Press release
T. ROWE PRICE LAUNCHES ITS FIRST ACTIVE TAX-FREE BOND EXCHANGE-TRADED FUND
Intermediate Municipal Income ETF began trading on NASDAQ today BALTIMORE, July 10, 2024 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Intermediate Municipal Income ETF began trading on NASDAQ today\nBALTIMORE, July 10, 2024 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm, announced today the addition of its first federally tax-free fixed income exchange-traded fund (ETF) to its active ETF roster. T. Rowe Price Intermediate Municipal Income ETF (Ticker: TAXE) began trading today on the NASDAQ exchange.\n\nThe Intermediate Municipal Income strategy focuses on investment-grade intermediate-term municipal bonds with a weighted average effective maturity of four to 12 years. T. Rowe Price Intermediate Municipal Income ETF is co-managed by James Lynch and Charlie Hill, who collectively have 53 years of investment experience, and have served in portfolio management roles for other T. Rowe Price intermediate-term municipal bond strategies. This ETF is a new strategy, the first of the firm's fixed income active ETFs that is distinct from existing T. Rowe Price mutual funds.\nT. Rowe Price Intermediate Municipal Income ETF (Ticker: TAXE)\nSeeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuationNet expense ratio is 0.24%T. Rowe Price introduced its first active ETFs in August 2020, and today's launch expands the firm's active ETF lineup to 16, including five semi-transparent equity ETFs, six transparent fixed income ETFs, and five transparent equity ETFs. The active ETFs complement the firm's traditional mutual fund offerings and deliver key features associated with ETFs that some investors may prefer, such as more competitive expense ratios, tax efficiency, and the flexibility to buy and sell shares throughout the trading day.\nQUOTES\nCharlie Hill, Portfolio Manager, Fixed Income Division\"James and I have devoted years to fixed income investing, managing funds and separate accounts. We are excited to leverage our time-tested process into this new ETF launch.\" \nJames Lynch, Portfolio Manager, Fixed Income Division\"The Intermediate Municipal Income ETF gives investors access to T. Rowe Price's time-tested active municipal bond management, which uses rigorous proprietary credit research to identify market opportunities and manage risk.\"\nTim Coyne, Global Head of Exchange-Traded Funds\"For four years, we've continued to expand our ETF offerings to offer key strategies that meet ...