T. Rowe Price Launches Tech-Focused ETF

T. Rowe Price has launched its first thematic actively managed exchange-traded fund (ETF), T. Rowe Price Technology ETF. The new ETF began trading on the NASDAQ exchange on Thursday.

The T. Rowe Price Technology ETF focuses on the technology sector, applying an active and opportunistic approach to a global technology universe.

T. Rowe Price Technology ETF is managed by Dominic Rizzo, who has ten years of investment expertise at T. Rowe Price and serves as the portfolio manager of the Global Technology Equity strategy, which has assets under management (AUM) that total $9.4 billion as of June 30. The Technology ETF is a new strategy distinct from existing T. Rowe Price mutual funds.

T. Rowe Price introduced its first active ETFs in August 2020, and its recent launch expands the firm’s active ETF lineup to 17, including five semi-transparent ETFs, six transparent fixed income ETFs and six transparent equity ETFs.

“Leveraging our deep industry expertise and commitment to rigorous research, TTEQ targets mission-critical, linchpin technologies from companies innovating in secular growth markets,” said Dominic Rizzo, portfolio manager. “We look to navigate different market environments responsibly by tactically allocating to these enduring technology companies when they exhibit improving fundamentals and are trading at reasonable valuations. In a rapidly advancing technology landscape, we believe this strategy offers an appealing option to investors who favor the ETF format and are seeking to invest in attractive opportunities globally.”