T. Rowe Price Short Municipal Income ETF(NASDAQ:TMNS)

TMNS invests in municipal securities, including relevant derivates, that generate income exempt from regular federal income taxes. Its portfolio typically has a weighted average maturity of less than five years, with no set limits on maturity or duration for individual holdings. While focusing on tax-exempt income, some income may be subject to the alternative minimum tax. The fund holds a variety of municipal securities, such as general obligation and revenue bonds, including private activity bonds, and may concentrate in certain states or sectors when attractive opportunities are identified by the adviser. Most holdings are investment-grade, but up to 15% may be below investment-grade. Investment selections are guided by the adviser's views on interest rates, economic outlook, and credit quality.