At a glance
TFI charges 0.23% a year, the same as the average of the 7 funds most like it (the 5th cheapest of 8). It has $3.12B in assets, the 5th largest of that group; it paid 3.66% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.8% with distributions reinvested, 7th of those 8 funds; over three years it returned +3.9% a year. At its worst it fell 15.5% in the 2020 crash (S&P 500: 33.7%) and 14.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 41 months after the lows. Its ten largest positions make up 2.0% of the fund, out of 1,887 in all.
The short version
SPDR Nuveen Bloomberg Municipal Bond ETF (TFI) is a State Street index fund of investment-grade municipal bonds whose interest is generally free of federal income tax. It tracks the ICE 1+ Year AMT-Free Broad Municipal Index, pays monthly and yielded 3.66% over the 12 months to October 27, 2026. Its 0.23% expense ratio equals the peer average but is well above VTEB (0.03%) and MUB (0.05%).
Price history
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TFI -0.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TFI official prospectus, to Dec 31, 2025 | — | +3.49% | — | -0.29% | +1.71% | — |
| TFI price data to Oct 27, 2026 | -1.1% | -0.8% | +3.9% | -0.4% | +1.3% | +2.9% |
- Over the year to Oct 27, 2026, TFI returned -0.8%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.4% and its 10-year +1.3%.
- In the 2020 COVID crash it fell 15.5% and regained its old high 3.9 months after the low.
- Its worst full calendar year was 2022 (-10.2%); its best was 2011 (+13.7%).
- The deepest fall in its price history was 15.5% (Mar 9, 2020 to Mar 19, 2020), recovered by Jul 16, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.1% | — |
| 2025 | +3.6% | +3.49% |
| 2024 | +0.0% | -0.16% |
| 2023 | +5.7% | +5.78% |
| 2022 | -10.2% | -10.19% |
| 2021 | +0.2% | +0.41% |
| 2020 | +5.8% | +5.63% |
| 2019 | +7.4% | +7.53% |
| 2018 | +0.5% | +0.43% |
| 2017 | +5.5% | +5.59% |
| 2016 | -0.4% | -0.18% |
| 2015 | +3.5% | — |
| 2014 | +9.9% | — |
| 2013 | -4.0% | — |
| 2012 | +6.3% | — |
| 2011 | +13.7% | — |
| 2010 | -0.5% | — |
| 2009 | +9.9% | — |
| 2008 | -0.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 3.3% over that stretch · deepest drop along the way 15.1%, back to its old high 2.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.8% over that stretch · deepest drop along the way 15.5%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.9% over that stretch · deepest drop along the way 14%, back to its old high 40.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2200 | |
| 2025 | $1.5100 | +9.4% |
| 2024 | $1.3800 | +20.0% |
| 2023 | $1.1500 | +38.6% |
| 2022 | $0.8300 | -5.7% |
| 2021 | $0.8800 | -12.0% |
| 2020 | $1.0000 | -8.3% |
| 2019 | $1.0900 | +0.9% |
| 2018 | $1.0800 | 0.0% |
| 2017 | $1.0800 | -7.7% |
| 2016 | $1.1700 | -5.6% |
| 2015 | $1.2400 | +3.3% |
| 2014 | $1.2000 | -18.9% |
| 2013 | $1.4800 | -24.5% |
| 2012 | $1.9600 | +23.3% |
| 2011 | $1.5900 | -17.2% |
| 2010 | $1.9200 | +14.3% |
| 2009 | $1.6800 | +2.4% |
| 2008 | $1.6400 |
What's inside
As of Jun 30, 2026, the fund held 1,887 securities; the ten largest made up 2.02% of assets.
| Holding | Weight | |
|---|---|---|
| State of California Bonds and notes | 0.23% | |
| City of New York NY Bonds and notes | 0.22% | |
| New York City Municipal Water Finance Authority Bonds and notes | 0.20% | |
| University of California Bonds and notes | 0.20% | |
| State of Washington Bonds and notes | 0.20% | |
| Triborough Bridge & Tunnel Authority Bonds and notes | 0.20% | |
| City of Madison WI Bonds and notes | 0.20% | |
| State of Georgia Bonds and notes | 0.19% | |
| State of Maryland Bonds and notes | 0.19% | |
| State of Maryland Department of Transportation Bonds and notes | 0.19% | |
| State of Ohio Bonds and notes | 0.18% | |
| State of California Bonds and notes | 0.18% | |
| Richmond County Board of Education Bonds and notes | 0.18% | |
| Alameda County Joint Powers Authority Bonds and notes | 0.18% | |
| City of New York NY Bonds and notes | 0.17% |
By country
United States 99.17%By issuer
Municipalities 99.13%Companies 0.05%The bonds mature in 15.1 years on average (weighted by size), with an average coupon of 4.67%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $54.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.04%, +0.37%, +0.72%.
How it works
TFI is run by SSGA Funds Management, State Street's adviser, with Nuveen Asset Management as sub-adviser. Its prospectus filed October 26, 2026 calls it the State Street SPDR Nuveen ICE Municipal Bond ETF. It tracks the ICE 1+ Year AMT-Free Broad Municipal Index, built by ICE Data Indices. The index covers tax-exempt bonds issued by US states, territories, cities and agencies. These include general obligation bonds, backed by the issuer's full faith and credit, and revenue bonds, repaid from a specific source such as water fees or tolls. It also includes pre-refunded bonds, insured bonds and lease obligations.
