T. Rowe Price Long Municipal Income ETFTMNL

T. Rowe PriceBonds & CashMunicipal#249 of 785 by YTD

$49.08

+0.6% last session

+1.6% YTD

Data as of 11/4/20264:00 PM ET · End-of-day

Dividend-adjusted total return · S&P 500 uses VOO · Nov 21, 2025 – Nov 4, 2026TMNLS&P 500 · VOO

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.6%	+4.2%	−0.1%	+1.6%	—	—	—	+2.0%
Peer average	+0.3%	+3.3%	−0.5%	+0.6%	+1.0%	+15.1%	+2.7%	—
S&P 500 · VOO	+1.6%	−1.6%	0.0%	+13.4%	+13.5%	+91.7%	+81.2%	—

Key Statistics

Open all fund facts →

AUM: $24M
Expense ratio: 0.26%
Distribution yield: 4.0%
NAV: $48.79
Volume: 4K
Avg. volume 30D: 2K
High today: $49.13
Low today: $49.04
Previous close: $48.80
52-week high: $50.84
52-week low: $46.85
Our risk indicator: 2/5

TMNL in One Breath

TMNL Among Municipal ETFs

YTD

#1MMMANY Life Investments+2.6%$59.3M

#2OVMOverlay Shares+2.4%$44.9M

#3MYMGSPDR+2.2%$8.6M

#4TAXTFlexShares+2.1%$196M

#5SMMUPIMCO+2.1%$1.3B

#6FTMSFranklin Templeton+2.0%$265M

#7MYMFSPDR+1.9%$8.7M

#8IBMOiShares+1.9%$499M

#25TMNLT. Rowe Price+1.6%$24.4M

End-of-day Nov 5, 2026 · 141 Municipal ETFs by YTD

$10,000 in TMNL

$10,000 in TMNL became

$10,197

In the S&P 500 (VOO)

$11,765

Total return, dividends in · Nov 21, 2025 – Nov 4, 2026 · S&P 500 uses VOO

TMNL’s Top Holdings

Today

HENRICO CNTY VHenrico Cnty Va Econ Dev Auth Henmfh 12/45 Adjustable Var3.1%NEW YORK CIT2.7%UNIV OF NORT2.4%KNOX CNTY TN2.1%NEW YORK CIT2.0%VIRGINIA SMA1.9%MARYLAND ST 1.8%NEW YORK ST 1.7%DENVER CITY 1.7%MARYLAND ST 1.6%NEW YORK ST 1.6%NORTH CAROLI1.6%MARYLAND ST 1.5%AQUARION WTR1.3%MARYLAND ST 1.3%GEO L SMITH 1.3%AUSTIN TX AR1.3%CALIFORNIA S1.2%SAVANNAH GA 1.2%MADISON CNTY1.2%PUERTO RICO 1.2%PUERTO RICO 1.1%

T. Rowe Price TMNL · 0 holdings · tile size = share of the fund · as of Nov 4, 2026

What TMNL Holds

Today

All holdings100.0%

HENRICO CN 3.1 · NEW YORK C 2.7 · UNIV OF NO 2.4 · KNOX CNTY 2.1 · NEW YORK C 2.0 · VIRGINIA S 1.9 · MARYLAND S 1.8

T. Rowe Price TMNL · share of the fund · as of Nov 4, 2026

Henrico’s Share of TMNL

Today

3.1%

$31 of every $1,000 in TMNL is Henrico

Henrico held by TMNL

$747K

T. Rowe Price TMNL · each square = $10 of $1,000 · as of Nov 4, 2026

TMNL’s Share of Municipal ETFs

Today

0.0%

of the $244B in 166 Municipal ETFs

TMNL$24.4M0.0%

MUB$54.5B22.3%

VTEB$49.6B20.3%

163 others$140B57.3%

Municipal ETF AUM · Nov 5, 2026

TMNL Fee per $100 vs Peers

Today

$0.26a year
per $100

$26 a year on $10,000

VTEB$0.03

MUB$0.05

SUB$0.07

JMUB$0.18

TMNL$0.26

CGMU$0.27

Expense ratio · Municipal peers · Nov 5, 2026

Inside TMNL

as of Nov 4, 2026

TMNL

T. Rowe Price Long Municipal Income ETF

Today

All holdings100.0%Henrico Cn3.1%NEW York C2.7%Univ OF No2.4%Knox Cnty 2.1%NEW York C2.0%Virginia S1.9%Maryland S1.8%NEW York S1.7%Denver Cit1.7%86 more holdings73.0% of the fund

