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Launched

T. Rowe Price Long Municipal Income ETF

TMNLNasdaqT. Rowe PriceC

$49.29+0.21 (+0.43%)

At close: Nov 5, 2026, 4:00 PM ET

C46/ 100

Rank 4 of 5 in Long-Duration Municipal Bonds

C46/100Rank 4 of 5inLong-Duration Municipal Bonds
Intraday session: up, 78 prints from 49.08 to 49.29. Range 49.10 to 49.29. Use the arrow keys to read each point.49.1549.2049.2510 AM12 PM2 PM4 PM
Expense ratio
0.26%
Fund size
$25M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
149
Avg volume · 30D
964 sh
52W range
low $46.85high $50.84
Launched

The ETF.net TMNL Grade

C

Score 46 out of 100

Category
Long-Duration Municipal Bonds⁠
Rank
4 of 5
Six-pillar profile for TMNL. Scores out of 100: Cost 39, Risk 65, Mission 63, Tradability 26, Holdings 48, Durability 17. Strongest: Risk (65). Weakest: Durability (17). Leans toward Risk and Mission.

Score 46 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 100
    Rank 4 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    B63 out of 100
    Rank 2 of 5

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B65 out of 100
    Rank 1 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D26 out of 100
    Rank 5 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C48 out of 100
    Rank 5 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F17 out of 100
    Rank 5 of 5

Our read on TMNL

ETF.net Research

In short

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.

Stated mandate

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.troweprice.com
  • Run by two career muni investors on T. Rowe Price's municipal team, each with more than two decades of investment experience.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

Holdings pillarC48 out of 100Rank 5 of 5 in Long-Duration Municipal Bonds
Asset class
Bonds
Holdings
149
Top-10 weight
21%
Largest holding
Henrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.1%

Sectors

  • Municipal99.0%
  • Corporate1.0%

Geography

  • United States94.57%
  • Puerto Rico5.43%
The fund’s holdings, weight-ordered — page 1 of 10.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataHenrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.06%750,000$749K2
2No dataNew York City Ny Muni Wtr Fin Nycutl 06/55 Fixed 5.252.72%650,000$666K1
3No dataUniv of North Carolina Nc At C Unchgr 12/55 Fixed 52.39%575,000$585K1
4No dataKnox Cnty Tn Hlth Eductnl Hs Knomed 07/59 Fixed 5.52.05%500,000$503K1
5No dataNew York City Ny Transitional Nycgen 05/51 Fixed 52.05%500,000$502K1
6No dataVirginia Small Business Fing A Vasdev 12/56 Fixed 51.90%500,000$465K1
7No dataMaryland St Econ Dev Corp Priv Mdsdev 06/52 Fixed 5.251.82%460,000$447K2
8No dataNew York St Transprtn Dev Corp Nyttrn 06/59 Fixed 61.66%400,000$407K2
9No dataDenver City Cnty Co Arpt Rev Denapt 12/37 Fixed 51.65%400,000$404K2
10No dataMaryland St Hlth Hgr Eductnl Mdsmed 01/46 Fixed 5.51.64%400,000$401K1
11No dataNew York St Mtge Agy Revenue Nyshsg 10/30 Fixed 3.41.63%400,000$400K3
12No dataNorth Carolina St Turnpike Aut Ncstrn 01/39 Fixed Oid 41.60%400,000$393K1
13No dataMaryland St Hlth Hgr Eductnl Mdsmed 08/45 Fixed 41.51%430,000$369K1
14No dataAquarion Wtr Auth Ct Wtr Sys R Aquwtr 08/48 Zerocpnoid 01.33%1,000,000$326K1
15No dataGeo L Smith Ii Ga Congress Ctr Glsfac 01/54 Fixed 41.29%400,000$317K2

Showing 1–15 of 149 holdings

TMNL Performance

Launched Nov 19, 2025

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.Not enough history yet.
TMNL$10,199
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,833
Dec 31, 2025 to Nov 5, 2026. TMNL $10,199. SPY $10,833. Use the arrow keys to read each point.$10,000$11,000Dec 2025Jun 2026Nov 2026

Dec 31, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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 TMNL. Periods over one year show the average yearly return.
PeriodTMNL
Year to date+2.0%
1 month+4.5%
3 months0.0%
1 yearFund is under 1 year oldNo data
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 TMNL
YearReturn barTMNL
2026 YTD+2.0%
2025+0.4%

History from Nov 21, 2025

TMNL in the news

TMNL Dividends

Last payment
$0.17 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 11 payments from 2025 to 2026 YTD. Dec 23, 2025 $0.19; Jan 27, 2026 $0.17; Feb 24, 2026 $0.18; Mar 26, 2026 $0.18; Apr 27, 2026 $0.18; May 26, 2026 $0.18; Jun 25, 2026 $0.18; Jul 28, 2026 $0.18; Aug 26, 2026 $0.18; Sep 25, 2026 $0.18; Oct 27, 2026 $0.17. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 27, 2026Oct 29, 2026$0.17
Sep 25, 2026Sep 29, 2026$0.18
Aug 26, 2026Aug 28, 2026$0.18
Jul 28, 2026Jul 30, 2026$0.18
Jun 25, 2026Jun 29, 2026$0.18
May 26, 2026May 28, 2026$0.18
Apr 27, 2026Apr 29, 2026$0.18
Mar 26, 2026Mar 30, 2026$0.18
Feb 24, 2026Feb 26, 2026$0.18
Jan 27, 2026Jan 29, 2026$0.17
Dec 23, 2025Dec 26, 2025$0.19

TMNL Risk

Risk pillarB65 out of 100Rank 1 of 5 in Long-Duration Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
Launched Nov 2025; fills in after 12 months
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.
Launched Nov 2025; fills in after 12 months
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.
Launched Nov 2025; fills in after 12 months
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.
0.15
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.

TMNL Cost

Compare TMNL and LMUB

Overpaying vs LMUB, tied cheapest in Long-Duration Municipal Bonds

$3,460

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

  • TMNL 0.26%

    $5,358

  • LMUB 0.09% Tied cheapest

    $1,898

$10,000
30 years

Cost over time

  • TMNL 0.26%
  • LMUB 0.09%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530TMNL $5,358LMUB $1,898

Year by year

YearTMNLLMUBOverpaying
10$473$165$308
20$1,838$646$1,192
30$5,358$1,898$3,460

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