T. Rowe Price Short Municipal Income ETFTMNS

T. Rowe PriceBonds & CashMunicipal#200 of 786 by YTD

$49.69

+0.2% last session

+1.9% YTD

Data as of 11/5/20264:00 PM ET · End-of-day

Dividend-adjusted total return · S&P 500 uses VOO · Dec 31, 2025 – Nov 5, 2026TMNSS&P 500 · VOOBonds & Cash average

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.2%	+2.5%	+0.5%	+1.9%	—	—	—	+2.5%
Peer average	+0.3%	+4.1%	−0.5%	+0.9%	+1.2%	+15.4%	+2.9%	—
S&P 500 · VOO	−4.4%	−5.7%	−4.9%	+8.4%	+9.8%	+82.2%	+71.6%	—

Key Statistics

Open all fund facts →

AUM: $22M
Expense ratio: 0.18%
Distribution yield: 3.2%
NAV: $49.58
Volume: 783
Avg. volume 30D: 564
High today: $49.69
Low today: $49.62
Previous close: $49.58
52-week high: $50.69
52-week low: $48.32
Our risk indicator: 2/5

TMNS in One Breath

TMNS Among Municipal ETFs

YTD

#1MMMANY Life Investments+2.7%$59.6M

#2MYMGSPDR+2.4%$8.6M

#3TAXTFlexShares+2.4%$197M

#4SMMUPIMCO+2.3%$1.3B

#5SHYMiShares+2.2%$921M

#6FTMSFranklin Templeton+2.1%$265M

#7MUNAFlexShares+2.0%$8.0M

#8CGSMCapital Group+2.0%$1.7B

#14TMNST. Rowe Price+1.9%$22.3M

End-of-day Nov 6, 2026 · 141 Municipal ETFs by YTD

$10,000 in TMNS

$10,000 in TMNS became

$10,245

In the S&P 500 (VOO)

$11,251

Total return, dividends in · Nov 21, 2025 – Nov 5, 2026 · S&P 500 uses VOO

TMNS’s Top Holdings

Today

DALLAS FORT WODallas Fort Worth Tx Internati Dalapt 11/50 Adjustable Var3.3%NEW YORK ST 2.2%PORT AUTH OF2.2%NEW YORK ST 2.0%BLACK BELT E2.0%NEW JERSEY S1.9%CALIFORNIA C1.9%NEW YORK ST 1.8%PORT OF SEAT1.8%LOUISA VA IN1.7%NEW YORK ST 1.5%ARIZONA ST I1.4%PUERTO RICO 1.4%CALIFORNIA S1.4%ILLINOIS ST 1.4%ARLINGTON TX1.3%INDIANA ST F1.3%S E ALABAMA 1.2%TARRANT CNTY1.2%MAIN STREET 1.2%TENNESSEE EN1.2%NEW YORK CIT1.1%

T. Rowe Price TMNS · 212 holdings · top 22 shown · tile size = share of the fund · as of Nov 5, 2026

What TMNS Holds

Today

All holdings100.0%

DALLAS FOR 3.3 · NEW YORK S 2.2 · PORT AUTH 2.2 · NEW YORK S 2.0 · BLACK BELT 2.0 · NEW JERSEY 1.9 · CALIFORNIA 1.9

T. Rowe Price TMNS · share of the fund · as of Nov 5, 2026

Dallas’ Share of TMNS

Today

3.3%

$33 of every $1,000 in TMNS is Dallas

Dallas held by TMNS

$732K

T. Rowe Price TMNS · each square = $10 of $1,000 · as of Nov 5, 2026

TMNS’s Share of Municipal ETFs

Today

0.0%

of the $244B in 166 Municipal ETFs

TMNS$22.3M0.0%

MUB$54.7B22.4%

VTEB$49.6B20.3%

163 others$140B57.3%

Municipal ETF AUM · Nov 6, 2026

TMNS Fee per $100 vs Peers

Today

$0.18a year
per $100

$18 a year on $10,000

VTEB$0.03

MUB$0.05

SUB$0.07

TMNS$0.18

JMUB$0.18

CGMU$0.27

Expense ratio · Municipal peers · Nov 6, 2026

Inside TMNS

100 holdings · as of Nov 5, 2026

TMNS

T. Rowe Price Short Municipal Income ETF

Today

All holdings100.0%Dallas For3.3%NEW York S2.2%Port Auth 2.2%NEW York S2.0%Black Belt2.0%NEW Jersey1.9%California1.9%NEW York S1.8%Port OF Se1.8%86 more holdings73.6% of the fund

All holdings100.0%94 more holdings86.5% of the fund

#	Ticker	Company	Weight ▼
1	—	Dallas Fort Worth TX Internati Dalapt 11/50 Adjustable VAR	3.28%
2	—	NEW York ST HSG FIN AGY Afford Nyshsg 05/56 Adjustable VAR	2.22%
3	—	Port Auth OF NEW York NEW JE Portrn 09/33 Fixed 5	2.18%
4	—	NEW York ST Transprtn DEV Nyttrn 12/29 Fixed 5	1.98%
5	—	Black Belt Energy GAS Dist AL Bbeutl 02/53 Adjustable VAR	1.96%
6	—	NEW Jersey ST Transprtn Trust Njstrn 06/30 Fixed 5	1.90%
7	—	California Cmnty Choice Fing A Ccedev 10/54 Adjustable VAR	1.85%
8	—	NEW York ST Mtge AGY Revenue Nyshsg 10/30 Fixed 3.4	1.77%
9	—	Port OF Seattle WA Revenue Ptsgen 05/35 Fixed 5	1.76%
10	—	Louisa VA Indl DEV Auth Poll C Loupol 11/35 Adjustable VAR	1.68%

