T. Rowe Price Long Municipal Income ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Feb 28, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About TMNL

The fund normally invests at least 80% of its net assets (plusany borrowings for investment purposes) in municipal securities whose income is exempt from federal income taxes. Any derivativesthat provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associatedwith the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s80% investment policy. There are no limitations on maturities for individual securitiesor duration for the portfolio. However, under normal conditions, the fund’s weighted average maturity will exceed ten years. The fund focuses its investments on securities that produceincome that is exempt from regular federal income taxes. However, a significant portion of the fund’s income could be derivedfrom securities subject to the alternative minimum tax. The fund invests in various tax-exempt municipal securities, such as generalobligation bonds and revenue bonds (including private activity bonds). The fund may also invest in the securities of issuers whoserevenues are generated from similar types of projects or operate in similar business sectors with special risks, including healthcare,transportation, utilities, or private activity bonds. The fund may have significant exposure to specific states when the adviser’sanalysis identifies favorable market developments or trends, attractive relative values, or compelling fundamentals relating toa certain state that the adviser believes are underappreciated by the market. These factors will inform overall allocation decisionsfor the fund and seek to enhance the fund’s risk-return profile. The fund typically invests in investment-grade municipalsecurities, which are securities rated in one of the four highest rating categories as determined by at least one credit ratingagency or, if unrated, deemed by the adviser to be of comparable quality. However, the fund may invest up to 25% of its net assetsin securities that are rated below investment-grade by a credit rating agency or, if unrated, deemed by the adviser to be belowinvestment-grade. Such holdings are commonly referred to as “junk bonds.” Investment decisions generally reflect the adviser’s outlookfor interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund mayinvest.

TMNL News

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