TMNSvsFTMAETF Comparison
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T. Rowe Price Short Municipal Income ETF (TMNS) and Franklin Massachusetts Municipal Income ETF (FTMA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TMNS is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.35% for FTMA. TMNS is up 0.4% year-to-date (YTD) with +$1M in YTD flows. FTMA performs worse with -3.7% YTD performance, and +$48M in YTD flows. Run a side-by-side ETF comparison of TMNS and FTMA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TMNS vs FTMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMNS FTMA | -0.14%-0.73% | -1.05%-4.57% | +0.40%-3.70% | n/an/a | n/an/a | n/an/a |
| Flows | TMNS FTMA | -$1M-$13M | +$1M-$6M | +$1M+$48M | -- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNS FTMA | +2.73%+5.55% | n/an/a | n/an/a | n/an/a |
| Max drawdown | TMNS FTMA | -2.76%-6.59% | n/an/a | n/an/a | n/an/a |
| Max drawdown duration | TMNS FTMA | 51d92d | n/an/a | n/an/a | n/an/a |
Trading data
TMNS | FTMA | |
Last sale 10/16/2026 at 1:30 PM | $49.10 | $8.63 |
| Previous close 10/15/2026 | $49.08 | $8.61 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
TMNS | FTMA | |
|---|---|---|
| Last price | $49.10 | $8.63 |
| 1D performance | +0.02% | +0.23% |
| AuM | $22.08 M | $276.09 M |
| E/R | 0.18% | 0.35% |
Characteristics
TMNS | FTMA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | T. Rowe Price | Franklin Templeton |
| Benchmark | - | - |
| N° of holdings | 58 | 45 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | November 10, 2025 |
| ESG | No | No |
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Exposure
Countries
TMNS
USA
29.18%
Other
70.82%
FTMA
USA
31.27%
Other
68.73%
Sectors
TMNS
Municipal
29.18%
Other
70.82%
FTMA
Municipal
31.27%
Other
68.73%
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Diversification
TMNS
Total weight of top 15 holdings out of 15
25.29%
FTMA
Total weight of top 15 holdings out of 15
23.94%
Top 15 holdings
Data as of August 31, 2026
TMNS
US23503CFK80
2.22%
US735240L842
2.13%
New York Housing Finance Agency, FRN 1may2049, USD
2.11%
US09182TCG04
1.87%
California Community Choice Financing Authority, 5.5% 1oct2054, USD (2023F)
1.82%
US650116DJ25
1.78%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.67%
US735389D620
1.67%
US546068AZ00
1.55%
Illinois Toll Highway Authority, 5% 1jan2031, USD
1.55%
US425507GL89
1.44%
US64988YQ831
1.40%
US04052FDU66
1.38%
Puerto Rico, 5.75% 1jul2031, USD
1.37%
US187145WS29
1.35%
FTMA
US57604TMC70
2.16%
Massachusetts Development Finance Agency, 5.75% 1jan2042, USD
2.08%
US57582TDX72
1.90%
US5755793L99
1.88%
Massachusetts, 5% 1jan2054, USD (2024)
1.88%
US575579B979
1.66%
Massachusetts Development Finance Agency, 4% 1oct2045, USD
1.58%
Massachusetts Development Finance Agency, 5.5% 15aug2050, USD (2025A)
1.53%
Massachusetts, 5% 1jun2050, USD (2022)
1.47%
US57586N6R72
1.45%
US661802WH79
1.39%
US111746KV47
1.26%
Massachusetts Bay Transportation Authority, 5% 1jul2052, USD
1.26%
US57585BEY02
1.24%
US57584Y5N53
1.19%
Frequently asked questions about TMNS and FTMA
How have the TMNS and FTMA ETFs performed in 2026?
As of October 15, 2026, TMNS is up 0.4% year-to-date (YTD), while FTMA has lost -3.7%. That puts TMNS better performer ahead so far this year.
Which ETF is attracting more investor money: TMNS or FTMA?
Year-to-date, the TMNS ETF saw +$1M in flows, compared to +$48M for FTMA.
Which ETF is bigger: TMNS or FTMA?
As of October 15, 2026, TMNS holds $22.08 M in assets under management (AUM), while FTMA manages $276.09 M.
What sectors do the TMNS and FTMA ETFs invest in?
TMNS leans toward sectors like Municipal. Meanwhile, FTMA focuses on Municipal.
What are the top holdings of the TMNS ETF and FTMA ETF?
TMNS top holdings include US23503CFK80, US735240L842 and New York Housing Finance Agency, FRN 1may2049, USD. FTMA holds in its top three: US57604TMC70, Massachusetts Development Finance Agency, 5.75% 1jan2042, USD and US57582TDX72.
Which ETF is more diversified: TMNS or FTMA?
TMNS holds 208 securities with 25.29% of its assets in the top 15. FTMA has 182 securities and a top 15 weight of 23.94%.
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