The folks at a $1.23-trillion-AUM (as of September 30), publicly traded mutual fund firm are rolling out their ninth ETF since entering the space two years ago. The new fund is also the firm's fourth actively managed fixed income ETF since entering the fixed income ETF space last year.

Timothy John "Tim" Coyne T. Rowe Price Head of Exchange-Traded Funds

Last week, Tim Coyne, head of ETFs at T. Rowe Price [profile], and Kevin Loome, portfolio manager, unveiled the launch of the T. Rowe Price U.S. High Yield ETF (THYF on the NYSE Arca, Inc.). The new fund is a series of T. Rowe Price Exchange-Traded Funds, Inc., comes with an expense ratio of 56 basis points, and had $21.32 million in AUM as of yesterday.

Loome serves as the new fund's PM. T. Rowe Price Associates, Inc. is the investment advisor, T. Rowe Price Investment Management, Inc. is the subadvisor, and T. Rowe Price Investment Services, Inc. is the distributor.

"The U.S. High Yield EF is guided by our experienced team of high yield professionals, the core of which has worked together for over 15 years and managed through multiple market cycles," Loome states. "We look forward to delivering our active, flexible, and concentrated investment approach in the ETF format so that clients who prefer ETFs can seek to benefit from our best ideas."

"We continue to grow our capabilities and equip investors with an even greater range of compelling strategies in the ETF format," Coyne states.

The new fund's other service providers include: BNY Mellon for fund accounting and middle office; PricewaterhouseCoopers LLP as independent accounting firm; State Street Bank and Trust Company as custodian and securities lending agent; and Willkie Farr & Gallagher LLP as counsel. 

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