---
ticker: "TMNL"
name: "T. Rowe Price Long Municipal Income ETF"
url: "https://etf.net/etf/TMNL"
grade: "C"
score: 45
graded_at: "2026-10-12"
category: "Long-Duration Municipal Bonds"
category_rank: "4 of 5"
methodology: "https://etf.net/methodology"
---

# TMNL: T. Rowe Price Long Municipal Income ETF

Grade **C**, Score 45 of 100. Rank 4 of 5 in Long-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 39 | 4 of 5 |
| Mission | 61 | 1 of 5 |
| Risk | 59 | 1 of 5 |
| Tradability | 30 | 5 of 5 |
| Holdings | 44 | 5 of 5 |
| Durability | 17 | 5 of 5 |

## Top holdings

The fund holds 137 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Cash/Cash equivalent USD | 5.07% |
| 2 | — | Henrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var | 3.09% |
| 3 | — | New York City Ny Muni Wtr Fin Nycutl 06/55 Fixed 5.25 | 2.73% |
| 4 | — | Univ of North Carolina Nc At C Unchgr 12/55 Fixed 5 | 2.40% |
| 5 | — | New York City Ny Transitional Nycgen 05/51 Fixed 5 | 2.04% |
| 6 | — | Knox Cnty Tn Hlth Eductnl Hs Knomed 07/59 Fixed 5.5 | 2.03% |
| 7 | — | Virginia Small Business Fing A Vasdev 12/56 Fixed 5 | 1.87% |
| 8 | — | Maryland St Econ Dev Corp Priv Mdsdev 06/52 Fixed 5.25 | 1.78% |
| 9 | — | Maryland St Hlth Hgr Eductnl Mdsmed 01/46 Fixed 5.5 | 1.70% |
| 10 | — | Denver City Cnty Co Arpt Rev Denapt 12/37 Fixed 5 | 1.69% |
| 11 | — | New York St Transprtn Dev Corp Nyttrn 06/59 Fixed 6 | 1.68% |
| 12 | — | New York St Mtge Agy Revenue Nyshsg 10/30 Fixed 3.4 | 1.66% |
| 13 | — | North Carolina St Turnpike Aut Ncstrn 01/39 Fixed Oid 4 | 1.58% |
| 14 | — | Maryland St Hlth Hgr Eductnl Mdsmed 08/45 Fixed 4 | 1.34% |
| 15 | — | Maryland St Cmnty Dev Admin De Mdsdev 09/51 Fixed 3 | 1.32% |
| 16 | — | Puerto Rico Cmwlth Prc 11/51 Adjustable Var | 1.29% |
| 17 | — | Geo L Smith Ii Ga Congress Ctr Glsfac 01/54 Fixed 4 | 1.27% |
| 18 | — | Austin Tx Arpt Sys Revenue Ausapt 11/43 Fixed 5 | 1.26% |
| 19 | — | California St Stwd Cmntys Dev Casdev 09/40 Fixed 5 | 1.22% |
| 20 | — | Aquarion Wtr Auth Ct Wtr Sys R Aquwtr 08/48 Zerocpnoid 0 | 1.20% |
| 21 | — | Savannah Ga Hosp Auth Savmed 07/36 Fixed 4 | 1.18% |
| 22 | — | Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.329 | 1.17% |
| 23 | — | Madison Cnty Va Indl Dev Auth Maddev 10/46 Fixed Oid 3 | 1.16% |
| 24 | — | California Cmnty Choice Fing A Ccedev 10/54 Adjustable Var | 1.10% |
| 25 | — | Main Street Natural Gas Inc Ga Maiutl 05/54 Adjustable Var | 1.08% |
| 26 | — | Battery Park City Ny Auth Btygen 11/46 Fixed 5 | 1.07% |
| 27 | — | Port Auth of New York New Je Portrn 11/41 Fixed 5 | 1.06% |
| 28 | — | Black Belt Energy Gas Dist Al Bbeutl 12/55 Adjustable Var | 1.05% |
| 29 | — | Savannah Georgia Convention Ct Sgcfac 06/40 Fixed 5.25 | 1.05% |
| 30 | — | Houston Tx Hgr Edu Fin Corp Ed Houhgr 08/34 Fixed 4 | 1.00% |

Source: etf.net, https://etf.net/etf/TMNL. Please cite the page URL.