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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.83

$218 M

2.98%

$0.29

0.44%

Vitals

YTD Return

-0.3%

1 yr return

3.1%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

0.9%

Net Assets

$218 M

Holdings in Top 10

12.9%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.83

$218 M

2.98%

$0.29

0.44%

TIXHX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.97%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund
  • Fund Family Name
    TIAA-CREF FUNDS COMPLEX
  • Inception Date
    Dec 04, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joel Levy

Fund Description

Under normal circumstances, the Fund invests at least 80% of its assets in tax-exempt bonds, a type of municipal security, the interest on which, in the opinion of the issuer’s bond counsel at the time of issuance, is exempt from federal income tax, including federal alternative minimum tax (“AMT”). The Fund will generally invest in tax-exempt bonds that have a final maturity of between five and fifteen years. In pursuing its investment objective, the Fund seeks to weight investment in tax-exempt bonds such that at the time of investment in a particular bond at least 5% and not more than 15% of the Fund’s net assets (calculated based on the face (par) value of each tax-exempt bond) is invested in tax-exempt bonds with a final maturity in each year within the five- to fifteen-year maturity range. When a municipal security has a final maturity of less than five years, the Fund normally intends to sell that security within a year and reinvest the proceeds in securities with maturities in the five- to fifteen-year range. The Fund’s portfolio is “laddered” by investing in municipal obligations with different final maturities so that some obligations age out of the five- to fifteen-year maturity range during each year. The Fund may invest up to 20% of its assets in securities rated below investment-grade, or unrated securities of comparable quality, which are usually called “high-yield” or “junk bonds.” Securities of non-investment-grade quality are speculative in nature.

The Fund may also invest in other municipal securities including bonds, notes, commercial paper and other instruments (including participation interests in such securities) issued by or on behalf of the states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel for the issuers at the time of issuance, is exempt from regular federal income tax (i.e., excludable from gross income for individuals for federal income tax purposes but not necessarily exempt from AMT). Some of these securities may also be exempt from certain state and local income taxes. The Fund generally defines final maturity as (i) the stated final maturity of a bond, whether or not callable; (ii) the first call date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set date of a municipal floating-rate bond or obligation. All municipal obligations maturing within a calendar year will be defined as having the same final maturity. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Municipal securities are often issued to raise funds for various public purposes, including the construction of a wide range of public facilities such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities such as water and sewer works.

The Fund does not have a specific target for its average portfolio duration. As of May 31, 2023, the duration of the Fund’s benchmark index, the Bloomberg 10-Year Municipal Bond Index, was 5.04 years.

The Fund may invest up to 20% of its assets in private activity bonds. Private activity bonds are tax-exempt bonds whose proceeds are used to finance private, for-profit organizations. The interest on these securities (including the Fund’s distribution of that interest) may be a preference item for purposes of the AMT. The AMT is a special tax system that ensures that individuals and certain corporations pay at least some federal taxes. Income from securities that are a preference item is included in the computation of the AMT.

The Fund can also invest in other municipal securities, including certificates of participation, municipal leases, municipal obligation components and municipal custody receipts. In addition, the Fund can invest in municipal bonds secured by mortgages on single-family homes and multi-family projects. The Fund’s investments in these securities are subject to prepayment and extension risk. All of the Fund’s assets are dollar-denominated securities.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies.

The Fund pursues superior returns using historical yield spread and credit analysis to identify and invest in undervalued market sectors and individual securities. The Fund usually sells investments that Teachers Advisors, LLC (“Advisors”) believes to be overvalued on a relative basis.

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TIXHX - Performance

Return Ranking - Trailing

Period TIXHX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 73.90%
1 Yr 3.1% -3.0% 38.5% 54.82%
3 Yr -0.9%* -10.3% 3.3% 58.69%
5 Yr 0.9%* -5.7% 1102.9% 50.48%
10 Yr N/A* -0.2% 248.3% 61.33%

* Annualized

Return Ranking - Calendar

Period TIXHX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -1.4% 41.0% 22.99%
2022 -11.4% -39.7% 0.3% 49.34%
2021 -1.4% -5.6% 6.9% 88.10%
2020 1.6% -2.6% 310.0% 56.52%
2019 5.0% 0.0% 26.0% 14.63%

Total Return Ranking - Trailing

Period TIXHX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 73.90%
1 Yr 3.1% -3.0% 38.5% 54.82%
3 Yr -0.9%* -10.3% 3.3% 58.69%
5 Yr 0.9%* -5.7% 1102.9% 50.48%
10 Yr N/A* -0.2% 248.3% 57.34%

