T. Rowe Price to Convert Long Duration Credit Mutual Fund Into ETF

T. Rowe Price plans to convert its Institutional Long Duration Credit Fund into the newly established T. Rowe Price Long Duration Credit ETF, with the reorganization expected on April 30, 2027, followed by a public launch on May 3. The ETF will retain the mutual fund’s investment objective, substantially similar strategies, and existing portfolio management team while offering lower net expenses, intraday trading, greater transparency, and potential tax efficiencies. The mutual fund will stop accepting new investments after March 12, 2027, with redemptions permitted through April 27. Existing shareholders with eligible brokerage accounts will automatically receive ETF shares of equivalent net asset value. The conversion is intended to be tax-free, although fractional-share payments and certain distributions may trigger taxes. Shareholder approval is not required.