T. Rowe Price Short Municipal Income ETF
TMNS
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- T. Rowe Price Short Municipal Income ETF (TMNS) is an actively managed exchange-traded fund that seeks high current income exempt from federal income taxes by investing primarily in short- and intermediate-term investment-grade municipal bonds, including general obligation bonds and revenue bonds issued by state and local governments; it may also hold a reserve position in short-term, high-quality money market instruments or an internal T. Rowe Price money market fund during periods of market volatility. The fund, managed by James Lynch, CFA, with 18 years of investment experience, features a net expense ratio of 0.18% and trades on the NASDAQ exchange. Issued by T. Rowe Price Exchange-Traded Funds, Inc., it targets individual and institutional investors seeking tax-efficient, low-duration fixed income exposure with active risk management. Launched on November 20, 2025, as part of T. Rowe Price's expansion of its active fixed income ETF lineup to 28 offerings, TMNS complements the firm's existing municipal bond strategies, including the T. Rowe Price Intermediate Municipal Income ETF (TAXE) launched in 2024, the T. Rowe Price Long Municipal Income ETF (TMNL), T. Rowe Price High Income Municipal ETF (THYM), and T. Rowe Price Multi-Sector Income ETF (TMSF), all introduced concurrently to provide investors with short-term, long-term, high-yield, and multi-sector municipal and fixed income options. This strategic launch reflects T. Rowe Price's ongoing commitment to broadening its federally tax-free ETF offerings amid evolving market needs for active management in fixed income. T. Rowe Price, the fund's investment manager, was founded in 1937 and is headquartered in Baltimore, Maryland; the global asset management firm operates 17 international offices serving clients in 55 countries, with approximately $1.79 trillion in assets under management as of October 31, 2025, focusing on active strategies across equity, fixed income, and multi-asset classes for individuals, institutions, retirement plans, and financial intermediaries.