State Street SPDR Nuveen ICE Municipal Bond ETF
$43.19−0.36 (−0.84%)
- Expense ratio
- 0.23%
- Fund size
- $2.9B
- 1Y return
- −1.2%
- Yield · Last 12 months
- 3.70%
- Holdings
- 1949
- Volume · 30D
- 0.6M sh
- NAV per share
- $43.60
- 52W range
The ETF.net TFI Grade
Score 80 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 75Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 99Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 41Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 90Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 95Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 89Category rank
Our read on TFI
ALaunched in 2007, this is one of the elder statesmen of municipal bond ETFs: roughly 1,900 AMT-free bonds, income paid monthly, and a fee that sits under the category median.
The fund seeks to track, before fees and expenses, the price and yield performance of the ICE 1+ Year AMT-Free Broad Municipal Index.
Why people hold it
- 0.23% expense ratio, below the 0.30% median for muni bond ETFs.
- About 1,900 bonds spread across the US muni market, so no single issuer or project carries much weight.
- Tracks the ICE 1+ Year AMT-Free Broad Municipal Index closely, and ranks among the stronger implementations in a crowded muni field.ssga.com
- Pays monthly, and the index screens out bonds subject to the alternative minimum tax.
Worth knowing
- Three-basis-point rivals like VTEB and SCMB cover broad munis for a fraction of the fee. Here you pay more for a track record dating to 2007.
- The index runs from one-year paper out to the long end, so share prices move with interest rates.
- Volume is moderate rather than heavy, so spreads can run wider than at the largest muni funds.
TFI Holdings
- Bonds
- 1,949
- 2%
- US DOLLAR
Geography
- United States100.00%
TFI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TFI |
|---|---|
| Year to date | −2.4% |
| 1 month | −2.6% |
| 3 months | −3.8% |
| 1 year | −1.2% |
| 3 years | +2.6% |
| 5 years | −0.8% |
| 10 years | +1.0% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TFI |
|---|---|---|
| 2026 YTD | −2.4% | |
| 2025 | +3.6% | |
| 2024 | −0.0% | |
| 2023 | +5.6% | |
| 2022 | −10.2% | |
| 2021 | +0.3% | |
| 2020 | +6.0% |
TFI in the news
ETF.net Research hasn’t filed on TFI yet — coverage lands here as it’s written.
TFI Dividends
- 3.70%
- $1.61
- $0.14 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 4, 2026 | $0.14 |
| Aug 3, 2026 | Aug 6, 2026 | $0.14 |
| Jul 1, 2026 | Jul 7, 2026 | $0.14 |
| Jun 1, 2026 | Jun 4, 2026 | $0.13 |
| May 1, 2026 | May 6, 2026 | $0.13 |
| Apr 1, 2026 | Apr 6, 2026 | $0.13 |
| Mar 2, 2026 | Mar 5, 2026 | $0.14 |
| Feb 2, 2026 | Feb 5, 2026 | $0.13 |
| Dec 18, 2025 | Dec 23, 2025 | $0.13 |
| Dec 1, 2025 | Dec 4, 2025 | $0.13 |
| Nov 3, 2025 | Nov 6, 2025 | $0.13 |
| Oct 1, 2025 | Oct 6, 2025 | $0.13 |
TFI Risk
- 6.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.28
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −14.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.08
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TFI Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
15 of the 62 Other Municipal Bond funds charge less.