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TMNS

GradeBNASDAQ Global Market

T. Rowe Price Short Municipal Income ETF

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

$49.08−0.17 (−0.34%)

As of Sep 23, 2026, 1:14 PM EDT

History starts Nov 21, 2025.History starts Nov 21, 2025.
Intraday session: down, 7 prints from 49.25 to 49.08. Range 49.08 to 49.21. Use the arrow keys to read each point.$49.10$49.15$49.2010 AM12 PM2 PM4 PM
Expense ratio
0.18%
Fund size
$23M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$49.24
52W range
low $49.25high $50.70

The ETF.net TMNS Grade

B

60/ 100

Rank 17 of 28 in Short-Duration Municipal Bonds⁠

Confidence High

Six-pillar profile for TMNS. Scores out of 100: Cost 70, Risk 43, Mission 100, Tradability 29, Holdings 32, Durability 14. Strongest: Mission (100). Weakest: Durability (14). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 60 of 100 sits in the B 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.
    AScore 70
    Category rank10/28 · top 36%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank24/27 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank20/27 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 29
    Category rank23/28 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 32
    Category rank26/28 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 14
    Category rank26/28 · bottom quartile

Graded as of Sep 22, 2026

Our read on TMNS

ETF.net Research

BT. Rowe Price's short-maturity muni fund, launched in 2025 as part of a four-ETF push that filled out the firm's tax-free lineup. Active management, investment-grade bonds, and a fee well under the typical muni ETF.

Stated mandate

The fund seeks income and, secondarily, capital appreciation.

Why people hold it

  1. 01Costs 0.18% a year, below the 0.30% median for muni bond ETFs, and cheap for a fund with a human picking the bonds.investors.troweprice.com
  2. 02Actively run by James Lynch, who also manages T. Rowe's intermediate muni ETF, rather than tracking a fixed index.investors.troweprice.com
  3. 03Holds short- and intermediate-term investment-grade munis, so it carries less interest-rate sensitivity than long-dated muni funds while seeking federally tax-exempt income.investors.troweprice.com
  4. 04One rung of a four-fund muni ladder (short, intermediate, long, high yield), so the duration slot is yours to choose instead of blended for you.investors.troweprice.com

Worth knowing

  1. 01Launched in November 2025. The record is short, and any read on how it handles rate swings rests on limited history.
  2. 02Still a small fund that trades thinly, which can mean wider gaps between bid and ask prices.
  3. 03Index-tracking muni giants like VTEB, SCMB and MUB charge a few basis points. You are paying up here for active bond selection.

TMNS Holdings

As of Sep 20, 2026, 7:24 AM
Asset class
Bonds
Holdings
—
Top-10 weight
20%
Largest holding
DALLAS FORT WORTH TX INTERNATI DALAPT 11/50 ADJUSTABLE VAR3.1%
The fund’s holdings, weight-ordered — page 1 of 15.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—DALLAS FORT WORTH TX INTERNATI DALAPT 11/50 ADJUSTABLE VAR3.10%700,000$726K2
002—PORT OF PORTLAND OR ARPT REVEN PTPAPT 07/30 FIXED 52.14%500,000$502K1
003—NEW YORK ST HSG FIN AGY AFFORD NYSHSG 05/56 ADJUSTABLE VAR2.08%500,000$486K2
004—PORT AUTH OF NEW YORK NEW JE PORTRN 09/33 FIXED 52.07%475,000$485K2
005—NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/29 FIXED 51.88%425,000$441K2
006—BLACK BELT ENERGY GAS DIST AL BBEUTL 02/53 ADJUSTABLE VAR1.88%425,000$440K1
007—CALIFORNIA CMNTY CHOICE FING A CCEDEV 10/54 ADJUSTABLE VAR1.81%400,000$424K2
008—PORT OF SEATTLE WA REVENUE PTSGEN 05/35 FIXED 51.67%390,000$392K1
009—NEW YORK ST MTGE AGY REVENUE NYSHSG 10/30 FIXED 3.41.65%400,000$387K3
010—ILLINOIS ST TOLL HIGHWAY AUTH ILSTRN 01/31 FIXED 51.55%350,000$362K1
011—LOUISA VA INDL DEV AUTH POLL C LOUPOL 11/35 ADJUSTABLE VAR1.54%370,000$361K1
012—ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/28 FIXED 51.38%315,000$324K1
013—NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/32 FIXED 3.251.38%340,000$323K1
014—PUERTO RICO CMWLTH PRC 07/31 FIXED 5.751.36%300,000$319K2
015—CLIFTON TX HGR EDU FIN CORP ED CLIEDU 04/27 FIXED 51.36%315,000$318K1

Showing 1–15 of 212 holdings

TMNS Performance

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

TMNS$10,038
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. TMNS $10,038. 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 TMNS. Periods over one year show the average yearly return.
PeriodTMNS
Year to date+0.4%
1 month−1.0%
3 months−1.0%
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 TMNS
YearReturn barTMNS
2026 YTD+0.4%
2025+0.5%

History from Nov 21, 2025

TMNS in the news

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

TMNS 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
$0.14 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 $0.16; Jan 27, 2026 $0.14; Feb 24, 2026 $0.14; Mar 26, 2026 $0.14; Apr 27, 2026 $0.14; May 26, 2026 $0.14; Jun 25, 2026 $0.14; Jul 28, 2026 $0.13; Aug 26, 2026 $0.14. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 26, 2026Aug 28, 2026$0.14
Jul 28, 2026Jul 30, 2026$0.13
Jun 25, 2026Jun 29, 2026$0.14
May 26, 2026May 28, 2026$0.14
Apr 27, 2026Apr 29, 2026$0.14
Mar 26, 2026Mar 30, 2026$0.14
Feb 24, 2026Feb 26, 2026$0.14
Jan 27, 2026Jan 29, 2026$0.14
Dec 23, 2025Dec 26, 2025$0.16

TMNS 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.
0.06
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.

TMNS Cost

Expense ratio0.18%
  • The middle half of Short-Duration Municipal Bonds funds
  • Median 0.25%

7 of the 27 Short-Duration Municipal Bonds funds charge less.

TMNS costs $18.00 a year on $10,000. The median Short-Duration Municipal Bonds fund costs $25.00.