State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) Fund Overview
Educational signal · not a buy or sell recommendation · How to read this
Beta 1.10: the stock has moved about 10% more than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 18, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerState Street SPDR Nuveen ICE Municipal Bond ETF (TFI) trades at $42.72. State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is an exchange-traded fund that tracks the performance of the ICE 1+ Year AMT-Free Broad Municipal Index. Sector: Financials.
Price as of · Last analyzed: Mar 18, 2026Analyst Coverage for TFI: TFI does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage.
State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) Financial Services Profile
State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) offers investors exposure to the short-term municipal bond market, tracking the ICE 1+ Year AMT-Free Broad Municipal Index. With a focus on investment-grade, tax-exempt securities, TFI provides a liquid and diversified option within the asset management sector, targeting income-seeking investors.
What Is the Investment Thesis for TFI?
TFI presents a compelling option for investors seeking tax-exempt income and diversification within the short-term municipal bond market. With a market cap of $3.07 billion and a beta of 1.10, TFI offers exposure to a broad range of municipal bonds with maturities of one year or greater. The fund's objective to replicate the ICE 1+ Year AMT-Free Broad Municipal Index provides transparency and predictability. Upcoming catalysts include potential increases in demand for municipal bonds due to changes in tax laws or increased infrastructure spending. However, potential risks include interest rate fluctuations, which could impact the value of the fund's holdings, and credit risk associated with the underlying municipal bonds. TFI's expense ratio and tracking error relative to its benchmark will be key factors in determining its long-term performance.
Based on FMP financials and quantitative analysis
TFI Key Highlights
Market Cap: $3.07B indicates the fund's size and liquidity.
- Beta: 1.10 suggests that the fund's price is more volatile than the overall market.
- The fund tracks the ICE 1+ Year AMT-Free Broad Municipal Index, providing exposure to short-term municipal bonds.
- TFI offers potential tax-exempt income, which can be attractive to investors in high tax brackets.
- Managed by State Street Global Advisors, a well-established asset manager.
Who Are TFI's Competitors?
TFI is benchmarked below against 5 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| CMF iShares California Muni Bond ETF | $54.14 | +0.20% | $4.37B | — |
| DEM WisdomTree Emerging Markets High Dividend Fund | $55.87 | +0.81% | $4.04B | — |
| HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | $23.37 | +0.82% | $2.92B | — |
| IBDR iShares iBonds Dec 2026 Term Corporate ETF | $24.17 | -0.00% | $3.50B | — |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | $24.06 | +0.04% | $3.78B | — |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are TFI's Key Strengths?
Low expense ratio
- Diversified portfolio of municipal bonds
- Intraday liquidity
- Tax-exempt income
What Are TFI's Weaknesses?
Susceptible to interest rate risk
- Tracking error relative to the index
- Credit risk associated with underlying bonds
- Limited potential for capital appreciation
What Are the Key Risks for TFI?
Interest rate fluctuations impacting the value of the fund's holdings.
- Credit risk associated with the underlying municipal bonds.
- Economic downturn affecting the ability of municipalities to repay their debts.
- Changes in tax laws reducing the attractiveness of municipal bonds.
What Threats Does TFI Face?
- Changes in tax laws
- Economic downturn
- Increased competition from other ETFs
- Credit downgrades of municipal bonds
What Are TFI's Competitive Advantages?
- Low Cost: TFI offers a relatively low expense ratio compared to actively managed municipal bond funds.
- Liquidity: As an ETF, TFI provides intraday liquidity, allowing investors to easily buy and sell shares.
- Diversification: TFI invests in a broad range of municipal bonds, reducing concentration risk.
- Brand Recognition: State Street is a well-known and respected asset manager.
What Does TFI Do?
The State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) is designed to mirror the investment results, before fees and expenses, of the ICE 1+ Year AMT-Free Broad Municipal Index. This index encompasses a wide array of municipal bonds, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, insured bonds, and municipal lease obligations. These bonds are generally investment grade and have a maturity of one year or greater. The fund's structure as an ETF provides investors with intraday liquidity and transparency, allowing them to easily buy and sell shares on the open market. TFI's investment strategy focuses on providing tax-exempt income to investors, as municipal bonds are typically exempt from federal income taxes and may also be exempt from state and local taxes, depending on the investor's location. The fund is managed by State Street Global Advisors, a large and established asset manager with significant experience in managing fixed-income investments. The index is market capitalization weighted and undergoes monthly rebalancing and reconstitution to ensure it accurately reflects the composition of the short-term municipal bond market. TFI is a popular choice for investors seeking a low-cost, diversified, and tax-efficient way to access the municipal bond market.
What Products and Services Does TFI Offer?
- Invests in a diversified portfolio of short-term municipal bonds.
- Tracks the performance of the ICE 1+ Year AMT-Free Broad Municipal Index.
- Provides investors with tax-exempt income.
- Offers intraday liquidity through its ETF structure.
- Rebalances its portfolio monthly to maintain alignment with the index.
- Seeks to minimize tracking error relative to its benchmark.
How Does TFI Make Money?
- Generates revenue through management fees charged on assets under management (AUM).
- Aims to replicate the performance of the ICE 1+ Year AMT-Free Broad Municipal Index.
- Provides a low-cost and tax-efficient way for investors to access the municipal bond market.
What Industry Does TFI Operate In?
The asset management industry, particularly the bond segment, is influenced by macroeconomic factors such as interest rates, inflation, and economic growth. The municipal bond market, in which TFI operates, is sensitive to changes in tax laws and government spending policies. The competitive landscape includes other ETF providers such as CMF, DEM, HYMB, IBDR and IBDS that offer similar municipal bond ETFs. The industry is experiencing growth due to increasing demand for fixed-income investments and tax-efficient strategies.
Who Are TFI's Key Customers?
- Individual investors seeking tax-exempt income.
- Financial advisors allocating assets on behalf of their clients.
- Institutional investors looking for short-term municipal bond exposure.
- Retirement accounts seeking tax-advantaged investments.
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price is current
- ● No filing on record
- ● No analyst coverage
- ● This is an etf, not an operating company
MoonshotScore History
Recorded daily since 2026-08-23 · 42 snapshots
| 2026-08-23 | 47 |
| 2026-08-31 | 47 |
| 2026-09-08 | 47 |
| 2026-09-16 | 47 |
| 2026-09-24 | 47 |
| 2026-10-04 | 47 |
| 2026-10-05 | 47 |
What changed?
The score has stayed at 47.
Over the same 30 days the stock moved -3.4%.
TFI Financials
Bull Case vs Bear Case
Bull Case
- Low expense ratio
- Diversified portfolio of municipal bonds
- Intraday liquidity
- Tax-exempt income
Bear Case
- Susceptible to interest rate risk
- Tracking error relative to the index
- Credit risk associated with underlying bonds
- Limited potential for capital appreciation
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
TFI Latest News
No recent news available for TFI.
TFI Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for TFI.
Price Targets
Wall Street price target analysis for TFI.
TFI MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for TFI; grades run from A+ (80-100) to F (below 30).
What Investors Ask About State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) — Financials
What are the main risks for TFI?
The main risks for TFI include interest rate risk, which can negatively impact the value of the fund's holdings as interest rates rise. Credit risk is also a concern, as the fund invests in municipal bonds that could be subject to downgrades or defaults.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
MoonshotScore is not published for this security.
Data provided for informational purposes only.
- The information provided is based on available data and may be subject to change.