TFI — State Street SPDR Nuveen ICE Municipal Bond ETF
Municipal Bonds Ranked #372 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 issued by State Street Investment Management with $2.82 billion in assets under management. It holds a D grade and ranks 8 of 10 within its category, placing it in the lower tier of similar funds. The fund carries an expense ratio of 0.23%, which exceeds the category median of 0.19%. Its dividend yield stands at 3.68%, outperforming the category median of 3.40%. The top ten holdings represent only 2.0% of assets, with the largest position being the State of California at 0.2%.
TFI has a price history available for 3.0 years and recently upgraded its rating from C to D on 2026-09-28. The fund is currently priced at $43.80, sitting at 35.1% of its 52-week range. Short-term performance shows positive momentum with a 1-week return of +1.08% and a 1-month return of +2.05%. However, the longer-term picture is weaker, with a 1-year return of -1.16% and a 3-month return of -1.80%. This contrasts with a strong 3-year return of +11.85%, indicating divergent performance across different horizons.
The fund exhibits a beta of 1.05, suggesting it moves slightly more than the market. Annualized volatility is 3.67%, which is labeled as Very Low. Despite this low volatility, the Sharpe ratio is -1.68, reflecting poor risk-adjusted returns. The maximum drawdown recorded is -6.88%. Liquidity is supported by an average daily volume of 1,178,973 shares.
AI-generated summary based on the data on this page.
TFI Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | State of California | 0.23% | $7M |
| 2 | City of New York NY | 0.22% | $7M |
| 3 | New York City Municipal Water Finance Authority | 0.20% | $6M |
| 4 | University of California | 0.20% | $6M |
| 5 | State of Washington | 0.20% | $6M |
| 6 | Triborough Bridge & Tunnel Authority | 0.20% | $6M |
| 7 | City of Madison WI | 0.20% | $6M |
| 8 | State of Georgia | 0.19% | $6M |
| 9 | State of Maryland | 0.19% | $6M |
| 10 | State of Maryland Department of Transportation | 0.19% | $6M |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.0% 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 — VTEB overlaps most, holding 5 of the same companies as TFI's top 10 (1.0% of TFI's assets).
| ETF | Name | Shared Companies | TFI Weight | Examples |
|---|---|---|---|---|
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 5 | 1.0% | City of New York NY, State of California, University of California… |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 4 | 0.8% | State of California, City of New York NY, University of California… |
| SUB | iShares Short-Term National Muni Bond ETF | 4 | 0.8% | State of California, New York City Municipal Water Finance Authority, Triborough Bridge & Tunnel Authority… |
| ITM | VanEck Intermediate Muni ETF | 2 | 0.4% | State of California, New York City Municipal Water Finance Authority |
| MUB | iShares National Muni Bond ETF | 2 | 0.4% | State of California, State of Washington |
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: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — 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 3.68%. 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: Average daily volume is 1.2M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $2.82B 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 | +0.18% |
| 1-Week | +1.08% |
| 1-Month | +2.05% |
| 3-Month | -1.80% |
| 6-Month | -2.51% |
| YTD | -1.66% |
| 1-Year | -1.16% |
| 3-Year | +11.85% |
How TFI Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #270 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | -0.79% | 0.03% | $51.7B |
| #274 | C |
MUB | iShares National Muni Bond ETF | -0.74% | 0.05% | $46.6B |
| #302 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.93% | 0.07% | $11.9B |
| #334 | C |
HYD | VanEck High Yield Muni ETF | +0.46% | 0.32% | $3.89B |
| #354 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +1.18% | 0.2% | $3.46B |
| #356 | C |
SMB | VanEck Short Muni ETF | +1.85% | 0.07% | $318M |
| #363 | D |
ITM | VanEck Intermediate Muni ETF | -0.69% | 0.18% | $2.06B |
| #372 | D |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -1.16% | 0.23% | $2.82B |
| #375 | D |
MMIT | NYLI MacKay Muni Intermediate ETF | +0.01% | 0.3% | $1.44B |
| #380 | D |
PZA | Invesco National AMT-Free Municipal Bond ETF | -3.09% | 0.28% | $4.02B |