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TMNL

GradeCNASDAQ

T. Rowe Price Long Municipal Income ETF

Municipal Bond · T. Rowe · Inception 2025-11-19

$47.70−0.64 (−1.33%)

As of Sep 23, 2026, 2:09 PM EDT

History starts Nov 21, 2025.History starts Nov 21, 2025.
Intraday session: down, 9 prints from 48.35 to 47.70. Range 47.70 to 48.38. Use the arrow keys to read each point.$47.80$48.00$48.20$48.4010 AM12 PM2 PM4 PM
Expense ratio
0.26%
Fund size
$22M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$48.28
52W range
low $48.13high $50.84

The ETF.net TMNL Grade

C

45/ 100

Rank 4 of 5 in Long-Duration Municipal Bonds⁠

Confidence Medium

Six-pillar profile for TMNL. Scores out of 100: Cost 39, Risk 61, Mission 61, Tradability 27, Holdings 48, Durability 17. Strongest: Risk (61). Weakest: Durability (17). Leans toward Risk and Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 of 100 sits in the C 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.
    DScore 39
    Category rank4/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 61
    Category rank1/5 · top 20%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 61
    Category rank2/5 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 27
    Category rank5/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 48
    Category rank5/5 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 17
    Category rank5/5 · bottom quartile

Graded as of Sep 22, 2026

Our read on TMNL

ETF.net Research

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

  1. 01Built 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
  2. 02The 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
  3. 03Active 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
  4. 04Run 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

  1. 01Long bonds swing hardest when rates move: the prospectus flags that longer maturities and durations carry greater interest rate risk.troweprice.com
  2. 02Cheap for active, rich next to the index crowd: VTEB charges 0.03% and MUB 0.05% for broad muni exposure.
  3. 03It started trading in November 2025, so the record is short and volume is thin next to the category's largest muni funds.

TMNL Holdings

As of Sep 20, 2026, 7:24 AM
Asset class
Bonds
Holdings
—
Top-10 weight
25%
Largest holding
HENRICO CNTY VA ECON DEV AUTH HENMFH 12/45 ADJUSTABLE VAR3.4%
The fund’s holdings, weight-ordered — page 1 of 8.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—HENRICO CNTY VA ECON DEV AUTH HENMFH 12/45 ADJUSTABLE VAR3.39%750,000$738K2
002—HARRIS CNTY TX TOLL ROAD REVEN HARTRN 08/49 FIXED OID 43.05%785,000$663K1
003—NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/55 FIXED 5.253.03%650,000$659K1
004—Cash/Cash equivalent USD2.86%0$623K29
005—UNIV OF NORTH CAROLINA NC AT C UNCHGR 12/55 FIXED 52.68%575,000$583K1
006—CHESAPEAKE BAY VA BRIDGE TUN CHBTRN 07/41 FIXED 52.30%500,000$500K1
007—NEW YORK CITY NY TRANSITIONAL NYCGEN 05/51 FIXED 52.29%500,000$498K1
008—MARYLAND ST ECON DEV CORP PRIV MDSDEV 06/52 FIXED 5.252.04%460,000$443K2
009—NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/59 FIXED 61.89%400,000$411K2
010—DENVER CITY CNTY CO ARPT REV DENAPT 12/37 FIXED 51.86%400,000$404K2
011—MARYLAND ST HLTH HGR EDUCTNL MDSMED 01/46 FIXED 5.51.85%400,000$403K2
012—SALT LAKE CITY UT ARPT REVENUE SALAPT 07/53 FIXED 5.251.82%400,000$397K1
013—NEW YORK ST MTGE AGY REVENUE NYSHSG 10/30 FIXED 3.41.78%400,000$387K3
014—NORTH CAROLINA ST TURNPIKE AUT NCSTRN 01/39 FIXED OID 41.75%400,000$382K1
015—VIRGINIA SMALL BUSINESS FING A VASDEV 12/56 FIXED 51.60%375,000$347K1

Showing 1–15 of 118 holdings

TMNL Performance

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

TMNL$9,931
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TMNL $9,931. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

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.

Trailing total return for TMNL. Periods over one year show the average yearly return.
PeriodTMNL
Year to date−0.7%
1 month−1.9%
3 months−3.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−0.7%
2025+0.4%

History from Nov 21, 2025

TMNL in the news

ETF.net Research hasn’t filed on TMNL yet — coverage lands here as it’s written.

TMNL 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 Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.18 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. 9 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. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
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

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.
0.17
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.

TMNL Cost

Expense ratio0.26%
  • The middle half of Long-Duration Municipal Bonds funds
  • Median 0.24%

3 of the 5 Long-Duration Municipal Bonds funds charge less.

TMNL costs $26.00 a year on $10,000. The median Long-Duration Municipal Bonds fund costs $24.00.