This ETF is different from traditional ETFs
Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment.Forexample:
- You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have lessinformation.
- The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information totraders.
- These additional risks may be even greater in bad or uncertain marketconditions.
- The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actualportfolio.
The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’sperformance.
For additional information regarding the unique attributes and risks of the ETF, see the prospectus.
Investment Objective
The fund seeks a high level of dividend income and long-term capital growth.
Performance data quoted represents past performance and does not guarantee future results; current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than their original cost. Market returns are based on the midpoint of the bid/ask spread as 4p.m. ET and do not represent returns an investor would receive if shares were traded at other times.Click the Performance tab for standardized performance information.
ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
Investment Objective
The fund seeks a high level of dividend income and long-term capital growth.
Benefits
- Focus on above-average yielding value stocks
- Seeks to provide a relatively steady source of return
- Can enhance return potential over time through reinvesting and compounding
- Dividends have historically helped to reduce fund volatility
Investor Profile
For investors with a long-term horizon seeking a:
- Value-oriented, lower-risk approach to long-term capital appreciation
- Core holding for the equity portion of a portfolio
Risks
All investments are subject to market risk, including the possible loss of principal. Dividend-paying stocks: Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Value investing: The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time (or at all) or a stock judged to be undervalued may actually be appropriately priced at a low level. Foreign investing: Investments in the securities of non-U.S. issuers may be adversely affected by local or regional, political, social, and economic conditions; greater volatility; reduced liquidity; or decreases in foreign currency values relative to the U.S. dollar. See the prospectus for more detail on the fund's principal risks.
Average Annual Returns
Performance data quoted represents past performance and does not guarantee future results; current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than their original cost. Market returns are based on the midpoint of the bid/ask spread as 4p.m. ET and do not represent returns an investor would receive if shares were traded at other times.
ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursem*nt. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursem*nt. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.
Declaration Dates
Period: 2022 Q1
- Ex-Dividend Date: 03/28/2022
- Record Date: 03/29/2022
- Payment Date: 03/31/2022
Period: 2022 Q2
- Ex-Dividend Date: 06/27/2022
- Record Date: 06/28/2022
- Payment Date: 06/30/2022
Period: 2022 Q3
- Ex-Dividend Date: 09/27/2022
- Record Date: 09/28/2022
- Payment Date: 09/30/2022
Period: 2022 Year End
- Ex-Dividend Date: 12/20/2022
- Record Date: 12/21/2022
- Payment Date: 12/23/2022
Holdings are shown at the issuer/company level as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted in the table due to rounding.
T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS.
Proxy Portfolio
The Proxy portfolio is a portfolio of cash and securities that is designed to closely track the daily performance of the ETF’s portfolio. This portfolio is disclosed daily based on holdings as of the market close on the prior business day.
There may have been a Custom Basket created for this ETF,click here.
Custom Baskets
A Custom Basket consists of assets used to create (buy) or redeem (sell) shares of an ETF that differ from the proxy portfolio holdings.
This page contains information about the holdings of any Custom Basket(s) accepted or delivered by this ETF, if any were exchanged, on the prior business day except for custom baskets that only substituted positions for cash
Portfolio Overlap is the degree to which the holdings displayed as the Proxy Portfolio are the same as the ETF portfolio.
The fund's Tracking Error is the standard deviation over the past three months of the daily proxy spread. Tracking Error reflects the difference, in percentage terms, between the Proxy Portfolio’s per share NAV and that of the Fund at the end of the trading day.
Empirical Percentiles track the value of daily deviations between the Fund NAV and the Proxy Portfolio NAV that exceeded a specific percentage of all deviations over the past year. This information is designed to give investors differing levels of confidence that Daily Deviations will be confined to a certain number of basis points.
All figures shown on this page are updated daily and are shown as of the prior business day, as noted above. Please note: Data is provided by third-party service providers and may be delayed. If the date shown above is not the prior business day, we are currently working to have the data updated as soon as possible.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
T.RowePrice uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T.RowePrice will adhere to all future updates to GICS for prospective reporting.
For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.
For general inquiries
Individual shares may only be purchased and sold on secondary markets through a broker-dealer.We would be pleased to discuss our solutions, products, and capabilities with you. Call1-877-561-7670to learn more about which ETFs may be suitable for your clients.
ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
*T. Rowe Price equity ETFs based on existing mutual fund strategies publish a daily Proxy Portfolio, a basket of securities designed to closely track the daily performance of the actual portfolio holdings. While the Proxy Portfolio includes some of the ETFs holdings, it is not the actual portfolio. Daily portfolio statistics will be provided as an indication of the similarities and differences between the Proxy Portfolio and the actual holdings. The Proxy Portfolio and other metrics, including Portfolio Overlap, are intended to provide investors and traders with enough information to encourage transactions that help keep the ETF’s market price close to its NAV. There is a risk that market prices will differ from the NAV. ETFs trading on the basis of a Proxy Portfolio may trade at a wider bid/ask spread than shares of ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and, therefore, may cost investors more to trade. The ETF’s daily Proxy Portfolio, Portfolio Overlap, and other tracking data are available at troweprice.com. Although the ETF seeks to benefit from keeping its portfolio information confidential, others may attempt to use publicly available information to identify the ETF’s investment and trading strategy. If successful, these trading practices may have the potential to reduce the efficiency and performance of the ETF.
