMT-Free Quality Municipal Income Fund

NEA

Nuveen AMT-Free Quality Municipal Income Fund

NEA
Market Cap $2.99B
P/E Ratio 13.0
Dividends 8.2%
Total Investment $13.7M
Weight 0.08%

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Nuveen AMT-Free Quality Municipal Income Fund

NEA

Nuveen AMT-Free Quality Municipal Income Fund

NEA
Market Cap $2.99B
P/E Ratio 13.0
Dividends 8.2%
Total Investment $3.5M
Weight 0.02%

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