T. Rowe Price Long Municipal Income ETF
TMNL
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- CEO
- Gavin MacBeath
- Full Time Employees
- 148
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1307 Point Street Baltimore MD United States of America 21231
- IPO Date
- Nov 21, 2025
- Website
- tscan.com
- Similar Companies
- Business
- T. Rowe Price Long Municipal Income ETF (TMNL) is an actively managed exchange-traded fund that primarily invests in longer-term municipal bonds to generate tax-exempt income. The fund seeks current income exempt from federal income taxes and secondarily total return; its portfolio typically includes long-duration, investment-grade municipal securities issued by states, territories, political subdivisions, and public authorities across the United States, with selective allocations to high-yield municipal bonds and a reserve position in short-term instruments such as T. Rowe Price's internal money market fund during periods of market volatility. TMNL maintains a net expense ratio of 0.26% and trades on the NASDAQ exchange. The ETF is managed by co-portfolio managers Austin Applegate, CFA, with 21 years of investment experience, and Timothy Taylor, CFA, with 28 years of investment experience, leveraging T. Rowe Price's rigorous research and active management approach to navigate interest rate risks, credit selection, and sector allocations in the municipal bond market. Launched on November 20, 2025, as part of T. Rowe Price's expansion of its active fixed income ETF lineup to 28 offerings, TMNL complements the firm's municipal bond strategies including the Short Municipal Income ETF (TMNS), High Income Municipal ETF (THYM), and Intermediate Municipal Income ETF (TAXE). This launch represents a major strategic addition to T. Rowe Price's federally tax-free ETF suite, enhancing coverage across short-, intermediate-, long-term, and high-yield municipal segments amid growing demand for active fixed income solutions. Headquartered in Baltimore, Maryland, the fund operates under T. Rowe Price ExchangeTraded Funds, Inc., a subsidiary of T. Rowe Price Group, Inc. (NASDAQ: TROW), a global asset manager founded in 1937 with approximately $1.79 trillion in assets under management as of October 31, 2025, serving institutional and retail investors seeking tax-efficient, intraday liquidity, and outperformance relative to passive municipal bond indexes.