T. Rowe Price Intermediate Municipal Income ETF
$49.04−0.26 (−0.53%)
- Expense ratio
- 0.24%
- Fund size
- $207M
- 1Y return
- +0.3%
- Yield · Last 12 months
- 3.80%
- Volume · 30D
- 0M sh
- NAV per share
- $49.26
- 52W range
The ETF.net TAXE Grade
Score 68 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 79Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 96Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 56Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 29Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 58Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 46Category rank
Our read on TAXE
BMost muni ETFs just buy the index. TAXE is T. Rowe Price's hand-picked version: roughly 200 intermediate municipal bonds chosen for federally tax-free income with moderate price movement, at 0.24% a year.
The fund seeks the highest level of income exempt from federal income taxes while maintaining moderate price fluctuation.
Why people hold it
- At 0.24% a year it undercuts the typical muni ETF fee, unusual for a fund with a manager actually picking the bonds.
- No index to copy. The mandate is plain: the highest federally tax-exempt income the managers can find while keeping price swings moderate.
- The portfolio has stayed tightly aligned with that stated job, one of the stronger implementations among muni ETFs.
- Pays monthly, spreading interest from about 200 intermediate munis across the calendar rather than in quarterly lumps.
Worth knowing
- Cheap for active, still pricier than the index giants: VTEB and SCMB run at 0.03%. The gap is what you pay for human bond selection.
- Trades lightly next to the largest muni ETFs, so bid-ask spreads can be wider, particularly on bigger orders.
- Launched in 2024, so the track record is short and has not yet spanned a full interest-rate cycle.
TAXE Holdings
- Bonds
- —
- 9%
- PHILADELPHIA PA AUTH FOR INDL PHIMED 07/54 ADJUSTABLE VAR
Sectors
- Municipal99.9%
- Corporate0.1%
TAXE Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TAXE |
|---|---|
| Year to date | −1.1% |
| 1 month | −2.1% |
| 3 months | −3.1% |
| 1 year | +0.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TAXE |
|---|---|---|
| 2026 YTD | −1.1% | |
| 2025 | +5.8% | |
| 2024 | +1.5% |
TAXE in the news
ETF.net Research hasn’t filed on TAXE yet — coverage lands here as it’s written.
TAXE Dividends
- 3.80%
- $1.87
- $0.16 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 26, 2026 | Aug 28, 2026 | $0.16 |
| Jul 28, 2026 | Jul 30, 2026 | $0.15 |
| Jun 25, 2026 | Jun 29, 2026 | $0.16 |
| May 26, 2026 | May 28, 2026 | $0.16 |
| Apr 27, 2026 | Apr 29, 2026 | $0.16 |
| Mar 26, 2026 | Mar 30, 2026 | $0.15 |
| Feb 24, 2026 | Feb 26, 2026 | $0.16 |
| Jan 27, 2026 | Jan 29, 2026 | $0.15 |
| Dec 23, 2025 | Dec 26, 2025 | $0.16 |
| Nov 24, 2025 | Nov 26, 2025 | $0.15 |
| Oct 28, 2025 | Oct 30, 2025 | $0.15 |
| Sep 25, 2025 | Sep 29, 2025 | $0.15 |
TAXE Risk
- 3.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.20
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −3.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAXE Cost
- The middle half of Intermediate Municipal Bonds funds
- Median 0.35%
3 of the 19 Intermediate Municipal Bonds funds charge less.