T. Rowe Price Tops $30B with 34 Active ETFs

T. Rowe Price’s active exchange-traded fund lineup surpassed $30 billion in assets after the firm expanded from mutual fund conversions in 2020 to 34 active ETFs across U.S. equity, international equity, fixed income and digital assets. The expansion reflects product growth that targets model portfolios and adviser demand.

Tim Coyne, head of ETFs, said the firm began by converting existing mutual funds into ETFs in 2020 and then built standalone ETFs across multiple asset classes. “In 2020, ETFs were an extension of our mutual fund business. The first products that we launched were based off of existing mutual funds,” Coyne said in an interview. He described the firm’s focus as core strategies intended to fit into model portfolios.

T. Rowe Price uses a global analyst network to guide stock selection. Jodi Love, a portfolio manager who runs four fundamental active equity ETFs, presented an interactive installation in New York titled “Signals From the Noise” that used live market data to show how managers extract trading signals from broader market activity. Love characterized the exhibit as a “perfect metaphor” for her investment process and said she sometimes buys stocks when others sell because analysts interpret the same data differently.

Among the larger ETFs in the lineup, the T. Rowe Price Value ETF (TVAL) holds about $980 million and reports more than 75% active share, reflecting positions that differ substantially from passive benchmark weights. The strategy emphasizes analyst coverage to evaluate financial results and competitive advantages and has taken larger positions in healthcare, industrials and energy. As of July 21, TVAL had outperformed Russell 1000 Value ETFs on a three-year annualized basis.

Internationally, the T. Rowe Price International Equity ETF (TOUS) has about $1.5 billion in assets and uses on-the-ground analyst insight to identify opportunities tied to geopolitical developments. Love noted the team positioned the strategy overweight in aerospace and defense internationally after the 2024 U.S. election and moved tactically into energy names following analyst research on global supply constraints.

Advisers have shown greater willingness to consider active strategies that differ from market-cap-weighted benchmarks, and T. Rowe Price executives said that adviser acceptance has supported net inflows into their active ETF lineup. Coyne said the firm plans to continue adding products that reflect its global research capabilities and address adviser demand for active exposures.