S&P 500Bucket avgCompareDividend-adjusted total return · S&P 500 uses VOO · Dec 31, 2025 – Nov 9, 2026
T. Rowe PriceBonds & CashMunicipal#170 of 786 by YTD
T. Rowe Price Long Municipal Income ETFTMNL
- AUM
- $25M
- Fee
- 0.26%
- Yield
- 3.9%
- Bumpy · 1Y
- 0.4×S&P
- Volume
- 548
- NAV
- $49.37
What's insideAll 150 →
HENRICO CNTY VA ECON DEV AUTH HENMFH 12/45 ADJUSTABLE VAR 3.0%NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/55 FIXED 5.25 2.7%UNIV OF NORTH CAROLINA NC AT C UNCHGR 12/55 FIXED 5 2.4%NEW YORK CITY NY TRANSITIONAL NYCGEN 05/51 FIXED 5 2.0%
52-week range3% below the high
$46.85$50.84
| Returns | Today | 1W | 1M | 3M | YTD | 1Y | 3Y | 5Y | Max |
|---|---|---|---|---|---|---|---|---|---|
| Total return | 0.0% | +1.2% | +5.1% | +0.3% | +2.3% | — | — | — | +2.7% |
| Peer average | +0.1% | +0.9% | +3.9% | −0.1% | +1.2% | +1.5% | +14.6% | +3.2% | — |
| S&P 500 · VOO | +2.3% | +0.1% | −3.3% | −2.1% | +11.3% | +13.6% | +81.6% | +75.4% | — |
TMNL in One Breath
TMNL Among Municipal ETFs
YTDEnd-of-day Nov 9, 2026 · 141 Municipal ETFs by YTD
$10,000 in TMNL
5Y$10,000 in TMNL became
$10,268
In the S&P 500 (VOO)
$11,550
Total return, dividends in · Nov 21, 2025 – Nov 9, 2026 · S&P 500 uses VOO
TMNL’s Top Holdings
TodayHENRICO CNTY VHenrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.0%NEW YORK CIT2.7%UNIV OF NORT2.4%NEW YORK CIT2.0%KNOX CNTY TN2.0%VIRGINIA SMA1.9%MARYLAND ST 1.8%NEW YORK ST 1.7%DENVER CITY 1.6%PHILADELPHIA1.6%NEW YORK ST 1.6%NORTH CAROLI1.6%MARYLAND ST 1.5%AQUARION WTR1.3%GEO L SMITH 1.3%MARYLAND ST 1.3%AUSTIN TX AR1.3%CALIFORNIA S1.2%SAVANNAH GA 1.2%MADISON CNTY1.2%PUERTO RICO 1.2%PUERTO RICO 1.1%
HENRICO CNTY VHenrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.0%NEW YORK CIT2.7%UNIV OF NORT2.4%NEW YORK CIT2.0%KNOX CNTY TN2.0%VIRGINIA SMA1.9%MARYLAND ST 1.8%NEW YORK ST 1.7%DENVER CITY 1.6%PHILADELPHIA1.6%NEW YORK ST 1.6%NORTH CAROLI1.6%
T. Rowe Price TMNL · 150 holdings · top 22 shown · tile size = share of the fund · as of Nov 9, 2026
What TMNL Holds
TodayAll holdings100.0%
HENRICO CN 3.0 · NEW YORK C 2.7 · UNIV OF NO 2.4 · NEW YORK C 2.0 · KNOX CNTY 2.0 · VIRGINIA S 1.9 · MARYLAND S 1.8
T. Rowe Price TMNL · share of the fund · as of Nov 9, 2026
Henrico’s Share of TMNL
Today3.0%
$30 of every $1,000 in TMNL is Henrico
Henrico held by TMNL
$750K
T. Rowe Price TMNL · each square = $10 of $1,000 · as of Nov 9, 2026
TMNL’s Share of Municipal ETFs
Today0.0%
of the $247B in 166 Municipal ETFs
$24.7M0.0%
$55.0B22.3%
$49.6B20.1%
$142B57.6%
Municipal ETF AUM · Nov 9, 2026
TMNL Fee per $100 vs Peers
TodayExpense ratio · Municipal peers · Nov 9, 2026
Inside TMNL
100 holdings · as of Nov 9, 2026TMNL
T. Rowe Price Long Municipal Income ETF
TodayAll holdings100.0%Henrico Cn3.0%NEW York C2.7%Univ OF No2.4%NEW York C2.0%Knox Cnty 2.0%Virginia S1.9%Maryland S1.8%NEW York S1.7%Denver Cit1.6%86 more holdings73.0% of the fund
All holdings100.0%Henrico Cn3.0%NEW York C2.7%94 more holdings85.9% of the fund
| # | Ticker | Company | Weight ▼ |
|---|---|---|---|
| 1 | — | Henrico Cnty VA Econ DEV Auth Henmfh 12/45 Adjustable VAR | 3.04% |
| 2 | — | NEW York City NY Muni WTR FIN Nycutl 06/55 Fixed 5.25 | 2.72% |
