TFI — State Street SPDR Nuveen ICE Municipal Bond ETF

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.

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 $45.09 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 #327 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 55.1 out of 100. Within its specific category of Municipal Bonds, the fund is one of 10 ETFs monitored by ETFValuer. The asset size of over $3 billion suggests significant investor adoption relative to smaller funds in the sector. The combination of a moderate expense ratio and a yield above 3% positions the fund as a cost-effective income vehicle within its peer group. Its ranking indicates it sits in the lower half of the broader universe of tracked funds despite its substantial asset base.

Over the last day, the fund posted a gain of +0.16%, following a weekly decline of -0.33% and a monthly drop of -1.17%. The three-month return stands at -0.54%, while the six-month period shows a marginal loss of -0.02%. Year-to-date performance has turned positive with a return of +0.31%, contrasting with the short-term negative trends. The one-year return is +5.41%, and the three-year annualized return is +7.93%, indicating a divergence between recent short-term weakness and longer-term gains. This pattern suggests a recovery in performance over the annual and multi-year horizons after a period of decline in the first half of the year. The fund's closest category peers, VTEB and MUB, recorded one-year returns of +6.02% and +5.61% respectively.

The fund is assigned a Very Low volatility label, yet it exhibits a beta of 1.08, suggesting it moves slightly more than the broader market despite its classification. A Sharpe ratio of 0.14 indicates that the risk-adjusted returns have been modest relative to the volatility experienced. The maximum drawdown recorded is -5.98%, which defines the largest peak-to-trough decline observed during the measurement period. This combination of a low volatility label with a beta above 1.00 implies that while daily price swings may appear contained, the fund's correlation to market movements is slightly elevated. The Sharpe ratio of 0.14 reflects that the returns generated have not been particularly strong relative to the risk taken. Investors should note that the maximum drawdown of nearly 6% represents the extent of potential loss during adverse market conditions.

AI-generated summary based on the data on this page.

TFI Top Holdings

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).

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: 4.65% (as of 2026-07-27) — 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): 18.67 (as of 2026-07-27) — 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.

TFI Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is — and average daily volume is 451K/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

How TFI Compares to Other Municipal Bonds ETFs