T. Rowe Price launched four new active fixed‑income ETFs—T. Rowe Price Short Municipal Income ETF (TMNS), Long Municipal Income ETF (TMNL), High Income Municipal ETF (THYM), and Multi‑Sector Income ETF (TMSF)—which began trading on the NASDAQ at 10:00 a.m. local time on November 20, 2025.
The launch expands the firm’s active ETF lineup to 28 products and adds a full spectrum of municipal and multi‑sector fixed‑income options. The new funds build on the 2024 launch of the intermediate municipal income ETF (TAXE) and provide investors with short‑term, long‑term, and high‑yield municipal exposure as well as a global fixed‑income vehicle that spans multiple credit sectors, countries, and currencies.
T. Rowe Price’s active ETF business reached $19 billion in assets under management as of September 30, 2025, and the firm’s share of the U.S. active ETF market has doubled over the past two years. The new offerings are part of a broader strategy to capture growing demand for lower‑fee, actively managed income solutions in a market that increasingly favors ETFs over traditional mutual funds.
Management said the launches reflect a steady expansion of the firm’s fixed‑income ETF capabilities. "These four new ETFs—covering short‑term, long‑term, and high‑yield municipal income, as well as multi‑sector income—allow us to provide a more comprehensive roster that leverages our time‑tested fixed‑income investing capabilities, rigorous research, and active management expertise to deliver choice and help clients meet their evolving needs," the company said.
The move positions T. Rowe Price to compete more aggressively against peers that have broadened their fixed‑income ETF offerings, while reinforcing its reputation for disciplined research and active management. By adding municipal and multi‑sector products, the firm taps a segment that has seen rising demand for tax‑free income and diversified credit exposure, potentially driving additional AUM growth and fee‑based revenue in the coming years.
With the new ETFs now trading, T. Rowe Price continues to build a diversified active ETF platform that aligns with investor preferences for lower costs, active oversight, and specialized income strategies.
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