| 3 | — | Univ OF North Carolina NC AT C Unchgr 12/55 Fixed 5 | 2.39% |
| 4 | — | NEW York City NY Transitional Nycgen 05/51 Fixed 5 | 2.05% |
| 5 | — | Knox Cnty TN Hlth Eductnl HS Knomed 07/59 Fixed 5.5 | 2.05% |
| 6 | — | Virginia Small Business Fing A Vasdev 12/56 Fixed 5 | 1.91% |
| 7 | — | Maryland ST Econ DEV Priv Mdsdev 06/52 Fixed 5.25 | 1.83% |
| 8 | — | NEW York ST Transprtn DEV Nyttrn 06/59 Fixed 6 | 1.65% |
| 9 | — | Denver City Cnty Arpt REV Denapt 12/37 Fixed 5 | 1.64% |
| 10 | — | Philadelphia PA Auth FOR Indl Phimed 07/54 Adjustable VAR | 1.62% |
T. Rowe Price TMNL · current holdings by weight · as of Nov 9, 2026 · each tile is one holding · top 20 = 34.4%
All TMNL Holdings
150 holdings · as of Nov 9, 2026TMNL
TMNL’s Holdings
Today| # | |||||
|---|---|---|---|---|---|
| 1 | —Henrico Cnty VA Econ DEV Auth Henmfh 12/45 Adjustable VAR | 3.04% | $303.84 | 750K | $750K |
| 2 | —NEW York City NY Muni WTR FIN Nycutl 06/55 Fixed 5.25 | 2.72% | $271.63 | 650K | $670K |
| 3 | —Univ OF North Carolina NC AT C Unchgr 12/55 Fixed 5 | 2.39% | $238.57 | 575K | $589K |
| 4 | —NEW York City NY Transitional Nycgen 05/51 Fixed 5 | 2.05% | $204.91 | 500K | $506K |
| 5 | —Knox Cnty TN Hlth Eductnl HS Knomed 07/59 Fixed 5.5 | 2.05% | $204.78 | 500K | $505K |
| 6 | —Virginia Small Business Fing A Vasdev 12/56 Fixed 5 | 1.91% | $190.95 | 500K | $471K |
| 7 | —Maryland ST Econ DEV Priv Mdsdev 06/52 Fixed 5.25 | 1.83% | $183.35 | 460K | $453K |
| 8 | —NEW York ST Transprtn DEV Nyttrn 06/59 Fixed 6 | 1.65% | $165.34 | 400K | $408K |
| 9 | —Denver City Cnty Arpt REV Denapt 12/37 Fixed 5 | 1.64% | $164.31 | 400K | $406K |
| 10 | —Philadelphia PA Auth FOR Indl Phimed 07/54 Adjustable VAR | 1.62% | $162.06 | 400K | $400K |
| 11 | —NEW York ST Mtge AGY Revenue Nyshsg 10/30 Fixed 3.4 | 1.62% | $162.06 | 400K | $400K |
| 12 | —North Carolina ST Turnpike AUT Ncstrn 01/39 Fixed OID 4 | 1.61% | $160.79 | 400K | $397K |
| 13 | —Maryland ST Hlth HGR Eductnl Mdsmed 08/45 Fixed 4 | 1.51% | $150.61 | 430K | $372K |
| 14 | —Aquarion WTR Auth CT WTR SYS R Aquwtr 08/48 Zerocpnoid 0 | 1.33% | $133.16 | 1.0M | $329K |
| 15 | —GEO L Smith II GA Congress CTR Glsfac 01/54 Fixed 4 | 1.30% | $130.20 | 400K | $321K |
T. Rowe Price TMNL · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 9, 2026
How It Compares
TMNL
T. Rowe Price Long Municipal Income ETF’s Peers
YTDMunicipal peers · YTD and past-year returns · as of Nov 10, 2026 · sorted by AUM
Head to Head
Put TMNL head to head with MUB →MUB vs TMNL
YTDYear to date
TMNL wins+1.6 pts
Past year
Level
Fee
MUB winslower fee
Yield
TMNL wins+0.7 pts
AUM
MUB2230.1× more
2–1TMNL wins
iShares MUB and T. Rowe Price TMNL · year-to-date · as of Nov 10, 2026 · AUM not scored
TMNL vs VOO
YTDTMNL · T. Rowe Price Long Municipal Income
+2.3%
VOO · S&P 500
+11.3%
Gap
9.0 pts
T. Rowe Price TMNL and Vanguard VOO · YTD total return · as of Nov 10, 2026
TMNL vs Its Peer Average
YTDTMNLAvsBPeer average
1D0.0%+0.1%
1M+5.1%+3.9%
3M+0.3%−0.1%
YTD+2.3%+1.2%
1Y[…]+1.5%
3Y[…]+14.6%
5Y[…]+3.2%
3–1TMNL wins
165 Municipal peers · each row scaled to its leader
How Bumpy Is TMNL?
