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State Street SPDR Nuveen ICE Municipal Bond ETF
TFI

308 hedge funds and large institutions have $2.82B invested in State Street SPDR Nuveen ICE Municipal Bond ETF in 2025 Q1 according to their latest regulatory filings, with 28 funds opening new positions, 100 increasing their positions, 115 reducing their positions, and 41 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more funds holding in top 10

Funds holding in top 10: 2 → 3 (+1)

2.62% less ownership

Funds ownership: 87.34% → 84.72% (-2.6%)

5% less funds holding

Funds holding: 323 → 308 (-15)

12% less capital invested

Capital invested by funds: $3.23B → $2.82B (-$402M)

13% less repeat investments, than reductions

Existing positions increased: 100 | Existing positions reduced: 115

32% less first-time investments, than exits

New positions opened: 28 | Existing positions closed: 41

Holders
308
Holders Change
-15
Holders Change %
-4.64%
% of All Funds
4.13%
Holding in Top 10
3
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+50%
% of All Funds
0.04%
New
28
Increased
100
Reduced
115
Closed
41
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$264M
2
Betterment LLC
Betterment LLC
New York
+$95.5M
3
Bank of Montreal
Bank of Montreal
Ontario, Canada
+$24.5M
4
EC
Elequin Capital
New York
+$15.8M
5
APW
Austin Private Wealth
Texas
+$14.5M

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$443M
2
Bank of America
Bank of America
North Carolina
-$266M
3
CCWA
CLA (CliftonLarsonAllen) Wealth Advisors
Minnesota
-$61.4M
4
Envestnet Portfolio Solutions
Envestnet Portfolio Solutions
Illinois
-$9.11M
5
Fisher Asset Management
Fisher Asset Management
Washington
-$7.43M
Name Holding Trade Value Shares
Change 		Change in
Stake
WPC
326
Wedmont Private Capital
Pennsylvania
– -$224K -4,933 Closed
DI
327
Diligent Investors
California
– -$215K -4,716 Closed
HDIM
328
Hanson & Doremus Investment Management
Vermont
– -$211K -4,625 Closed
KPWS
329
Kestra Private Wealth Services
Texas
– -$211K -4,625 Closed
ASN
330
Advisory Services Network
Georgia
– -$211K -4,619 Closed
FIM
331
Freedom Investment Management
Connecticut
– -$207K -4,527 Closed
HCP
332
Hardin Capital Partners
South Carolina
– -$207K -4,362 Closed
CJ
333
Caitlin John
Michigan
– -$36.5K -800 Closed
LDB
334
Lee, Danner & Bass
Tennessee
– -$35.7K -783 Closed
PA
335
Pineridge Advisors
Missouri
– -$33K -723 Closed
OC
336
Oarsman Capital
Wisconsin
– -$29.7K -650 Closed
ADL
337
Asset Dedication LLC
California
– -$26.1K -572 Closed
LC
338
Lavaca Capital
Texas
– -$16.9K -371 Closed
TAM
339
Tucker Asset Management
Colorado
– -$16.1K -352 Closed
RF
340
Roxbury Financial
New Jersey
– -$13.2K -283 Closed
WT
341
Washington Trust
Rhode Island
– -$11.7K -256 Closed
AWM
342
Avior Wealth Management
Nebraska
– -$10.2K -224 Closed
KIM
343
Kestra Investment Management
Texas
– -$4.2K -92 Closed
S
344
SignatureFD
Georgia
– -$3.18K -70 Closed
LFG
345
Larson Financial Group
Missouri
– -$2.14K -47 Closed
HI
346
Human Investing
Oregon
– -$869 -19 Closed
RDFA
347
Ritter Daniher Financial Advisory
Ohio
– -$548 -12 Closed
BNP Paribas Financial Markets
348
BNP Paribas Financial Markets
France
– -$182 -4 Closed
GBT
349
Grove Bank & Trust
Florida
– -$46 -1 Closed
AW
350
Avion Wealth
Texas
– +$137 +3 New
10 11 12 13
14

TFI Hedge Fund Activity: Q1 2025 in Review

308 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) for Q1 2025, worth a combined $2.82B — down 12% from $3.23B a quarter earlier.

Sellers outnumbered buyers: 41 funds closed out of TFI and 28 opened new positions — a net loss of 13 holders — while 115 trimmed existing stakes and 100 added.

The largest buyer was JP Morgan Chase, adding an estimated $264M. The largest seller was Morgan Stanley, cutting an estimated $443M.

  • 308 institutional investors held State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) as of Q1 2025, down from 323 in Q4 2024.
  • Funds reported $2.82B of State Street SPDR Nuveen ICE Municipal Bond ETF stock for Q1 2025, down 12% quarter-over-quarter.
  • 28 funds opened new State Street SPDR Nuveen ICE Municipal Bond ETF positions in Q1 2025 and 41 closed out, a net change of -13 holders.
  • The largest State Street SPDR Nuveen ICE Municipal Bond ETF buyer in Q1 2025 was JP Morgan Chase, an estimated $264M added.
  • The largest State Street SPDR Nuveen ICE Municipal Bond ETF seller in Q1 2025 was Morgan Stanley, an estimated $443M sold.

Based on aggregated 13F filings for Q1 2025.