ETF Evaluator:
T. Rowe Price Intermediate Muncpl IncETF ()
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(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
T. Rowe Price Intermediate Muncpl IncETF Overview
T. Rowe Price Intermediate Muncpl IncETF (TAXE) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2024.
The investment seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation.
The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in investment-grade municipal securities or derivatives that are linked to or provides investment exposure to the municipal market. Under normal conditions, the fund’s weighted average effective maturity will be four to twelve years. There are no maturity limitations on individual securities.
About T. Rowe Price Intermediate Muncpl IncETF (TAXE)
There are 1 members of the management team with an average tenure of 2.06 years: James Lynch (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
T. Rowe Price Intermediate Muncpl IncETF has 580 securities in its portfolio. The top 10 holdings constitute 9.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Intermediate Muncpl IncETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. T. Rowe Price Intermediate Muncpl IncETF has 5.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 101.0% (95.0% domestic bond, 5.9% foreign bond and 0.0% convertible bond). T. Rowe Price Intermediate Muncpl IncETF has -1.0% of the portfolio in cash.
Assets Under Management
The fund has $189 million in total assets, which is below the $2 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TAXE Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Intermediate Muncpl IncETF expense ratio is below average compared to funds in the Muni National Interm category. T. Rowe Price Intermediate Muncpl IncETF has an expense ratio of 0.24%, which is 15% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Intermediate Muncpl IncETF has a portfolio turnover rate of 137%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, T. Rowe Price Intermediate Muncpl IncETF returned -1.6%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price Intermediate Muncpl IncETF has a trailing yield of 3.64%, which is above the 3.53% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Intermediate Muncpl IncETF Grades
Year to date, the ETF has returned 0.6%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.1% over the past year (grade of C).
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TAXE Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TAXE Return (NAV) | -1.6% | -0.5% | 5.1% | na | na | na |
| TAXE Return (Price) | -1.5% | -0.5% | 5.2% | na | na | na |
| NAV +/- Price Return | -0.042% | -0.013% | -0.085% | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| TAXE Grade (NAV) | B | C | C | na | na | na |
| +/- Category (NAV) | 0.0% | -0.0% | 0.2% | na | na | na |
| TAXE Tax-Cost Ratio | na | na | 0.0% | na | na | na |
TAXE Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TAXE Return (NAV) | 0.6% | 5.8% | na | na | na | na | na | na | na | na | na |
| TAXE Return (Price) | 0.6% | 5.8% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.082% | -0.006% | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| TAXE Grade (NAV) | B | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.2% | 1.1% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 190 Mil |
| Share Class Assets: | $ 190 Mil |
| Turnover: | 137.1% |
| Expense Ratio: | 0.24% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Lynch James (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 580 |
| % in Top 10 Holdings: | 9.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.0% |
| Foreign Bond: | 5.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | July 9, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.24% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
