Intermediate Municipal Income ETF began trading on NASDAQ
today
BALTIMORE, 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.
The 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.
T. Rowe Price Intermediate Municipal Income ETF (Ticker:
TAXE)
- Seeks the highest level of income exempt from federal income
taxes consistent with moderate price fluctuation
- Net 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.
QUOTES
Charlie 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."
James 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."
Tim Coyne, Global Head of
Exchange-Traded Funds
"For four years, we've continued to expand our ETF offerings to
offer key strategies that meet the evolving needs and interests of
our clients. With the launch of the Intermediate Municipal Income
ETF, it was important for us to establish an offering in the
federally tax-free category. We remain dedicated to delivering
attractive ETFs that pair our long history of active management
expertise and investment insights with the benefits of the ETF
vehicle."
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price
(NASDAQ: TROW) helps people around the world achieve their
long-term investment goals. As a large global asset management
company known for investment excellence, retirement leadership, and
independent proprietary research, the firm is built on a culture of
integrity that puts client interests first. Investors rely on the
award-winning firm for its retirement expertise and active
management approach of equity, fixed income, alternatives, and
multi-asset investment capabilities. T. Rowe Price manages USD $1.54 trillion in assets under management as of
May 31, 2024, and serves millions of
clients globally. News and other updates can be found on
Facebook, Instagram, LinkedIn, Twitter, YouTube,
and troweprice.com/newsroom.
Consider the investment objectives, risks, and charges and
expenses carefully before investing. For a prospectus or, if
available, a summary prospectus containing this and other
information visit troweprice.com. Read it carefully.
ETFs are bought and sold at market prices, not NAV. Investors
generally incur the cost of the spread between the prices at which
shares are bought and sold. Buying and selling shares may result in
brokerage commissions which will reduce returns.
202406-3656782
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SOURCE T. Rowe Price Associates, Inc.