ViewTMNL
How Bumpy
1Y0.4×the S&P 500’s swings
CalmerBumpierS&P 1×TMNL
Bumpiest of 7 municipal fundsTMNL
Other municipal funds0.1× to 0.3×
T. Rowe Price TMNL · daily swings over the past year vs the S&P 500
TMNL
Worst Drop
1Y−6.6%from its Jul 6 high
Still below the high−1.1%
$10,000 at the high is now$9,890
T. Rowe Price TMNL · fall from the highest close, past year
TMNL
On a Bad Day
1Y0.2×the S&P 500’s fall
TMNL’s worst day: Thursday, Sep 10Up days56 of every 100
S&P 500 up days52 of every 100
T. Rowe Price TMNL · average move on days the S&P 500 fell
TMNL
Return for the Bumps
1Y#1 of 7 municipal fundsEvery fund here earned less than cash (3.6%) over the past year; the bars still rank them by return for the bumps.
Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.6%
TMNL
Cost
Today$26a year per $10,000
Expense ratio 0.26%, taken from the fund’s value
TMNL
Volatility & Beta
1Y5.2%annual volatility
S&P 500 volatility13.6%
Downside volatility3.8%
Beta vs SPY0.11
Correlation vs SPY0.27
Beta rank, lowest first, of 7#7
Daily total returns × √252 · past 241 trading days
TMNL
Max Drawdown
1Y−6.6%peak to trough
Peak closeJul 6, 2026
Current drawdown−1.1%
Worst day−1.36% · Sep 10
Closing prices, dividends in
TMNL
Up / Down Capture
1Y16%down capture vs SPY
Up ÷ down capture1.03
Up days56.0% (S&P 52.3%)
Average daily move on SPY up days and down days
TMNL
Sharpe & Sortino vs Peers
1YSharpe = (return − 3.6% cash) ÷ volatility · Sortino uses downside volatility only
TMNL
Trading
Today+0.10%above its holdings’ value
Close$49.42
NAV$49.37
Fee per $10,000$26 a year
Avg. volume 30D2K shares
Close vs net asset value, Nov 9
The Details
TMNL
Fund Facts
Today2025launched Nov 19
Tracks[…]
Exchange · CUSIPNASDAQ · 87283Q651
StructureETF
Leverage1x
Cost on $10,000$26 a year
Go deeper
T. Rowe Price TMNL · fund facts · as of Nov 10, 2026
TMNL
Payouts by Year
2Y$0.17per share, Oct 2026
Distribution yield3.9%
PaidEvery month
Latest ex-date · paidOct 27 · Oct 29, 2026
11 payouts added up$1.95 a share
T. Rowe Price TMNL · distributions by ex-date · 2025–2026
All Fund FactsDocuments · trading · fees · every payout
Prospectus & Documents
Trading & Liquidity
Net asset value$49.37
Premium / discount[…]
Median spread · 30D[…]
Volume today548
Average volume · 30D2K
Shares outstanding[…]
Options[…]
Fees & Costs
Net expense ratio0.26%
Gross expense ratio[…]
Management fee[…]
Cost on $10,000 a year$26.00
Our risk indicator2/5
Estimated yearly cost excludes trading costs and assumes constant assets.
Distributions
| Ex-date | Paid | Per share |
|---|---|---|
| Oct 27, 2026 | Oct 29, 2026 | $0.17 |
| Sep 25, 2026 | Sep 29, 2026 | $0.18 |
| Aug 26, 2026 | Aug 28, 2026 | $0.18 |
| Jul 28, 2026 | Jul 30, 2026 | $0.18 |
| Jun 25, 2026 | Jun 29, 2026 | $0.18 |
| May 26, 2026 | May 28, 2026 | $0.18 |
| Apr 27, 2026 | Apr 29, 2026 | $0.18 |
| Mar 26, 2026 | Mar 30, 2026 | $0.18 |
| Feb 24, 2026 | Feb 26, 2026 | $0.18 |
| Jan 27, 2026 | Jan 29, 2026 | $0.17 |
| Dec 23, 2025 | Dec 26, 2025 | $0.19 |
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