MLN vs TMNL: Grades, Fees and Holdings Compared

VanEck Long Muni ETF

MLNBCboe

T. Rowe Price Long Municipal Income ETF

TMNLCNasdaq

Overlap

0.0%by weight

Expense ratio

MLN −0.02pt a year

MLN0.24%TMNL0.26%

Avg volume · 30D

MLN 607.3×the volume

MLN560KTMNL922

MLN vs TMNL Performance

Dec 31, 2025 – Oct 30, 2026

−0.4%MLN+0.9%TMNL

Expense ratio: MLN 0.24%, better; TMNL 0.26%
Fund size: MLN $755M; TMNL $24M
1Y total return: MLN −0.4%; TMNL No data
Yield (12M): MLN 4.00%; TMNL No data
Holdings: MLN 703; TMNL 148
Avg volume (30D): MLN 560K sh, better; TMNL 922 sh
NAV per share: MLN $16.83; TMNL $48.74
52W range

ETF.net Grade

Pillar letters and Scores for MLN, TMNL, with each pillar’s weight
Pillar	MLN	TMNL
Cost30% weight	B55Higher	D39
Mission25% weight	B64Higher	B63
Risk15% weight	C48	B58Higher
Tradability15% weight	C42Higher	D25
Holdings10% weight	B63Higher	C48
Durability5% weight	A70Higher	F17

Rank among Long-Duration Municipal Bonds funds

How we build Categories ›

Same Category. MLN and TMNL are both graded against the same 5 Long-Duration Municipal Bonds funds, so their Grades compare head to head.

Long-Duration Municipal Bonds⁠

Category · 5 funds

See all 5 ›

MLN ranks 3rd and TMNL 4th of 5 funds in the Long-Duration Municipal Bonds Category.

Rank 1BVTELVanguard Long-Term Tax-Exempt Bond ETFScore 65
Rank 2BLMUBiShares Long-Term National Muni Bond ETFScore 63
Rank 3BMLNVanEck Long Muni ETFScore 55
Rank 4CTMNLT. Rowe Price Long Municipal Income ETFScore 45
Rank 5CTAFLAB Tax-Aware Long Municipal ETFScore 42

Our read on each fund

ETF.net Research

MLNBVanEck Long Muni ETF

TMNLCT. Rowe Price Long Municipal Income ETF

In short

MLN Most muni funds hug the middle of the maturity curve. MLN goes long on purpose: an index of long-dated, AMT-free national munis, running since 2008, paying tax-exempt income monthly and carrying the bigger rate swings that come with the long end.

TMNL T. Rowe Price's muni desk goes long: an active fund that parks past the ten-year mark on the muni curve, hunting federally tax-free income where the index giants just own the whole market.

Stated mandate

MLN MLN seeks to track, before fees and expenses, the price and yield performance of the ICE Long AMT-Free Broad National Municipal Index, representing the U.S. dollar-denominated long-term tax-exempt bond market.

TMNL The fund seeks high current income that is exempt from federal income taxes.

Why people hold it

MLN Costs 0.24% a year, below the 0.30% median for muni bond ETFs.
AMT-free by design: the index leaves out bonds whose income can trigger the alternative minimum tax. Roughly 700 holdings, spread across the country rather than one state.
Open since 2008, so it has traded through a full rate cycle, and it pays out monthly.
Sits in the upper half of a crowded national muni field on our review of cost, tracking and structure.

TMNL Built for the long end: under normal conditions the weighted average effective maturity runs beyond ten years, with no maturity limit on any individual bond.troweprice.com
The mandate is plain: high current income exempt from federal income taxes, with at least 80% of assets in munis. Federal is the break; state taxes are a separate question.troweprice.com
Active management at 0.26% a year, below the 0.30% median for muni bond ETFs. Unusual for an active fee to sit under the category middle.troweprice.com
Run by two career muni investors on T. Rowe Price's municipal team, each with more than two decades of investment experience.troweprice.com

Worth knowing

MLN Long maturities move harder on rate shifts than intermediate muni funds do. That duration is the entire point of the fund, and it works in both directions.
All-maturity rivals VTEB (0.03%) and MUB (0.05%) charge a fraction as much. The premium here buys a long-end-only mandate they do not run.
Mid-sized and moderately traded, so bid-ask spreads carry more weight than in the muni aisle's biggest funds.

TMNL Long bonds swing hardest when rates move: the prospectus flags that longer maturities and durations carry greater interest rate risk.troweprice.com
Cheap for active, rich next to the index crowd: VTEB charges 0.03% and MUB 0.05% for broad muni exposure.
It started trading in November 2025, so the record is short and volume is thin next to the category's largest muni funds.

