T. Rowe Price Short 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 TMNS

Thefund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities whoseincome is exempt from federal income taxes. Any derivatives that provide exposure to the investment focus suggested by the fund’sname, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted(as applicable) toward compliance with the fund’s 80% investment policy. Thereare no limitations on maturities for individual securities or duration for the portfolio. However, under normal conditions, thefund’s weighted average effective maturity will be less than five years. Thefund focuses its investments on securities that produce income that is exempt from regular federal income taxes. However, a significantportion of the fund’s income could be derived from securities subject to the alternative minimum tax.  Thefund invests in various tax-exempt municipal securities, such as general obligation bonds and revenue bonds (including privateactivity bonds). The fund may also invest in the securities of issuers whose revenues are generated from similar types of projectsor operate in similar business sectors with special risks, including healthcare, transportation, utilities, or private activitybonds. The fund may have significant exposure to specific states when the adviser’s analysis identifies favorable marketdevelopments or trends, attractive relative values, or compelling fundamentals relating to a certain state that the adviser believesare underappreciated by the market. These factors will inform overall allocation decisions for the fund and seek to enhance thefund’s risk-return profile. Thefund typically invests in investment-grade securities, which are securities rated in one of the four highest rating categoriesas determined by at least one credit rating agency or, if unrated, deemed by the adviser to be of comparable quality. However,the fund may invest up to 15% of its net assets in securities that are rated below investment-grade by a credit rating agencyor, if unrated, deemed by the adviser to be below investment-grade. Such holdings are commonly referred to as “junk bonds.” Investmentdecisions generally reflect the adviser’s outlook for interest rates and the economy, as well as the prices, yields, andcredit quality of various securities in which the fund may invest.

TMNS News

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