---
ticker: "TMNS"
name: "T. Rowe Price Short Municipal Income ETF"
url: "https://etf.net/etf/TMNS"
grade: "B"
score: 61
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "16 of 28"
methodology: "https://etf.net/methodology"
---

# TMNS: T. Rowe Price Short Municipal Income ETF

Grade **B**, Score 61 of 100. Rank 16 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 72 | 8 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 43 | 18 of 27 |
| Tradability | 28 | 22 of 28 |
| Holdings | 31 | 25 of 28 |
| Durability | 13 | 26 of 28 |

## Top holdings

The fund holds 213 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | Dallas Fort Worth Tx Internati Dalapt 11/50 Adjustable Var | 3.28% |
| 2 | — | Port Auth of New York New Je Portrn 09/33 Fixed 5 | 2.19% |
| 3 | — | New York St Hsg Fin Agy Afford Nyshsg 05/56 Adjustable Var | 2.19% |
| 4 | — | New York St Transprtn Dev Corp Nyttrn 12/29 Fixed 5 | 1.98% |
| 5 | — | Black Belt Energy Gas Dist Al Bbeutl 02/53 Adjustable Var | 1.98% |
| 6 | — | California Cmnty Choice Fing A Ccedev 10/54 Adjustable Var | 1.89% |
| 7 | — | Port of Seattle Wa Revenue Ptsgen 05/35 Fixed 5 | 1.78% |
| 8 | — | New York St Mtge Agy Revenue Nyshsg 10/30 Fixed 3.4 | 1.76% |
| 9 | — | Louisa Va Indl Dev Auth Poll C Loupol 11/35 Adjustable Var | 1.67% |
| 10 | — | Arizona St Indl Dev Auth Natio Azsedu 11/28 Fixed 5 | 1.46% |
| 11 | — | New York St Mtge Agy Homeowner Nyshsg 04/32 Fixed 3.25 | 1.45% |
| 12 | — | Puerto Rico Cmwlth Prc 07/31 Fixed 5.75 | 1.44% |
| 13 | — | California St Stwd Cmntys Dev Casdev 09/31 Fixed 5 | 1.40% |
| 14 | — | Illinois St Ils 05/29 Fixed 5 | 1.39% |
| 15 | — | Arlington Tx Hgr Edu Fin Corp Arledu 08/32 Fixed 4 | 1.33% |
| 16 | — | Indiana St Fin Auth Hlth Sys R Insmed 10/64 Adjustable Var | 1.27% |
| 17 | — | S E Alabama St Gas Sply Dist G Souutl 08/54 Adjustable Var | 1.21% |
| 18 | — | Tarrant Cnty Tx Cultural Edu F Taredu 11/51 Adjustable Var | 1.19% |
| 19 | — | Main Street Natural Gas Inc Ga Maiutl 05/54 Adjustable Var | 1.16% |
| 20 | — | Tennessee Energy Acquisition C Tnsutl 05/52 Adjustable Var | 1.15% |
| 21 | — | New York City Ny Hsg Dev Corp Nycmfh 05/63 Adjustable Var | 1.14% |
| 22 | — | Puerto Rico Sales Tax Fing Cor Prcgen 07/31 Zerocpnoid 0 | 1.12% |
| 23 | — | Henrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var | 1.11% |
| 24 | — | West Virginia St Hosp Fin Auth Wvsmed 06/55 Adjustable Var | 0.97% |
| 25 | — | Alachua Cnty Fl Hlth Facs Auth Alamed 12/28 Fixed 5 | 0.93% |
| 26 | — | Virginia St Hsg Dev Auth Vashsg 10/29 Fixed 3 | 0.93% |
| 27 | — | Main Street Natural Gas Inc Ga Maiutl 06/53 Adjustable Var | 0.92% |
| 28 | — | California St Muni Fin Auth Re Casfin 12/31 Fixed 5 | 0.91% |
| 29 | — | Chicago Il O Hare Internationa Chitrn 01/28 Fixed 5 | 0.91% |
| 30 | — | Alexandria Va Redev Hsg Auth Alemfh 12/54 Adjustable Var | 0.90% |

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