Full MLN profile⁠

Full TMNL profile⁠

MLN vs TMNL Holdings

How MLN and TMNL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MLN and 0.0% of TMNL.

Level by level

Holdings0 in both0.0%
Countryby domicile94.6%

Sector

No Sector split for TMNL.

Country, concentration and asset class

Country by domicile

Country weights in MLN and TMNL, widest gap first
Country	More in MLNMore in TMNL	MLN	TMNL
Puerto Rico	TMNL +5.4 points	0.0%	5.4%
United States	MLN +5.1 points	99.7%	94.6%
Philippines	MLN +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

MLN6.8%
TMNL20.9%

Securities held

MLN346
TMNL147

Asset class

MLN: Multi-Asset
TMNL: Fixed Income

Holdings

Only in MLN346
In both0
Only in TMNL147

Only in MLN

346 securities, 99.7% of MLN by weight

New York State Dormitory Authority3.96%
City Of New York Ny2.78%
New York City Municipal Water Finance A2.78%
Commonwealth Of Massachusetts2.65%
New York City Transitional Finance Auth2.60%
Triborough Bridge & Tunnel Authority2.06%
California Health Facilities Financing1.91%
Los Angeles Department Of Water & Power1.65%
Salt River Project Agricultural Improve1.52%
New Jersey Transportation Trust Fund Au1.43%
Texas Water Development Board1.36%
State Of California1.14%
Denton Independent School District1.14%
District Of Columbia Income Tax Revenue1.06%
City Of Houston Tx Hotel Occupancy Tax0.97%
New York State Urban Development Corp0.95%
New York State Thruway Authority0.92%
New York City Housing Development Corp0.89%
New Jersey Turnpike Authority0.84%
Commonwealth Of Massachusetts Transport0.83%
City Of Los Angeles Department Of Airpo0.80%
California State Public Works Board0.79%
Massachusetts Development Finance Agenc0.78%
San Francisco City & County Airport Com0.77%
Texas Transportation Finance Corp0.69%
State Of Ohio0.63%
San Diego Unified School District/Ca0.62%
City Of Seattle Wa Municipal Light & Po0.62%
South Carolina Public Service Authority0.59%
State Of Washington0.59%
Metropolitan Transportation Authority0.59%
University Of California0.58%
North Carolina Housing Finance Agency0.57%
Health & Educational Facilities Authori0.56%
Ohio Water Development Authority0.55%
Omaha Public Power District0.55%
County Of Miami-Dade Fl Water & Sewer S0.54%
State Of Michigan Trunk Line Revenue0.54%
Florida Housing Finance Corp0.53%
Washington State Housing Finance Commis0.52%
Illinois State Toll Highway Authority0.52%
Ohio State University/The0.51%
North Carolina Turnpike Authority0.51%
Conroe Independent School District0.50%
East Bay Municipal Utility District Wat0.50%
Pennsylvania Turnpike Commission0.49%
Hampton Roads Transportation Accountabi0.49%
Colorado Bridge & Tunnel Enterprise0.48%
State Of Hawaii Airports System Revenue0.47%
Municipal Electric Authority Of Georgia0.46%

