TFI — State Street SPDR Nuveen ICE Municipal Bond ETF
Municipal Bonds Ranked #387 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 is a municipal bond fund issued by State Street Investment Management with $3.05 billion in assets under management. It holds an ETFValuer grade of C, ranking 8th out of 10 peers in its category and 387th of 458 tracked ETFs overall. The fund carries an expense ratio of 0.23%, which is higher than the category median of 0.19%. Its dividend yield of 3.59% exceeds the category median of 3.35%, offering a relatively attractive income profile. The top 10 holdings represent only 2.0% of assets, with the largest position being the State of California at 0.2%.
The fund’s price of $44.04 sits at the very bottom of its 52-week range, representing just 0.6% of the distance from the low to the high. Short-term performance has been negative across the last day, week, month, and quarter, with the one-month return at -1.90%. In contrast, the longer-term picture shows a positive three-year return of +7.76%, diverging from the recent negative trend. The one-year return of +0.81% trails the category median of +1.11%. The ETFValuer grade has remained unchanged at C over the last 35 tracked days, and price history is available for 3.0 years.
With a beta of 1.08, the fund moves slightly more than the market, accompanied by a Very Low annualized volatility of 2.80%. The Sharpe ratio of -1.50 indicates that risk-adjusted returns have been negative relative to the risk taken. Maximum drawdown has reached -5.48%, reflecting the depth of recent losses. Liquidity is characterized by an average daily volume of 522,053 shares but a wide bid/ask spread of 14.36%, suggesting higher trading costs for investors.
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 — SHM overlaps most, holding 4 of the same companies as TFI's top 10 (0.8% of TFI's assets).
| ETF | Name | Shared Companies | TFI Weight | Examples |
|---|---|---|---|---|
| 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… |
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 3 | 0.6% | State of California, University of California, Triborough Bridge & Tunnel Authority |
| ITM | VanEck Intermediate Muni ETF | 2 | 0.4% | State of California, New York City Municipal Water Finance Authority |
| SUB | iShares Short-Term National Muni Bond ETF | 2 | 0.4% | State of California, University of California |
| SMB | VanEck Short Muni ETF | 1 | 0.2% | State of California |
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: 4.80% (as of 2026-09-08) — 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): 15.72 (as of 2026-09-08) — 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 2026-08-01) — 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 3.59%. 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 14.36% and average daily volume is 522K/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 $3.05B 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 | -0.47% |
| 1-Week | -0.63% |
| 1-Month | -1.90% |
| 3-Month | -2.53% |
| 6-Month | -2.20% |
| YTD | -1.43% |
| 1-Year | +0.81% |
| 3-Year | +7.76% |
How TFI Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #277 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | +1.29% | 0.03% | $49.1B |
| #290 | C |
MUB | iShares National Muni Bond ETF | +0.96% | 0.05% | $45.4B |
| #335 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.19% | 0.07% | $11.6B |
| #364 | C |
HYD | VanEck High Yield Muni ETF | +2.04% | 0.32% | $4.34B |
| #374 | C |
PZA | Invesco National AMT-Free Municipal Bond ETF | +1.40% | 0.28% | $4.24B |
| #381 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +0.75% | 0.2% | $3.51B |
| #386 | C |
ITM | VanEck Intermediate Muni ETF | +0.46% | 0.18% | $2.10B |
| #387 | C |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | +0.81% | 0.23% | $3.05B |
| #390 | C |
MMIT | NYLIM MacKay Muni Intermediate ETF | +1.25% | 0.3% | $1.46B |
| #395 | D |
SMB | VanEck Short Muni ETF | +1.04% | 0.07% | $318M |