T. Rowe Price Intermediate Municipal Income ETF
TAXE
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- T. Rowe Price Intermediate Municipal Income ETF (TAXE) is an actively managed exchange-traded fund that seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. The fund invests primarily in investment-grade municipal securities rated in one of the four highest credit categories by at least one national rating agency or the equivalent as determined by T. Rowe Price; up to 20% of total assets may be invested in below-investment-grade bonds; under normal conditions, the weighted average effective maturity ranges from four to twelve years with no maturity limitations on individual securities. It primarily holds U.S. municipal tax-exempt bonds (approximately 96.92% of assets), with minor allocations to non-U.S. bonds and cash equivalents, and focuses on the municipal national intermediate category. TAXE trades on the Nasdaq exchange with a net expense ratio of 0.24% and is managed by Charles Hill and James Lynch. Launched on July 9, 2024, by T. Rowe Price Exchange-Traded Funds, Inc., a subsidiary of T. Rowe Price Group, Inc., TAXE began trading on Nasdaq on July 10, 2024. T. Rowe Price Group, founded in 1937 and headquartered at 100 East Pratt Street in Baltimore, Maryland, operates globally with offices in 17 countries serving clients across 55 countries. The firm expanded its municipal bond ETF lineup in November 2025 with the launch of three complementary active ETFs: T. Rowe Price Short Municipal Income ETF (TMNS), T. Rowe Price Long Municipal Income ETF (TMNL), and T. Rowe Price High Income Municipal ETF (THYM), alongside the multi-sector T. Rowe Price Multi-Sector Income ETF (TMSF), bringing its active ETF offerings to 28 funds. These launches represent T. Rowe Price's strategic push into diverse fixed-income strategies, including short-term, long-term, and high-yield municipal bonds, with TMNS co-managed by James Lynch. As of September 30, 2025, TAXE's assets under management stood at approximately $50.59 million.