To qualify, a bond needs an average rating of Baa3/BBB- or higher, a fixed coupon, at least one year left to maturity and a minimum size of $5 million to $10 million. It must also be free of the alternative minimum tax (AMT), a parallel federal tax that can make some "tax-free" interest taxable. Bonds are weighted by market value, and the index is rebalanced monthly. It held 64,007 securities as of July 31, 2026.
The fund doesn't buy them all. It uses sampling, which means holding a subset chosen to match the index's risk and return. It had 1,887 holdings as of June 30, 2026. At least 80% of net assets must be in index securities, and at least 80% in federally tax-exempt investments. Portfolio turnover was 38%. The average maturity was 15.1 years, so prices react noticeably when interest rates move.
What it really costs
- TFI charges 0.23% a year, versus an average of 0.23% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $24 in the first year and $293 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TFI | $24 | $74 | $130 | $293 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly interest that is generally exempt from federal income tax, drawn from a broad mix of investment-grade municipal bonds.
TFI paid $1.61 a share in monthly installments over the 12 months to October 27, 2026, a 3.66% yield. The tax break matters most in a taxable account. In an IRA or 401(k) it is largely wasted. The fund held up better than stocks in crises but still fell. It dropped 15.1% in autumn 2008 and 15.5% in March 2020, recovering within about three to four months each time. The 2022 rate shock hit harder: a 14% drop that took 40.8 months to recover, until February 23, 2026. Its worst calendar year was 2022, at -10.19%. Anyone selling shares to cover spending in a year like that would lock in losses.
Costs are 0.23% a year, or $293 over 10 years on $10,000 in the SEC's standard example. That is more than VTEB or MUB charge. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Higher-bracket investors holding bonds in taxable accounts who want monthly income generally free of federal income tax.
- Investors wanting wide muni diversification: 1,887 holdings as of June 30, 2026, with the 10 largest totaling just 2.02% of assets.
- Income seekers who accept long-bond rate risk, given an average maturity of 15.1 years as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: VTEB (0.03%) and MUB (0.05%) hold broad national muni portfolios for far less than TFI's 0.23% expense ratio.
- Savers investing mainly through IRAs or 401(k)s, where tax-exempt interest adds no benefit and muni yields may trail taxable bonds.
- Anyone who may need the money soon and can't wait out long slumps: after its 14% drop in 2022, TFI took 40.8 months to recover.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TFI this fund | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
| BAB Invesco Taxable Municipal Bond ETF | 14.5 yrs | 0.28% | $900.7M | -2.4% | +5.8% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
| MUNI PIMCO Intermediate Municipal Bond Active Ex… | 15.3 yrs | 0.35% | $3.09B | +0.2% | +4.7% |
| CMF iShares California Muni Bond ETF | 12.4 yrs | 0.08% | $4.63B | -0.6% | +3.8% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
Questions investors ask
Is TFI good for retirement income?
It can provide steady, tax-advantaged income, though it fits some situations better than others. TFI pays monthly and yielded 3.66% over the 12 months to October 27, 2026. Its interest is generally exempt from federal income tax, which helps most in a taxable account. Prices still move with interest rates. The fund lost 10.19% in 2022, and its average annual return over the five years to December 31, 2025 was -0.29%.
What's the difference between TFI and VTEB?
Mainly cost and size. Both hold broad national portfolios of municipal bonds with similar average maturities: 15.1 years for TFI and 14.5 years for VTEB, according to their N-PORT filings. VTEB charges 0.03% a year against TFI's 0.23%. It is also far larger, with about $48.5 billion in net assets versus roughly $3.1 billion. Over three years, VTEB returned 4.2% a year (as of October 29, 2026) and TFI 3.9% (as of October 27, 2026).
Does TFI pay monthly dividends?
Yes. TFI makes monthly distributions. Over the 12 months to October 27, 2026, it paid $1.61 per share, a trailing yield of 3.66%. Because it holds municipal bonds, most of that income is generally exempt from federal income tax. The prospectus warns this isn't guaranteed. Payments can also shrink if interest rates fall and issuers call (repay early) their bonds, forcing the fund to reinvest at lower rates.
Is TFI tax free?
Partly. The fund aims for income exempt from federal income tax, and its index excludes bonds subject to the alternative minimum tax. But the prospectus says there's no guarantee, since a bond can later be ruled taxable, even retroactively. Interest from other states' bonds is often subject to state income tax. Selling shares at a profit can trigger capital gains tax. Changes in federal tax rates could also make munis less appealing and push prices down.
Why did TFI lose money in 2022?
Interest rates rose sharply. Bond prices move opposite to rates, and TFI's long average maturity of 15.1 years (as of June 30, 2026) makes it sensitive to them. The fund returned -10.19% in 2022, its weakest calendar year, and lost 7.11% in the first quarter alone. From January 3 to September 29, 2022, it fell 14%. It didn't fully recover until February 23, 2026.