T. ROWE PRICE LAUNCHES ITS FIRST ACTIVE TAX-FREE BOND EXCHANGE-TRADED FUND

Core Viewpoint - T. Rowe Price has launched its first federally tax-free fixed income ETF, the T. Rowe Price Intermediate Municipal Income ETF (Ticker: TAXE), expanding its active ETF lineup to 16 products [1][2]. Group 1: ETF Launch Details - The Intermediate Municipal Income ETF began trading on NASDAQ on July 10, 2024, focusing on investment-grade intermediate-term municipal bonds with a weighted average effective maturity of four to 12 years [4]. - This ETF is co-managed by James Lynch and Charlie Hill, who have a combined 53 years of investment experience in managing municipal bond strategies [4]. - The ETF aims to provide the highest level of income exempt from federal income taxes while maintaining moderate price fluctuation, with a net expense ratio of 0.24% [5]. Group 2: Company Background and Strategy - T. Rowe Price, founded in 1937, manages USD $1.54 trillion in assets as of May 31, 2024, and is recognized for its investment excellence and retirement leadership [3]. - The firm has been expanding its ETF offerings since introducing its first active ETFs in August 2020, now including five semi-transparent equity ETFs, six transparent fixed income ETFs, and five transparent equity ETFs [2]. - The launch of the Intermediate Municipal Income ETF reflects T. Rowe Price's commitment to meeting the evolving needs of clients by combining active management expertise with the benefits of the ETF structure [3][9].