Only in TMNL

147 securities, 98.5% of TMNL by weight

Henrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.08%
New York City Ny Muni Wtr Fin Nycutl 06/55 Fixed 5.252.72%
Univ of North Carolina Nc At C Unchgr 12/55 Fixed 52.39%
Knox Cnty Tn Hlth Eductnl Hs Knomed 07/59 Fixed 5.52.06%
New York City Ny Transitional Nycgen 05/51 Fixed 52.03%
Virginia Small Business Fing A Vasdev 12/56 Fixed 51.89%
Maryland St Econ Dev Corp Priv Mdsdev 06/52 Fixed 5.251.79%
New York St Transprtn Dev Corp Nyttrn 06/59 Fixed 61.67%
Denver City Cnty Co Arpt Rev Denapt 12/37 Fixed 51.66%
Maryland St Hlth Hgr Eductnl Mdsmed 01/46 Fixed 5.51.65%
New York St Mtge Agy Revenue Nyshsg 10/30 Fixed 3.41.65%
North Carolina St Turnpike Aut Ncstrn 01/39 Fixed Oid 41.60%
Maryland St Hlth Hgr Eductnl Mdsmed 08/45 Fixed 41.50%
Maryland St Cmnty Dev Admin De Mdsdev 09/51 Fixed 31.30%
Puerto Rico Cmwlth Prc 11/51 Adjustable Var1.29%
Geo L Smith Ii Ga Congress Ctr Glsfac 01/54 Fixed 41.29%
Aquarion Wtr Auth Ct Wtr Sys R Aquwtr 08/48 Zerocpnoid 01.28%
Austin Tx Arpt Sys Revenue Ausapt 11/43 Fixed 51.28%
California St Stwd Cmntys Dev Casdev 09/40 Fixed 51.22%
Savannah Ga Hosp Auth Savmed 07/36 Fixed 41.19%
Madison Cnty Va Indl Dev Auth Maddev 10/46 Fixed Oid 31.19%
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3291.17%
California Cmnty Choice Fing A Ccedev 10/54 Adjustable Var1.07%
Main Street Natural Gas Inc Ga Maiutl 05/54 Adjustable Var1.07%
Black Belt Energy Gas Dist Al Bbeutl 12/55 Adjustable Var1.06%
Savannah Georgia Convention Ct Sgcfac 06/40 Fixed 5.251.05%
Port Auth of New York New Je Portrn 11/41 Fixed 51.03%
Houston Tx Hgr Edu Fin Corp Ed Houhgr 08/34 Fixed 41.00%
Washington St Hsg Fin Commissi Washsg 07/55 Fixed Oid 5.251.00%
Colorado St Hlth Facs Auth Rev Cosmed 11/46 Fixed 40.99%
Maryland St Hlth Hgr Eductnl Mdsmed 07/42 Fixed Oid 40.95%
Arlington Tx Hgr Edu Fin Corp Arledu 08/45 Fixed 30.90%
Harris Cnty Tx Cultural Edu Fa Haredu 12/45 Fixed Oid 40.88%
South Carolina St Jobs Econ De Scsmed 11/42 Fixed Oid 40.87%
Puerto Rico Sales Tax Fing Cor Prcgen 07/53 Fixed Oid 4.750.85%
California St Stwd Cmntys Dev Casdev 09/39 Fixed 50.85%
Clifton Tx Hgr Edu Fin Corp Ed Cliedu 08/43 Fixed 50.84%
Med Univ Sc Hosp Auth Hosp Mtg Mdumed 05/46 Fixed 5.250.84%
Southeast Energy Authority A C Seepwr 11/35 Fixed 50.84%
Arizona St Indl Dev Auth Natio Azsedu 11/42 Fixed 50.83%
New Jersey St Econ Dev Auth Re Njsdev 01/34 Fixed Oid 5.1250.83%
Met Washington Dc Arpts Auth D Metapt 10/44 Fixed 50.83%
Cuyahoga Cnty Oh Hosp Revenue Cuymed 02/37 Fixed 50.82%
Kentucky St Public Energy Auth Kyspwr 05/55 Adjustable Var0.82%
Dist of Columbia Revenue Disrev 07/42 Fixed 50.81%
Ohio St Air Quality Dev Auth E Ohsdev 01/38 Fixed 4.250.80%
Tobacco Settlement Auth Ia Tob Tobgen 06/39 Fixed 40.80%
Phoenix Az Indl Dev Auth Stude Phodev 07/42 Fixed 50.79%
Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed Oid 4.550.78%
Fulton Cnty Ga Dev Auth Revenu Fuldev 07/44 Fixed Oid 30.78%

Weight gaps

MLN and TMNL share no securities.

All 679 MLN holdings⁠All TMNL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MLN vs TMNL Cost

Overpaying TMNL vs MLN

$399

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

MLN 0.24%
$4,959
TMNL 0.26%
$5,358

Amount$10,000

Years30 years

Cost over time

MLN 0.24%
TMNL 0.26%
Overpaying

Year by year

Year	MLN	TMNL	Overpaying
10	$437	$473	$36
20	$1,699	$1,838	$139
30	$4,959	$5,358	$399

Expense ratio

0.24%MLN, cheaper
0.26%TMNL

MLN0.24%TMNL0.26%

0.09%0.28%

Middle half of Long-Duration Municipal Bonds funds
Median 0.24%

MLN 3rd cheapest of 5 funds

TMNL 4th cheapest of 5 funds

MLN vs TMNL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MLN 4.00%; TMNL No data
Payout (12M): MLN $0.68; TMNL No data
Last payment: MLN $0.05; TMNL $0.17
Ex-dividend: MLN Oct 1, 2026; TMNL Oct 27, 2026
Paid on: MLN Oct 6, 2026; TMNL Oct 29, 2026
Frequency: MLN Monthly; TMNL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

MLNMonthly · 45 paymentsAll MLN payments⁠

TMNLMonthly · 11 paymentsAll TMNL payments⁠

MLN vs TMNL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MLN 8.6%TMNL No data
Return per unit of riskSharpe ratio, 3 years: MLN 0.14TMNL No data
Worst fallMax drawdown, 5 years: MLN −23.9%TMNL No data
Market sensitivityBeta, 5 years: MLN 1.30TMNL 0.17; Market = 1

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