TFI's largest holdings are California (State of), City of New York NY, New York City Municipal Water Finance Authority, University of California, State of Washington. The full top list is on this page.

How concentrated is TFI?

The top 10 holdings are 2.0% of the fund, across 1,889 positions.

The total expense ratio on record is 0.23%. That is cheaper than 57% of the 864 US-listed bond funds we track.

US-listed

TFI

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. municipal bond market and provides income that is exempt from federal inco

State Street(R) SPDR Nuveen ICE Municipal Bond ETF

State Street (SPDR)

1,889 holdings as of 2026-06-30 · top 10 = 2.0% · TER 0.23%

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Concentration

Well diversifiedtop 10 = 2.0%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,889

as of 2026-06-30

Top 10

2.0%

TER

0.23%

cheaper than 57% of peers

Net assets

US$3.03B

reported in USD

Largest

0.2%

P / E

–

Sections

Holdings as of 2026-06-30.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

3.2%

Tracked index

ICE 1+ Year AMT-Free Broad Municipal Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-03

-1.6%

-3.1%

-3.9%

YTD

-3.3%

-0.9%

03Holdings

50 largest · as of 2026-06-30

#	Company	Identifier	Weight
1	California (State of) US	US13063DZ921	0.2
2	City of New York NY US	US64966QMF45	0.2
3	New York City Municipal Water Finance Authority US	US64972GE598	0.2
4	University of California US	US91412HWK57	0.2
5	State of Washington US	US93974EP269	0.2
6	Triborough Bridge & Tunnel Authority (Green Bonds) US	US89602HFS13	0.2
7	City of Madison WI US	US55844RWX87	0.2
8	Georgia (State of) (Bidding Group 3) US	US373385LV30	0.2
9	MARYLAND ST US	US574193VL92	0.2
10	State of Maryland Department of Transportation US	US574204S201	0.2
11	State of Ohio US	US677523KE13	0.2
12	State of California US	US13063D2E75	0.2
13	Richmond (County of), GA Board of Education US	US764581KP80	0.2
14	Alameda County Joint Powers Authority US	US010831EC55	0.2
15	New York (City of), NY US	US64966QYM67	0.2
16	California Community Choice Financing Authority US	CCEDEV	0.2
17	Triborough Bridge & Tunnel Authority US	US89602HJY45	0.2
18	Connecticut (State of) US	US207758N749	0.2
19	State of California US	US13063D2D92	0.2
20	California State Public Works Board US	US13068XJP50	0.2
21	State of Minnesota US	US60412AYT41	0.2
22	New York (City of), NY US	US64966QM311	0.2
23	University of California US	US91412HVQ37	0.2
24	State of Illinois US	US452152B916	0.2
25	Connecticut State Health & Educational Facilities Authority US	US20775DXK35	0.2
26	Empire State Development Corp US	US64985TCM18	0.2
27	Los Angeles Community College District US	US54438CXR86	0.2
28	State of California US	CAS	0.2
29	New York City Transitional Finance Authority Building Aid US	US64972LBD47	0.2
30	NEW YORK ST THRUWAY AUTH GEN R US	US650010CJ80	0.2
31	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JTS77	0.2
32	BAY AREA CA TOLL AUTH TOLL BRI US	US072024C261	0.1
33	CALIFORNIA CMNTY CHOICE FING A US	US13013JBJ43	0.1
34	State of California US	CAS	0.1
35	UNIVERSITY OF CALIFORNIA US	US91412HYU12	0.1
36	California (State of) US	US13063DH275	0.1
37	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JTQ12	0.1
38	New York City Municipal Water Finance Authority US	NYCUTL	0.1
39	Los Angeles Department of Water & Power US	US544532QQ06	0.1
40	Tennergy Corp/TN US	US880397BW31	0.1
41	Delaware River Joint Toll Bridge Commission US	US246343LJ43	0.1
42	Hacienda La Puente Unified School District/CA US	US40450PBT12	0.1
43	NEW YORK NY US	NYC	0.1
44	Grossmont Union High School District US	US399262NX88	0.1
45	University of California US	US91412HPX51	0.1
46	New Jersey Transportation Trust Fund Authority US	US6461365J61	0.1
47	New York City Municipal Water Finance Authority US	US64972GYG36	0.1
48	Southeast Energy Authority A Cooperative District US	US84136FAH01	0.1
49	State of Connecticut US	US20772KYY99	0.1
50	Massachusetts Clean Water Trust/The US	US575829LK03	0.1

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04Exposure

Bonds 99.8%

By country

USUnited States99.3%

GUGU0.0%

CurrencyUSD 99.3%

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