* Annualized

Total Return Ranking - Calendar

Period TIXHX Return Category Return Low Category Return High Rank in Category (%)
2023 6.2% -1.3% 41.0% 36.27%
2022 -9.1% -39.7% 1.1% 47.63%
2021 1.5% -4.8% 23761504.0% 51.79%
2020 4.4% -1.5% 17057.9% 30.29%
2019 7.0% 0.2% 3514.6% 35.99%

NAV & Total Return History


TIXHX - Holdings

Concentration Analysis

TIXHX Category Low Category High TIXHX % Rank
Net Assets 218 M 3.48 M 68.1 B 66.92%
Number of Holdings 249 2 12848 46.78%
Net Assets in Top 10 29.3 M -317 M 3.4 B 78.35%
Weighting of Top 10 12.90% 1.9% 100.4% 73.63%

Top 10 Holdings

  1. City of Chicago IL 1.57%
  2. New Jersey Transportation Trust Fund Authority 1.45%
  3. Escambia County Health Facilities Authority 1.41%
  4. Fixed Income Clearing Corp (FICC) 1.27%
  5. New Jersey Transportation Trust Fund Authority 1.26%
  6. Sales Tax Securitization Corp 1.23%
  7. New Jersey Economic Development Authority 1.22%
  8. Texas Private Activity Bond Surface Transportation Corp 1.19%
  9. State of Mississippi Gaming Tax Revenue 1.18%
  10. Virgin Islands Public Finance Authority 1.12%

Asset Allocation

Weighting Return Low Return High TIXHX % Rank
Bonds
97.89% 0.00% 150.86% 65.04%
Other
1.27% -8.54% 33.35% 2.45%
Cash
0.84% -50.86% 50.09% 64.82%
Stocks
0.00% 0.00% 99.80% 91.63%
Preferred Stocks
0.00% 0.00% 0.52% 69.59%
Convertible Bonds
0.00% 0.00% 0.93% 69.53%

Bond Sector Breakdown

Weighting Return Low Return High TIXHX % Rank
Municipal
99.25% 44.39% 100.00% 34.93%
Cash & Equivalents
0.10% 0.00% 48.02% 50.19%
Derivative
0.00% -8.54% 23.38% 66.37%
Securitized
0.00% 0.00% 5.93% 70.18%
Corporate
0.00% 0.00% 9.41% 73.61%
Government
0.00% 0.00% 52.02% 71.67%

Bond Geographic Breakdown

Weighting Return Low Return High TIXHX % Rank
US
97.89% 0.00% 142.23% 62.37%
Non US
0.00% 0.00% 23.89% 92.59%

TIXHX - Expenses

Operational Fees

TIXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.44% 0.01% 20.65% 88.90%
Management Fee 0.25% 0.00% 1.20% 11.20%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

TIXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

TIXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TIXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 283.00% 18.43%

TIXHX - Distributions

Dividend Yield Analysis

TIXHX Category Low Category High TIXHX % Rank
Dividend Yield 2.98% 0.00% 14.36% 62.46%

Dividend Distribution Analysis

TIXHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

TIXHX Category Low Category High TIXHX % Rank
Net Income Ratio 1.97% -0.53% 5.33% 48.92%

Capital Gain Distribution Analysis

TIXHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

TIXHX - Fund Manager Analysis

Managers

Joel Levy


Start Date

Tenure

Tenure Rank

Jul 31, 2015

6.84

6.8%

Teachers Advisors, Inc., TCIM and other advisory affiliates of TIAA—2011 to Present (municipal bond research), Bank of America—2010 to 2011 (credit research)

Timothy Ryan


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Timothy T. Ryan, CFA, is a Managing Director and Portfolio Manager at Nuveen Asset Management. Mr. Ryan joined an affiliate of Nuveen Asset Management in 2010. Prior to joining Nuveen Asset Management, Mr. Ryan was a principal of SSGA FM and a Vice President of SSGA and responsible for managing the series of the Trust that invest primarily in municipal securities. Prior to joining SSGA, Mr. Ryan was a lead portfolio manager in the municipal bond group at Deutsche Bank Asset Management, formally Scudder Insurance Asset Management. His clients included nuclear decommissioning trusts, insurance portfolios and corporate cash. Mr. Ryan began working at Deutsche Bank in 1991 as a municipal bond analyst covering high yield, transportation, higher education, general obligation, and money market sectors. He joined Deutsche Bank with 8 years of experience as vice president and investment banker at Mesirow Financial and vice president and financial consultant at Speer Financial. Mr. Ryan has a BS from University of Wisconsin and a Master of Management from JL Kellogg Graduate School of Management Northwestern University. Mr. Ryan has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58