T. Rowe Price Short Municipal Income ETF
$48.96+0.15 (+0.32%)
- 0.18%
- $22M
- 0M sh
- $48.78
- low $48.32high $50.70
The ETF.net TMNS Grade
B
Score 61 out of 100
- 16 of 28
Score 61 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 100Rank 8 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C43 out of 100Rank 18 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D28 out of 100Rank 22 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D31 out of 100Rank 25 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F13 out of 100Rank 26 of 28
Our read on TMNS
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.
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.investors.troweprice.com
- Actively run by James Lynch, who also manages T. Rowe's intermediate muni ETF, rather than tracking a fixed index.investors.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.investors.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.investors.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 Holdings
- Bonds
- 213
- 20%
- Dallas Fort Worth Tx Internati Dalapt 11/50 Adjustable Var
TMNS Performance
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$9,985
Returns run to the Oct 12, 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.
| Period | TMNS |
|---|---|
| Year to date | −0.1% |
| 1 month | −0.8% |
| 3 months | −1.7% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TMNS |
|---|---|---|
| 2026 YTD | −0.1% | |
| 2025 | +0.5% |
TMNS in the news
TMNS Dividends
- $0.15 per share
- Monthly
Distribution data unavailable.
Distribution history
TMNS Risk
- —
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.
- —
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.
- —
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.
- 0.06
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
0.18%
TMNS0.18%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
7 of the 27 Short-Duration Municipal Bonds funds charge less.
Other funds in Short-Duration Municipal Bonds
- BFUMBFirst Trust Ultra Short Duration Municipal ETFExpense ratio 0.29%1 year return +2.0%
- BTAFIAlliance Bernstein - AB Tax-Aware Short Duration Municipal ETFExpense ratio 0.27%1 year return +0.5%
- BAUSMAllspring Ultra Short Municipal ETFExpense ratio 0.19%1 year return +1.9%
- BCALIiShares Short-Term California Muni Active ETFExpense ratio 0.25%1 year return +1.1%
- BFSMBFirst Trust Short Duration Managed Municipal ETFExpense ratio 0.34%1 year return +0.3%