See all 212 holdings ↓

T. Rowe Price TMNS · current holdings by weight · as of Nov 5, 2026 · each tile is one holding · top 20 = 34.0%

All TMNS Holdings

212 holdings · as of Nov 5, 2026

TMNS

TMNS’ Holdings

Today

#
1	—Dallas Fort Worth TX Internati Dalapt 11/50 Adjustable VAR	3.28%	$327.95	700K	$732K
2	—NEW York ST HSG FIN AGY Afford Nyshsg 05/56 Adjustable VAR	2.22%	$222.02	500K	$495K
3	—Port Auth OF NEW York NEW JE Portrn 09/33 Fixed 5	2.18%	$218.00	475K	$486K
4	—NEW York ST Transprtn DEV Nyttrn 12/29 Fixed 5	1.98%	$197.82	425K	$441K
5	—Black Belt Energy GAS Dist AL Bbeutl 02/53 Adjustable VAR	1.96%	$195.68	425K	$437K
6	—NEW Jersey ST Transprtn Trust Njstrn 06/30 Fixed 5	1.90%	$190.40	400K	$425K
7	—California Cmnty Choice Fing A Ccedev 10/54 Adjustable VAR	1.85%	$185.08	395K	$413K
8	—NEW York ST Mtge AGY Revenue Nyshsg 10/30 Fixed 3.4	1.77%	$176.90	395K	$395K
9	—Port OF Seattle WA Revenue Ptsgen 05/35 Fixed 5	1.76%	$175.55	390K	$392K
10	—Louisa VA Indl DEV Auth Poll C Loupol 11/35 Adjustable VAR	1.68%	$167.64	385K	$374K
11	—NEW York ST Mtge AGY Homeowner Nyshsg 04/32 Fixed 3.25	1.49%	$148.57	340K	$331K
12	—Arizona ST Indl DEV Auth Natio Azsedu 11/28 Fixed 5	1.45%	$144.75	315K	$323K
13	—Puerto Rico Cmwlth PRC 07/31 Fixed 5.75	1.44%	$143.77	300K	$321K
14	—California ST Stwd Cmntys DEV Casdev 09/31 Fixed 5	1.41%	$141.30	300K	$315K
15	—Illinois ST ILS 05/29 Fixed 5	1.38%	$138.06	300K	$308K

T. Rowe Price TMNS · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 5, 2026

How It Compares

TMNS

T. Rowe Price Short Municipal Income ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.5%	+0.9%	$54.7B
VTEB	VanguardRead Desk	0.03%	+0.6%	+0.9%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.6%	+2.4%	$13.3B
JMUB	J.P. MorganRead Desk	0.18%	+0.8%	+1.1%	$9.0B
CGMU	Capital GroupRead Desk	0.27%	+1.1%	+1.7%	$7.5B
TMNS	T. Rowe PriceThis fundRead Desk	0.18%	+1.9%	new	$22M

Municipal peers · YTD and past-year returns · as of Nov 6, 2026 · sorted by AUM

Head to Head

Put TMNS head to head with MUB →

MUB vs TMNS

YTD

MUBiShares · MunicipalTMNST. Rowe Price · Municipal

Year to date

+0.5%

+1.9%

TMNS wins+1.4 pts

Past year

+0.9%

[…]

Level

Fee

0.05%

0.18%

MUB winslower fee

Yield

3.3%

3.2%

MUB wins+0.1 pts

AUM

$54.7B

$22.3M

MUB2449.6× more

2–1MUB wins

iShares MUB and T. Rowe Price TMNS · year-to-date · as of Nov 6, 2026 · AUM not scored

TMNS vs VOO

YTD

TMNS · T. Rowe Price Short Municipal Income

+1.9%

VOO · S&P 500

+8.4%

Gap

6.5 pts

T. Rowe Price TMNS and Vanguard VOO · YTD total return · as of Nov 6, 2026

TMNS vs Its Peer Average

YTD

TMNSAvsBPeer average

1D+0.2%+0.3%

1M+2.5%+4.1%

3M+0.5%−0.5%

YTD+1.9%+0.9%

1Y[…]+1.2%

3Y[…]+15.4%

5Y[…]+2.9%

2–2level

165 Municipal peers · each row scaled to its leader

The Details

TMNS

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y[…]

Deepest drop · 1Y[…]

Lowest point · 5Y−0.3%

52-week range

$49.69

$48.32−2.0% from the high$50.69

T. Rowe Price TMNS · past-year price moves · as of Nov 6, 2026

TMNS

Fund Facts

Today

2025launched Nov 19

Tracks[…]

Exchange · CUSIPNASDAQ · 87283Q636

StructureETF

Leverage1x

Cost on $10,000$18 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

T. Rowe Price TMNS · fund facts · as of Nov 6, 2026

TMNS

Payouts by Year

$0.14per share, Oct 2026

Distribution yield3.2%

PaidEvery month

Latest ex-date · paidOct 27 · Oct 29, 2026

11 payouts added up$1.57 a share

T. Rowe Price TMNS · 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$49.58

Premium / discount[…]

Median spread · 30D[…]

Volume today783

Average volume · 30D564

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.18%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$18.00

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	$0.14
Sep 25, 2026	Sep 29, 2026	$0.15
Aug 26, 2026	Aug 28, 2026	$0.14
Jul 28, 2026	Jul 30, 2026	$0.13
Jun 25, 2026	Jun 29, 2026	$0.14
May 26, 2026	May 28, 2026	$0.14
Apr 27, 2026	Apr 29, 2026	$0.14
Mar 26, 2026	Mar 30, 2026	$0.14
Feb 24, 2026	Feb 26, 2026	$0.14
Jan 27, 2026	Jan 29, 2026	$0.14
Dec 23, 2025	Dec 26, 2025	$0.16

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