TAXE ETF — Intermediate Municipal Income ETF

Intermediate Municipal Income ETF (TAXE)

Updated October 16, 2026.

TAXE is an ETF. its distribution rate is 3.79%, its trailing-12-month yield is 3.81%, its expense ratio is 0.24%. Dividend Vision Distribution Safety Score™ is 98/100 (Safe). Total return is 6.4% over the past 2.3 years, 33.1 points behind SPY at 39.5%.

This ETF from T. Rowe Price seeks investment-grade municipal securities with a weighted average effective maturity typically between four and twelve years. It distributes income monthly at a moderate current distribution rate, with a low expense ratio of 0.24%. The fund appeals to income investors seeking tax-advantaged municipal bond exposure.

TAXE performance versus SPY

Price and return data through 2026-10-16.

Total return is 6.4% over the past 2.3 years, 33.1 points behind SPY at 39.5%. Over the past year its total return — price change plus distributions reinvested — is -0.1%. Its deepest 1-year drawdown was 5.5%.

TAXE key facts

Distribution Safety Score™

98 · Safe

Safety-Adjusted Yield

3.71%

Issuer

T. Rowe Price

Asset type

ETF

Asset class

Fixed Income

Inception date

07/09/2024

Expense ratio

0.24%

Distribution rate

3.79%

Distribution frequency

Monthly

Trailing yield

3.81%

Last close

$49.23 (as of 2026-10-16)

AUM

$286,403,968

Average volume

134858.0

Dividend

$0.1555

Ex-dividend date

09/25/2026

Payment date

09/29/2026

How Dividend Vision calculates yield and returns

Distribution rate (3.79%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.81%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: T. Rowe Price; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TAXE risks and drawbacks

TAXE's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 5.5%.

Who may consider TAXE — and who may not

TAXE may suit someone looking for a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on TAXE

• All tickers starting with T

Tagged: Fixed Income.

Frequently asked questions

More securities from T. Rowe Price.