T. Rowe Price has agreed to acquire F/M Investments, which manages $19 billion in assets, including more than $10 billion across 20 ETFs. The transaction would more than double T. Rowe Price’s assets invested in fixed-income ETFs and strengthen its product-development and distribution capabilities as fixed-income ETF growth outpaces equity ETFs in the United States. Terms were not disclosed after F/M received multiple expressions of interest and opened a formal process. The deal follows Goldman Sachs’ agreement to acquire Neos Investments for as much as $2.25 billion and its estimated $2 billion acquisition of Innovator Capital, signaling broader consolidation in the ETF industry. F/M has developed dual-share-class ETF structures and filed for permission to tokenize shares of its three-month Treasury bill ETF, while T. Rowe Price manages about $1.87 trillion in assets and has been expanding its active fixed-income and ETF businesses.