- Issuer
- T. Rowe Price
- Inception Date
- Nov 19, 2025
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $22M
Highlights
- Avg. Volume (1M)
- 435
- Avg. Volume Value (1M)
- $21.75K
Share Price Chart
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Performance
TMNL Performance Chart
T. Rowe Price Long Municipal Income ETF (TMNL) is up 1.4% since the beginning of the year. TMNL is currently trading at $50 per share.
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Returns By Period
T. Rowe Price Long Municipal Income ETF
- 1D
- -0.34%
- 1M
- -1.87%
- 6M
- 0.65%
- YTD
- 1.38%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TMNL Monthly Returns History
Based on dividend-adjusted daily data since Nov 20, 2025, TMNL's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, an investment would double in approximately 28.9 years.
Historically, 67% of months were positive and 33% were negative. The best month was Apr 2026 with a return of +1.5%, while the worst month was Mar 2026 at -2.1%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 1 months.
On a daily basis, TMNL closed higher 58% of trading days. The best single day was Mar 25, 2026 with a return of +0.8%, while the worst single day was Mar 20, 2026 at -1.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.72% | 1.44% | -2.07% | 1.52% | 0.52% | 1.00% | -1.70% | 1.38% | |||||
| 2025 | 0.40% | -0.08% | 0.32% |
Benchmark Metrics
T. Rowe Price Long Municipal Income ETF has an annualized alpha of 0.12%, beta of 0.13, and R2 of 0.16 versus S&P 500 Index. Calculated based on daily prices since November 20, 2025.
- This ETF participated in 21.33% of S&P 500 Index downside but only 12.59% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R2 of 0.16 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.16 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.12%
- Beta
- 0.13
- R²
- 0.16
- Upside Capture
- 12.59%
- Downside Capture
- 21.33%
Expense Ratio
TMNL has an expense ratio of 0.26%, which is considered low.
Return for Risk
Risk / Return Metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TMNL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.00 | — |
| Martin ratioReturn relative to average drawdown | — | 8.49 | — |
Dividends
Dividend History
T. Rowe Price Long Municipal Income ETF provided a 2.87% dividend yield over the last twelve months, with an annual payout of $1.42 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.42 | $0.19 |
Dividend yield | 2.87% | 0.39% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Long Municipal Income ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.17 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $1.23 | |||||
| 2025 | $0.19 | $0.19 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Long Municipal Income ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Long Municipal Income ETF was 2.94%, occurring on Mar 24, 2026. Recovery took 47 trading sessions.
The current T. Rowe Price Long Municipal Income ETF drawdown is 1.94%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-2.94%Mar 2026 | 25d | 2mo 9d | 3mo 4dFeb 2026 - Jun 2026 | — |
-2.43%Jul 2026 | 16d | — | 26dJul 2026 - now | — |
-0.56%Dec 2025 | 11d | 27d | 1mo 8dNov 2025 - Jan 2026 | — |
-0.54%Jan 2026 | 8d | 7d | 15dJan 2026 - Jan 2026 | — |
-0.44%Jun 2026 | 5d | 5d | 10dJun 2026 - Jun 2026 | — |
Drawdown Indicators
| TMNL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.94% | -56.78% | +53.84% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.94% | -1.58% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -10.70% | +10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.14% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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