TFI — State Street SPDR Nuveen ICE Municipal Bond ETF
Municipal Bonds Ranked #328 of 458 tracked ETFs · Issued by State Street Investment Management
TFI Price Performance — Growth of $10,000
Value of a $10,000 investment in TFI over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
TFI Drawdown
The "underwater" chart: TFI's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in TFI?
See what a lump sum in TFI would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is a municipal bond fund managed by State Street Investment Management with $3.12 billion in assets under management. Trading at $44.84 per share, the fund carries an expense ratio of 0.23% and offers a dividend yield of 3.47%. It currently holds an overall rank of #328 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 54.6 out of 100. Within the specific Municipal Bonds category, which contains 10 ETFs tracked by ETFValuer, the fund occupies a mid-tier position relative to its peers. The asset size of $3.12 billion suggests significant investor adoption compared to smaller funds in the sector. Its cost structure and income profile are positioned alongside other funds in the 10-fund category. The current price and asset base reflect the fund's standing among the broader universe of 458 tracked ETFs.
Recent performance data shows a negative trend across short-term horizons, with the fund down -0.58% over one day, -1.28% over one week, and -1.40% over one month. This decline continued into the three-month period with a return of -1.01%, while the six-month return improved slightly to -0.58%. Year-to-date performance remains negative at -0.25%, indicating a struggle to recover losses early in the period. However, the fund demonstrates a positive trajectory over longer durations, posting a one-year return of +4.85%. This upward momentum extends further, with the three-year annualized return reaching +6.84%. The divergence between recent short-term losses and sustained long-term gains highlights a recovery pattern after a period of underperformance.
The fund is classified with a Very Low volatility label, yet it exhibits a beta of 1.08, suggesting it moves slightly more than the broader market despite its stability classification. A Sharpe ratio of -0.05 indicates that the risk-adjusted returns have been negative over the measured period, reflecting insufficient compensation for the risk taken. The maximum drawdown of -6.67% represents the largest peak-to-trough decline experienced by the fund. This combination of a negative Sharpe ratio and a defined maximum drawdown implies that while the fund may not experience extreme daily swings, it has faced periods where losses were not adequately offset by gains. The beta above 1.00 suggests that in up markets the fund may rise slightly more than the average, while in down markets it could decline with similar or slightly amplified intensity relative to the benchmark.
AI-generated summary based on the data on this page.
TFI Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | State Street Global Advisors | 0.38% | $12M |
| 2 | State of Maryland | 0.35% | $10M |
| 3 | State of California | 0.23% | $7M |
| 4 | City of New York NY | 0.22% | $7M |
| 5 | State of Washington | 0.21% | $6M |
| 6 | Triborough Bridge & Tunnel Authority | 0.20% | $6M |
| 7 | City of Madison WI | 0.20% | $6M |
| 8 | State of Georgia | 0.20% | $6M |
| 9 | New York City Municipal Water Finance Authority | 0.20% | $6M |
| 10 | State of Maryland Department of Transportation | 0.19% | $6M |
Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how TFI's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With TFI
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with TFI's top 10 — SHM overlaps most, holding 3 of the same companies as TFI's top 10 (0.7% of TFI's assets).
| ETF | Name | Shared Companies | TFI Weight | Examples |
|---|---|---|---|---|
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 3 | 0.7% | State of California, City of New York NY, Triborough Bridge & Tunnel Authority |
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 2 | 0.4% | State of California, Triborough Bridge & Tunnel Authority |
| ITM | VanEck Intermediate Muni ETF | 2 | 0.4% | State of California, New York City Municipal Water Finance Authority |
| SPDW | State Street SPDR Portfolio Developed World ex-US ETF | 1 | 0.4% | State Street Global Advisors |
| SPEM | State Street SPDR Portfolio Emerging Markets ETF | 1 | 0.4% | State Street Global Advisors |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What TFI's Fees Cost You
TFI charges an expense ratio of 0.23% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
TFI Dividend Income Estimator
TFI currently yields 3.47%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
TFI Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 0.02% and average daily volume is 444K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $3.12B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: TFI is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
TFI Performance History
| Period | Return |
|---|---|
| 1-Day | -0.58% |
| 1-Week | -1.28% |
| 1-Month | -1.40% |
| 3-Month | -1.01% |
| 6-Month | -0.58% |
| YTD | -0.25% |
| 1-Year | +4.85% |
| 3-Year | +6.84% |
How TFI Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #194 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | +5.38% | 0.03% | $48.8B |
| #216 | C |
MUB | iShares National Muni Bond ETF | +4.88% | 0.05% | $45.8B |
| #251 | C |
PZA | Invesco National AMT-Free Municipal Bond ETF | +7.91% | 0.28% | $4.29B |
| #263 | C |
HYD | VanEck High Yield Muni ETF | +6.97% | 0.32% | $4.52B |
| #328 | C |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | +4.85% | 0.23% | $3.12B |
| #350 | C |
ITM | VanEck Intermediate Muni ETF | +4.19% | 0.18% | $2.19B |
| #353 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.86% | 0.07% | $11.4B |
| #355 | C |
MMIT | NYLI MacKay Muni Intermediate ETF | +4.42% | 0.3% | $1.47B |
| #381 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +1.97% | 0.2% | $3.47B |
| #390 | D |
SMB | VanEck Short Muni ETF | +2.38% | 0.07% | $314M |