All holdings100.0%Henrico Cn3.1%NEW York C2.7%94 more holdings85.8% of the fund

#	Ticker	Company	Weight ▼
1	—	Henrico Cnty VA Econ DEV Auth Henmfh 12/45 Adjustable VAR	3.06%
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	—	Knox Cnty TN Hlth Eductnl HS Knomed 07/59 Fixed 5.5	2.06%
5	—	NEW York City NY Transitional Nycgen 05/51 Fixed 5	2.04%
6	—	Virginia Small Business Fing A Vasdev 12/56 Fixed 5	1.89%
7	—	Maryland ST Econ DEV Priv Mdsdev 06/52 Fixed 5.25	1.80%
8	—	NEW York ST Transprtn DEV Nyttrn 06/59 Fixed 6	1.67%
9	—	Denver City Cnty Arpt REV Denapt 12/37 Fixed 5	1.66%
10	—	Maryland ST Hlth HGR Eductnl Mdsmed 01/46 Fixed 5.5	1.65%

T. Rowe Price TMNL · current holdings by weight · as of Nov 4, 2026 · each tile is one holding · top 20 = 34.5%

How It Compares

TMNL

T. Rowe Price Long Municipal Income ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.1%	+0.7%	$54.5B
VTEB	VanguardRead Desk	0.03%	+0.2%	+0.7%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.5%	+2.3%	$13.3B
JMUB	J.P. MorganRead Desk	0.18%	+0.3%	+0.8%	$9.0B
CGMU	Capital GroupRead Desk	0.27%	+0.8%	+1.4%	$7.5B
TMNL	T. Rowe PriceThis fundRead Desk	0.26%	+1.6%	new	$24M

Municipal peers · YTD and past-year returns · as of Nov 5, 2026 · sorted by AUM

Head to Head

Put TMNL head to head with MUB →

MUB vs TMNL

YTD

MUBiShares · MunicipalTMNLT. Rowe Price · Municipal

Year to date

+0.1%

+1.6%

TMNL wins+1.5 pts

Past year

+0.7%

[…]

Level

Fee

0.05%

0.26%

MUB winslower fee

Yield

3.3%

4.0%

TMNL wins+0.7 pts

AUM

$54.5B

$24.4M

MUB2233.6× more

2–1TMNL wins

iShares MUB and T. Rowe Price TMNL · year-to-date · as of Nov 5, 2026 · AUM not scored

TMNL vs VOO

YTD

TMNL · T. Rowe Price Long Municipal Income

+1.6%

VOO · S&P 500

+13.4%

Gap

11.8 pts

T. Rowe Price TMNL and Vanguard VOO · YTD total return · as of Nov 5, 2026

TMNL vs Its Peer Average

YTD

TMNLAvsBPeer average

1D+0.6%+0.3%

1M+4.2%+3.3%

3M−0.1%−0.5%

YTD+1.6%+0.6%

1Y[…]+1.0%

3Y[…]+15.1%

5Y[…]+2.7%

4–0TMNL wins

165 Municipal peers · each row scaled to its leader

The Details

TMNL

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y[…]

Deepest drop · 1Y[…]

Lowest point · 5Y−2.8%

52-week range

$49.08

$46.85−3.5% from the high$50.84

T. Rowe Price TMNL · past-year price moves · as of Nov 5, 2026

TMNL

Fund Facts

Today

2025launched Nov 19

Tracks[…]

Exchange · CUSIPNASDAQ · 87283Q651

StructureETF

Leverage1x

Cost on $10,000$26 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

T. Rowe Price TMNL · fund facts · as of Nov 5, 2026

TMNL

Payouts by Year

$0.17per share, Oct 2026

Distribution yield4.0%

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

SEC reported portfolio · 2026-08-31 ↗SEC reported portfolio · 2026-05-31 ↗SEC reported portfolio · 2026-02-28 ↗summary prospectus · SEC 497K ↗annual report · SEC N-CSR ↗SEC reported portfolio · 2025-11-30 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$48.79

Premium / discount[…]

Median spread · 30D[…]

Volume today4K

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

Issuer contentFrom T. Rowe PriceHear the strategy from the people behind TMNL.No issuer videos have been published for this fund.Are you the issuer? Claim this fund →