TFI Fund Description

The SPDR Nuveen Barclays Municipal Bond ETF tracks a market weighted index of long term tax-exempt US bond market.

TFI ETF.com Insight

[As of 3/31/14] TFI provides exposure to the US municipal bond market at low all-in costs, but the fund takes some significant bets that haven’t fared well lately. TFI tilts towardthe fund takes on more interest-rate risk than our benchmark higher-quality securities with a weighted average credit rating of AA. However, the fund takes on more interest-rate risk as shown by longer duration than our benchmark. TFI’s lower credit risk apparently dominates higher interest-rate risk, resulting in a lower YTM relative to our benchmark. Portfolio tilts have led the fund to underperform our benchmark over the past 12 months. Still, TFI trades well, tracks its index well and charges the segment’s lowest fee. For those who find TFI’s tilts agreeable, it’s a solid offering.

1 Year

Performance [as of 03/31/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

TFI (Mkt)
0.04% 3.54% 3.54% -0.14% 5.61% 4.88% --

TFI (NAV)

-0.06% 3.28% 3.28% -0.28% 5.54% 5.13% --

Barclays Municipal Managed Money Index

-0.04% 3.28% 3.28% 0.25% 5.91% 5.45% 4.5%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TFI Top 10 Countries

TFI Top 10 Sectors

TFI Top 10 Holdings

TFI Summary Data

SSgA

A company that produces and manages ETFs.

09/11/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.23%

The net total annual fee a fund holder pays to the issuer.

$1.05 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$4.49 M

Average dollar value of shares traded over 60 calendar days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

TFI Portfolio Data

7.8

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

12.1 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

2.96%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

08/01/14

The date on which a security's price excludes an upcoming dividend.

439

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

TFI Index Data

Barclays Municipal Managed
Money Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays Municipal Bond Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to TFI

MUB, PRB, PZA

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

TFI ETF.com Efficiency Insight

[As of 3/31/14] TFI’s 23 bp expense ratio makes it one of the cheapest offering in the US municipals segment. Better yet, the fund tracks its index well so investors can actually benefit from the low fee. Assets are massive (almost $1B). Like some peers, TFI suffers from some tax inefficiency—the fund has made annual cap gains payouts in recent years. Still, it’s highly efficient overall.

Total Return

Performance [as of 03/31/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

TFI (Mkt)
0.04% 3.54% 3.54% -0.14% 5.61% 4.88% --

TFI (NAV)
-0.06% 3.28% 3.28% -0.28% 5.54% 5.13% --

Barclays Municipal Managed Money Index
-0.04% 3.28% 3.28% 0.25% 5.91% 5.45% 4.5%

Barclays Municipal Bond Index
0.17% 3.32% 3.32% 0.39% 5.79% 5.71% 4.5%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TFI Portfolio Management

0.23%

The net total annual fee a fund holder pays to the issuer.

-0.51%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.23%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.69%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

TFI Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

TFI Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

TFI ETF.com Tradability Insight

[As of 3/31/14] TFI trades well. On most days, over $5M changes hands, and spreads average 6 bps. The fund trades the equivalent of more than three creation units per day (100K shares), while its high block liquidity score means those trading in size should expect tight spreads from liquidity providers. As with other segment funds however, creates and redeems may move underlying prices.

Average Spread

Premium/Discount

Volume

TFI ETF.com/ Block LiquidityAs of 07/22/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of TFI. TFI is rated a 5 out of 5.

TFI Tradability

189,899

The average number of shares traded during a 60 day period.

$4.49 M

Average dollar value of shares traded over 60 calendar days.

188,388

Median number of shares traded over the past 45 trading days.

$4.44 M

Median dollar value of shares traded over the past 45 trading days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

-0.29%

The middle value in the ranked set of all premium/discount values over a 12-month period.

0.19% / -1.86%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

99.92%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

1.88

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

24

The total number of net outstanding options contracts for an ETF.

--

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

TFI ETF.com Fit Insight

[As of 3/31/14] TFI makes some significant bets relative to our broad market benchmark. The fund loads up on higher-quality bonds with 99% in securities rated AA or better versus 60% in the benchmark, pushing its weighted average credit rating higher. The fund tilts slightly toward the longer end of the curve, increasing its duration, but its yield to maturity trails our benchmark. The fund also lays off a bit on California issues, with a bias toward New York municipals. In all, TFI takes less credit risk and more interest-rate risk, but has lagged our benchmark on a risk-adjusted basis.

TFI Top 5 Countries

15.50% 21.26%
17.26% 13.50%
8.36% 8.57%
4.15% 4.42%
1.27% 4.00%

TFI Top 5 Currencies

100.00% 100.00%
100.00% 100.00%

TFI Performance Statistics

0.99

The degree to which the fund and its segment benchmark move up and down in unison.

1.18

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.19

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.18

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.04%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

TFI Holdings Statistics

TFI Segment Benchmark
12.84 12.14

The weighted average of remaining time until maturity for all securities in the portfolio.

7.18 7.79

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

0.20 0.11

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

2.86 3.29

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

3.39% 2.96%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

6.81 7.42

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

45,717 439

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

A+ AA+

Market–value–weighted average credit quality of the portfolio.

TFI Maturity Distribution

0.12% 0.49%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

11.45% 8.18%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

9.47% 10.38%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

9.02% 10.31%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

12.88% 17.68%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

57.06% 52.97%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

TFI Credit Breakdown

10.52% 17.41%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

50.15% 81.43%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

31.20% 1.06%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

7.73% 0.00%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

0.19% 0.00%

Percent of portfolio's exposure to BB rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to B rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).