TFIvsCATFETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) and American Century California Municipal Bond ETF (CATF) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TFI is less expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.25% for CATF. TFI is down -2.23% year-to-date (YTD) with +$8M in YTD flows. CATF performs better with -1.5% YTD performance, and +$32M in YTD flows. Run a side-by-side ETF comparison of TFI and CATF 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 CATF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/21/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI CATF | -2.44%-2.25% | -3.66%-3.45% | -2.23%-1.50% | -1.04%+0.01% | +7.77%n/a | -4.06%n/a |
| Flows | TFI CATF | -$136M+$10M | -$91M+$15M | +$8M+$32M | -$272M+$37M | -$685M- | -$221M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI CATF | +3.33%+3.23% | +2.58%+2.53% | +4.03%n/a | +4.03%n/a |
| Max drawdown | TFI CATF | -4.03%-3.88% | -4.18%-3.88% | -6.06%n/a | -14.90%n/a |
| Max drawdown duration | TFI CATF | 77d74d | 204d74d | 277dn/a | 1618dn/a |
Trading data
TFI | CATF | |
Last sale 9/22/2026 at 5:35 PM | $43.57 | $47.95 |
| Previous close 09/21/2026 | $43.59 | $48.17 |
| Consolidated volume 09/21/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 22, 2026
1-year trailing difference
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CATF
is actively managed and doesn’t replicate an indexTFI | CATF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/22/2026 at 5:35 PM
Live
Closed
TFI | CATF | |
|---|---|---|
| Last price | $43.57 | $47.95 |
| 1D performance | -0.06% | -0.46% |
| AuM | $2.88 B | $88.95 M |
| E/R | 0.23% | 0.25% |
Characteristics
TFI | CATF | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | American Century Investments |
| Benchmark | ICE 1+ Year AMT‑Free Broad Municipal Index | - |
| N° of holdings | 818 | 107 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | July 18, 2024 |
| ESG | No | No |
Exposure
Countries
TFI
USA
42.65%
Other
57.35%
CATF
USA
39.99%
Other
60.01%
Sectors
TFI
Municipal
42.65%
Other
57.35%
CATF
Municipal
39.99%
Other
60.01%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.89%
CATF
Total weight of top 15 holdings out of 15
12.56%
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%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US55844RWX87
0.20%
US91412HWK57
0.20%
US64972GE598
0.19%
US574204S201
0.19%
US373385LV30
0.19%
US574193VL92
0.19%
US677523KE13
0.18%
US010831EC55
0.18%
US764581KP80
0.18%
California, 5% 1nov2032, USD
0.18%
City of New York, 5% 1aug2029, USD
0.17%
CATF
California, 3.5% 1dec2030, USD
1.46%
Riverside Transportation Commission, 4% 1jun2046, USD
0.95%
California, 4% 1sep2043, USD
0.90%
US684133KT71
0.90%
US13032UN611
0.88%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.85%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.84%
California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C)
0.79%
US13048VV394
0.75%
US13032UX453
0.73%
California Community Choice Financing Authority, 5% 1aug2055, USD (2024C)
0.73%
Desert Community College District, 5% 1aug2051, USD (2016)
0.71%
US544647JV34
0.69%
California Public Works Board, 5% 1sep2033, USD (2024)
0.69%
California Community Choice Financing Authority, 5% 1oct2034, USD (2026G)
0.69%
Frequently asked questions about TFI and CATF
How have the TFI and CATF ETFs performed in 2026?
As of September 21, 2026, TFI is down -2.23% year-to-date (YTD), while CATF has lost -1.5%. That puts CATF better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or CATF?
Year-to-date, the TFI ETF saw +$8M in flows, compared to +$32M for CATF.
Which ETF is more volatile: TFI or CATF?
Over the past year, TFI had a volatility of 2.58%, while CATF experienced 2.53%.
Which ETF is bigger: TFI or CATF?
As of September 21, 2026, TFI holds $2.88 B in assets under management (AUM), while CATF manages $88.95 M.
What sectors do the TFI and CATF ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, CATF focuses on Municipal.
What are the top holdings of the TFI ETF and CATF ETF?
TFI top holdings include California, 5% 1nov2027, USD, City of New York, 5% 1aug2033, USD (2018) and State of Washington, 5% 1feb2028, USD (2024A). CATF holds in its top three: California, 3.5% 1dec2030, USD, Riverside Transportation Commission, 4% 1jun2046, USD and California, 4% 1sep2043, USD.
Which ETF is more diversified: TFI or CATF?
TFI holds 1904 securities with 2.89% of its assets in the top 15. CATF has 303 securities and a top 15 weight of 12.56%.
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