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T. Rowe Price Group’s (NASDAQ:TROW) first federally tax-free municipal bond exchange-traded fund, the Intermediate Municipal Income ETF (TAXE), started trading Wednesday on the Nasdaq
The new fund’s strategy focuses on investment-grade intermediate-term municipal bonds with a weighted average effective maturity of four to 12 years. TAXE has a net expense ratio of 0.24%.
The launch expands T. Rowe’s (TROW) active ETF lineup to 16, including five semi-transparent equity ETFs, six transparent fixed income ETFs, and five transparent equity ETFs. The investment firm introduced its first active ETFs in August 2020.