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Launched

T. Rowe Price Intermediate Municipal Income ETF

TAXENasdaqT. Rowe PriceA

$49.98−0.01 (−0.02%)

At close: Nov 2, 2026, 4:00 PM ET

A71/ 100

Rank 6 of 20 in Intermediate Municipal Bonds

A71/100Rank 6 of 20inIntermediate Municipal Bonds
Intraday session: down, 79 prints from 49.99 to 49.98. Range 49.91 to 50.08. Use the arrow keys to read each point.49.9049.9550.0510 AM12 PM2 PM4 PM
Expense ratio
0.24%
Fund size
$401M
1Y total return
+1.4%
Yield · Last 12 months
3.73%
Holdings
757
Avg volume · 30D
95.6K sh
52W range
low $48.04high $52.03
Launched

The ETF.net TAXE Grade

A

Score 71 out of 100

Category
Intermediate Municipal Bonds⁠
Rank
6 of 20
Six-pillar profile for TAXE. Scores out of 100: Cost 79, Risk 51, Mission 100, Tradability 43, Holdings 65, Durability 51. Strongest: Mission (100). Weakest: Tradability (43). Leans toward Mission.

Score 71 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A79 out of 100
    Rank 5 of 20

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 19

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 12 of 20

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C43 out of 100
    Rank 14 of 20

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B65 out of 100
    Rank 8 of 20

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C51 out of 100
    Rank 9 of 20

Our read on TAXE

ETF.net Research

In short

AMost 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.

Stated mandate

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

Holdings pillarB65 out of 100Rank 8 of 20 in Intermediate Municipal Bonds
Asset class
Bonds
Holdings
757
Top-10 weight
11%
Largest holding
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3292.0%

Sectors

  • Municipal98.1%
  • Corporate1.9%

Geography

  • United States94.71%
  • Puerto Rico5.29%
The fund’s holdings, weight-ordered — page 1 of 51.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataPuerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3292.03%8,569,000$8.19M2
2No dataBlack Belt Energy Gas Dist Al Bbeutl 06/51 Adjustable Var1.46%5,935,000$5.88M2
3No dataCash/Cash equivalent USD1.03%0$4.17M30
4No dataColorado St Hlth Facs Auth Rev Cosmed 12/52 Adjustable Var1.02%4,100,000$4.1M1
5No dataUniv Hosps Clinics Auth Wi Unvmed 04/48 Adjustable Var1.02%4,100,000$4.1M1
6No dataBurleson Tx Indep Sch Dist Brlscd 08/40 Fixed 40.93%4,000,000$3.77M1
7No dataSoutheast Energy Auth Al Commo Seepwr 12/51 Adjustable Var0.87%3,585,000$3.52M1
8No dataSalt Lake City Ut Arpt Revenue Salapt 07/34 Fixed 50.84%3,325,000$3.38M1
9No dataMichigan St Hosp Fin Auth Mismed 08/55 Adjustable Var0.72%2,700,000$2.89M1
10No dataMet Washington Dc Arpts Auth A Metapt 10/29 Fixed 50.71%2,760,000$2.89M1
11No dataDallas Fort Worth Tx Internati Dalapt 11/31 Fixed 50.66%2,500,000$2.66M1
12No dataBlack Belt Energy Gas Dist Al Bbeutl 07/33 Fixed 50.64%2,530,000$2.6M2
13No dataWashington St Was 06/35 Fixed 50.64%2,455,000$2.58M1
14No dataPuerto Rico Cmwlth Prc 07/27 Fixed 5.6250.64%2,550,950$2.58M3
15No dataNew York City Ny Transitional Nycgen 11/33 Fixed 50.63%2,300,000$2.53M1

Showing 1–15 of 757 holdings

TAXE Performance

Launched Jul 9, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
TAXE$10,145
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. TAXE $10,145. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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.

Trailing total return for TAXE. Periods over one year show the average yearly return.
PeriodTAXE
Year to date+0.8%
1 month+3.1%
3 months+0.2%
1 year+1.4%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TAXE
YearReturn barTAXE
2026 YTD+0.8%
2025+5.8%
2024+1.5%

History from Jul 10, 2024

TAXE in the news

TAXE Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
3.73%Last 12 months
Payout per share
$1.87Last 12 months
Last payment
$0.14 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2024–2026

One bar per payment. 28 payments from 2024 to 2026 YTD. Jul 26, 2024 $0.10; Aug 27, 2024 $0.16; Sep 25, 2024 $0.15; Oct 28, 2024 $0.16; Nov 25, 2024 $0.16; Dec 23, 2024 $0.16; Jan 28, 2025 $0.15; Feb 25, 2025 $0.15; Mar 26, 2025 $0.15; Apr 25, 2025 $0.11; May 27, 2025 $0.16; Jun 25, 2025 $0.15; Jul 28, 2025 $0.16; Aug 26, 2025 $0.12; Sep 25, 2025 $0.15; Oct 28, 2025 $0.15; Nov 24, 2025 $0.15; Dec 23, 2025 $0.16; Jan 27, 2026 $0.15; Feb 24, 2026 $0.16; Mar 26, 2026 $0.15; Apr 27, 2026 $0.16; May 26, 2026 $0.16; Jun 25, 2026 $0.16; Jul 28, 2026 $0.15; Aug 26, 2026 $0.16; Sep 25, 2026 $0.16; Oct 27, 2026 $0.14. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Oct 27, 2026Oct 29, 2026$0.14
Sep 25, 2026Sep 29, 2026$0.16
Aug 26, 2026Aug 28, 2026$0.16
Jul 28, 2026Jul 30, 2026$0.15
Jun 25, 2026Jun 29, 2026$0.16
May 26, 2026May 28, 2026$0.16
Apr 27, 2026Apr 29, 2026$0.16
Mar 26, 2026Mar 30, 2026$0.15
Feb 24, 2026Feb 26, 2026$0.16
Jan 27, 2026Jan 29, 2026$0.15
Dec 23, 2025Dec 26, 2025$0.16
Nov 24, 2025Nov 26, 2025$0.15

See all 28 payments⁠

$10,000 in TAXE 1 year ago paid $365 in dividends.⁠

TAXE Risk

Risk pillarC51 out of 100Rank 12 of 20 in Intermediate Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
4.7%
Annualised · 27 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.17
vs 3-month T-bills · 27 months to Oct 2026
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.

The largest fall from a peak to the low that followed.
−5.5%
27 months · trough Sep 2026
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.

How strongly the fund’s returns move with its asset-class index.
0.17
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TAXE Cost

Compare TAXE and TAXI

Overpaying vs TAXI, cheapest in Intermediate Municipal Bonds

$3,899

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TAXE 0.24%

    $4,959

  • TAXI 0.05% Cheapest

    $1,060

$10,000
30 years

Cost over time

  • TAXE 0.24%
  • TAXI 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530TAXE $4,959TAXI $1,060

Year by year

YearTAXETAXIOverpaying
10$437$92$345
20$1,699$360$1,339
30$4,959$1,060$3,899

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