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Launched

T. Rowe Price Short Municipal Income ETF

TMNSNasdaqT. Rowe PriceB

$49.61−0.11 (−0.22%)

As of Nov 10, 2026, 11:17 AM ET

B62/ 100

Rank 13 of 28 in Short-Duration Municipal Bonds

B62/100Rank 13 of 28inShort-Duration Municipal Bonds
Intraday session: down, 22 prints from 49.72 to 49.61. Range 49.59 to 49.94. Use the arrow keys to read each point.49.8049.9010 AM12 PM2 PM4 PM
Expense ratio
0.18%
Fund size
$22M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
213
Avg volume · 30D
802 sh
52W range
low $48.32high $50.70
Launched

The ETF.net TMNS Grade

B

Score 62 out of 100

Category
Short-Duration Municipal Bonds⁠
Rank
13 of 28
Six-pillar profile for TMNS. Scores out of 100: Cost 72, Risk 46, Mission 100, Tradability 36, Holdings 31, Durability 12. Strongest: Mission (100). Weakest: Durability (12). Leans toward Mission.

Score 62 of 100 falls in the B 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.
    A72 out of 100
    Rank 8 of 28

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C46 out of 100
    Rank 19 of 27

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 21 of 28

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D31 out of 100
    Rank 24 of 28

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F12 out of 100
    Rank 26 of 28

Our read on TMNS

ETF.net Research

In short

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

  • Costs 0.18% a year, below the 0.30% median for muni bond ETFs, and cheap for a fund with a human picking the bonds.troweprice.com
  • Actively run by James Lynch, who also manages T. Rowe's intermediate muni ETF, rather than tracking a fixed index.troweprice.com
  • Holds 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.troweprice.com
  • One 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.troweprice.com

Worth knowing

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

TMNS 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.
TMNS$10,195
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,124
Dec 31, 2025 to Nov 9, 2026. TMNS $10,195. SPY $11,124. Use the arrow keys to read each point.$10,000$11,000Dec 2025Jun 2026Nov 2026

Dec 31, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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+2.0%
1 month+2.3%
3 months+0.6%
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 TMNS
YearReturn barTMNS
2026 YTD+2.0%
2025+0.5%

History from Nov 21, 2025

TMNS in the news

TMNS Dividends

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. 11 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; Sep 25, 2026 $0.15; Oct 27, 2026 $0.14. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 27, 2026Oct 29, 2026$0.14
Sep 25, 2026Sep 29, 2026$0.15
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

Risk pillarC46 out of 100Rank 19 of 27 in Short-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.
0.06
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.

FMP measures it over up to five years of monthly returns.

TMNS Cost

Compare TMNS and VTES

Overpaying vs VTES, tied cheapest in Short-Duration Municipal Bonds

$2,689

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

  • TMNS 0.18%

    $3,749

  • VTES 0.05% Tied cheapest

    $1,060

$10,000
30 years

Cost over time

  • TMNS 0.18%
  • VTES 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530TMNS $3,749VTES $1,060

Year by year

YearTMNSVTESOverpaying
10$328$92$236
20$1,281$360$921
30$3,749$1,060$2,689

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