TFIvsBSMZETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) and Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TFI is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.18% for BSMZ. TFI is down -3.04% year-to-date (YTD) with -$855K in YTD flows. BSMZ performs worse with -3.61% YTD performance, and +$43M in YTD flows. Run a side-by-side ETF comparison of TFI and BSMZ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TFI vs BSMZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI BSMZ | -3.31%-3.64% | -4.42%-5.30% | -3.04%-3.61% | -1.80%-1.61% | +7.78%n/a | -4.66%n/a |
| Flows | TFI BSMZ | -$136M+$12M | -$100M+$17M | -$855K+$43M | -$281M+$63M | -$667M- | -$287M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI BSMZ | +3.61%+4.16% | +2.69%+3.24% | +4.03%n/a | +4.04%n/a |
| Max drawdown | TFI BSMZ | -4.83%-5.90% | -4.98%-5.90% | -6.06%n/a | -14.88%n/a |
| Max drawdown duration | TFI BSMZ | 79d79d | 206d79d | 277dn/a | 1513dn/a |
Trading data
TFI | BSMZ | |
Last sale 9/24/2026 at 1:30 PM | $43.06 | $23.73 |
| Previous close 09/23/2026 | $43.26 | $23.90 |
| Consolidated volume 09/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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TFI | BSMZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/24/2026 at 1:30 PM
Live
Closed
TFI | BSMZ | |
|---|---|---|
| Last price | $43.06 | $23.73 |
| 1D performance | -0.46% | -0.74% |
| AuM | $2.85 B | $64.30 M |
| E/R | 0.23% | 0.18% |
Characteristics
TFI | BSMZ | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | Invesco |
| Benchmark | ICE 1+ Year AMT‑Free Broad Municipal Index | Invesco BulletShares Municipal Bond 2035 Index |
| N° of holdings | 818 | 417 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | September 17, 2025 |
| ESG | No | No |
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Exposure
Countries
TFI
USA
42.65%
Other
57.35%
BSMZ
USA
41.76%
Other
58.24%
Sectors
TFI
Municipal
42.65%
Other
57.35%
BSMZ
Municipal
41.76%
Other
58.24%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.89%
BSMZ
Total weight of top 15 holdings out of 15
7.75%
Top 15 holdings
Data as of July 31, 2026
TFI
California, 5% 1nov2027, USD
0.23%
City of New York, 5% 1aug2033, USD (2018)
0.21%
US91412HWK57
0.20%
US55844RWX87
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US64972GE598
0.19%
US373385LV30
0.19%
US574204S201
0.19%
US574193VL92
0.19%
US764581KP80
0.18%
California, 5% 1nov2032, USD
0.18%
US677523KE13
0.18%
US010831EC55
0.18%
City of New York, 5% 1aug2029, USD
0.17%
BSMZ
New York Liberty Development Corp., 5.25% 1oct2035, USD (2005)
0.84%
New York Thruway Authority, 5% 15mar2055, USD (2025B)
0.55%
Massachusetts School Building Authority, 5% 15feb2055, USD (2025)
0.55%
California, 5% 1aug2043, USD
0.53%
Chicago O'Hare International Airport, 5.25% 1jan2061, USD (2026A)
0.53%
City of New York, 5.25% 1feb2050, USD (2025)
0.53%
Minnesota, 5% 1aug2037, USD (2025A)
0.52%
US60637AYQ92
0.51%
US662903J879
0.50%
California Infrastructure and Economic Development Bank, 5.25% 15may2059, USD (2025)
0.48%
US803301DZ09
0.47%
California, 5% 1mar2055, USD
0.46%
Omaha Public Facilities Corp., 5% 15apr2050, USD (2025C)
0.46%
New York Transitional Finance Authority, 5.5% 1may2050, USD (2026)
0.43%
Texas Water Development Board, 5% 15oct2042, USD (2025)
0.42%
Frequently asked questions about TFI and BSMZ
How have the TFI and BSMZ ETFs performed in 2026?
As of September 23, 2026, TFI is down -3.04% year-to-date (YTD), while BSMZ has lost -3.61%. That puts TFI better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or BSMZ?
Year-to-date, the TFI ETF saw -$855K in flows, compared to +$43M for BSMZ.
Which ETF is more volatile: TFI or BSMZ?
Over the past year, TFI had a volatility of 2.69%, while BSMZ experienced 3.24%.
Which ETF is bigger: TFI or BSMZ?
As of September 23, 2026, TFI holds $2.85 B in assets under management (AUM), while BSMZ manages $64.30 M.
What sectors do the TFI and BSMZ ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, BSMZ focuses on Municipal.
What are the top holdings of the TFI ETF and BSMZ ETF?
TFI top holdings include California, 5% 1nov2027, USD, City of New York, 5% 1aug2033, USD (2018) and US91412HWK57. BSMZ holds in its top three: New York Liberty Development Corp., 5.25% 1oct2035, USD (2005), New York Thruway Authority, 5% 15mar2055, USD (2025B) and Massachusetts School Building Authority, 5% 15feb2055, USD (2025).
Which ETF is more diversified: TFI or BSMZ?
TFI holds 1904 securities with 2.89% of its assets in the top 15. BSMZ has 1381 securities and a top 15 weight of 7.75%.
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