T. Rowe Price Long Municipal Income ETF
$47.69+0.38 (+0.80%)
- 0.26%
- $24M
- 0M sh
- $47.22
- low $46.85high $50.84
The ETF.net TMNL Grade
C
Score 45 out of 100
- 4 of 5
Score 45 of 100 falls in the C 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.D39 out of 100Rank 4 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.B61 out of 100Rank 1 of 5Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B59 out of 100Rank 1 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D30 out of 100Rank 5 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C44 out of 100Rank 5 of 5Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F17 out of 100Rank 5 of 5
Our read on TMNL
CT. Rowe Price's muni desk goes long: an active fund that parks past the ten-year mark on the muni curve, hunting federally tax-free income where the index giants just own the whole market.
The fund seeks high current income that is exempt from federal income taxes.
Why people hold it
- Built for the long end: under normal conditions the weighted average effective maturity runs beyond ten years, with no maturity limit on any individual bond.troweprice.com
- The mandate is plain: high current income exempt from federal income taxes, with at least 80% of assets in munis. Federal is the break; state taxes are a separate question.troweprice.com
- Active management at 0.26% a year, below the 0.30% median for muni bond ETFs. Unusual for an active fee to sit under the category middle.investors.troweprice.com
- Run by two career muni investors on T. Rowe Price's municipal team, each with more than two decades of investment experience.investors.troweprice.com
Worth knowing
- Long bonds swing hardest when rates move: the prospectus flags that longer maturities and durations carry greater interest rate risk.troweprice.com
- Cheap for active, rich next to the index crowd: VTEB charges 0.03% and MUB 0.05% for broad muni exposure.
- It started trading in November 2025, so the record is short and volume is thin next to the category's largest muni funds.
TMNL Holdings
- Bonds
- 137
- 24%
- Cash/Cash equivalent USD
TMNL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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TMNL$9,755
Returns run to the Oct 12, 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 | TMNL |
|---|---|
| Year to date | −2.4% |
| 1 month | −2.2% |
| 3 months | −5.1% |
| 1 year | — |
| 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 | TMNL |
|---|---|---|
| 2026 YTD | −2.4% | |
| 2025 | +0.4% |
TMNL in the news
TMNL Dividends
- $0.18 per share
- Monthly
Distribution data unavailable.
Distribution history
TMNL Risk
- —
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.
- —
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.
- —
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.
TMNL Cost
0.26%
TMNL0.26%
- The middle half of Long-Duration Municipal Bonds funds
- Median 0.24%
3 of the 5 Long-Duration Municipal Bonds funds charge less.
Other funds in Long-Duration Municipal Bonds
- BLMUBiShares Long-Term National Muni Bond ETFExpense ratio 0.09%1 year return −3.9%
- BVTELVanguard Municipal Bond Funds - Vanguard Long-Term Tax-Exempt Bond ETFExpense ratio 0.09%1 year return −3.7%
- BMLNVanEck Long Muni ETFExpense ratio 0.24%1 year return −4.0%
- CTAFLAlliance Bernstein - AB Tax-Aware Long Municipal ETFExpense ratio 0.28%1 year return −3.8%