T. Rowe Price Files Long Duration Credit ETF (TLDC) to Convert Institutional Bond Fund

T. Rowe Price has filed for the T. Rowe Price Long Duration Credit ETF (TLDC), an actively managed fund seeking high income through longer-duration fixed income securities. The ETF will invest at least 80% of its assets in credit instruments, primarily corporate bonds, with at least 85% allocated to investment-grade securities and up to 15% in higher-quality high-yield debt. Its effective duration will generally remain within 20% of the Bloomberg U.S. Long Credit Bond Index. The strategy may also invest in government bonds, securitized debt, and foreign securities while using derivatives to manage interest rate and credit risks. The ETF is expected to absorb the T. Rowe Price Institutional Long Duration Credit Fund through a tax-free reorganization around April 30, 2027.