UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23494
T. Rowe Price Exchange-Traded Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208625/g884688iwjbtg0v0x6cnak9fdq0q.jpg)
Semi-Annual Shareholder Report
June 30, 2024
Small-Mid Cap ETF (TMSL)
Principal Listing Exchange: NYSE Arca, Inc.
This semiannual shareholder report contains important information about Small-Mid Cap ETF ("the fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at www.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or by contacting your intermediary.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Small-Mid Cap ETF | $28 | 0.55% |
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$111,882
- Number of Portfolio Holdings283
- Portfolio Turnover Rate11.6%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
Industrials & Business Services | 20.1% |
Financials | 16.8 |
Information Technology | 13.7 |
Health Care | 13.1 |
Consumer Discretionary | 12.4 |
Energy | 6.1 |
Real Estate | 5.3 |
Materials | 4.7 |
Consumer Staples | 3.0 |
Other | 4.8 |
Top Ten Holdings (as a % of Net Assets)
News Corp. | 1.6% |
MKS Instruments, Inc. | 1.4 |
Select Medical Holdings Corp. | 1.3 |
Textron, Inc. | 1.3 |
TechnipFMC PLC | 1.2 |
Corpay | 1.1 |
Stanley Black & Decker | 1.1 |
Popular | 1.1 |
Tidewater, Inc. | 0.9 |
Western Alliance Bancorp | 0.9 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Small-Mid Cap ETF (TMSL)
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-208625/g884688zrraogx5iydqvgeeoplvt.jpg)
Principal Listing Exchange: NYSE Arca, Inc.
202407-3725262
ETF1075-053 08/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
![](https://capedge.com/proxy/N-CSRS/0001193125-24-208625/g884688imgbf19d9131.gif)
T. ROWE PRICE | |
TMSL | Small-Mid Cap ETF |
For more insights from T. Rowe Price investment professionals, go to troweprice.com. |
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6 Months Ended | 6/14/23(1) Through | |
6/30/24 | 12/31/23 | |
NET ASSET VALUE | ||
Beginning of period | $ 27.96 | $ 25.00 |
Investment activities | ||
Net investment income(2) (3) | 0.13 | 0.15 |
Net realized and unrealized gain/loss | 2.15 | 2.90 |
Total from investment activities | 2.28 | 3.05 |
Distributions | ||
Net investment income | - | (0.09) |
NET ASSET VALUE | ||
End of period | $ 30.24 | $ 27.96 |
Ratios/Supplemental Data | ||
Total return, based on NAV(3) (4) | 8.15% | 12.23% |
Ratios to average net assets:(3) | ||
Gross expenses before waivers/payments by Price Associates | 0.55%(5) | 0.55%(5) |
Net expenses after waivers/payments by Price Associates | 0.55%(5) | 0.55%(5) |
Net investment income | 0.85%(5) | 1.09%(5) |
Portfolio turnover rate(6) | 11.6% | 14.5% |
Net assets, end of period (in thousands) | $ 111,882 | $ 67,109 |
(1) | Inception date |
(2) | Per share amounts calculated using average shares outstanding method. |
(3) | Includes the impact of expense-related arrangements with Price Associates. |
(4) | Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions. Total return is not annualized for periods less than one year. |
(5) | Annualized |
(6) | Portfolio turnover excludes securities received or delivered through in-kind share transactions. |
PORTFOLIO OF INVESTMENTS‡ | Shares | $ Value |
(Cost and value in $000s) | ||
COMMON STOCKS 99.7% | ||
COMMUNICATION SERVICES 2.6% | ||
Interactive Media & Services 0.3% | ||
Reddit, Class A (1) | 5,090 | 325 |
325 | ||
Media 2.3% | ||
News, Class B | 64,893 | 1,842 |
Nexstar Media Group | 2,427 | 403 |
Stagwell (1) | 46,536 | 318 |
2,563 | ||
Total Communication Services | 2,888 | |
CONSUMER DISCRETIONARY 12.4% | ||
Automobile Components 0.9% | ||
Autoliv | 2,802 | 300 |
Patrick Industries | 4,581 | 497 |
Phinia | 5,500 | 217 |
1,014 | ||
Broadline Retail 0.2% | ||
Ollie's Bargain Outlet Holdings (1) | 2,300 | 226 |
226 | ||
Diversified Consumer Services 1.4% | ||
Bright Horizons Family Solutions (1) | 7,064 | 777 |
Duolingo (1) | 2,002 | 418 |
Stride (1) | 5,619 | 396 |
1,591 | ||
Hotels, Restaurants & Leisure 4.6% | ||
Accel Entertainment (1) | 12,523 | 129 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Aramark | 8,512 | 290 |
Arcos Dorados Holdings, Class A | 35,273 | 317 |
Bloomin' Brands | 4,935 | 95 |
Churchill Downs | 2,200 | 307 |
Domino's Pizza | 1,364 | 704 |
DraftKings (1) | 16,531 | 631 |
MGM Resorts International (1) | 5,064 | 225 |
Norwegian Cruise Line Holdings (1) | 21,065 | 396 |
Planet Fitness, Class A (1) | 3,100 | 228 |
Travel Leisure | 8,623 | 388 |
Viking Holdings (1) | 4,546 | 154 |
Wingstop | 1,738 | 735 |
Wynn Resorts | 6,246 | 559 |
5,158 | ||
Household Durables 1.2% | ||
La-Z-Boy | 3,612 | 135 |
NVR (1) | 73 | 554 |
Toll Brothers | 2,845 | 328 |
TopBuild (1) | 673 | 259 |
1,276 | ||
Specialty Retail 2.8% | ||
Advance Auto Parts | 3,899 | 247 |
Bath & Body Works | 14,743 | 576 |
Burlington Stores (1) | 2,405 | 577 |
Carvana (1) | 3,359 | 432 |
Dick's Sporting Goods | 808 | 174 |
Five Below (1) | 3,028 | 330 |
Floor & Decor Holdings, Class A (1) | 3,696 | 367 |
Ulta Beauty (1) | 1,024 | 395 |
3,098 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Textiles, Apparel & Luxury Goods 1.3% | ||
On Holding, Class A (1)(2) | 7,823 | 304 |
Ralph Lauren | 3,845 | 673 |
Steven Madden | 7,080 | 299 |
VF | 15,652 | 211 |
1,487 | ||
Total Consumer Discretionary | 13,850 | |
CONSUMER STAPLES 3.0% | ||
Beverages 0.7% | ||
Celsius Holdings (1) | 13,175 | 752 |
752 | ||
Consumer Staples Distribution & Retail 1.3% | ||
BJ's Wholesale Club Holdings (1) | 4,038 | 355 |
Casey's General Stores | 825 | 315 |
Dollar General | 1,913 | 253 |
Performance Food Group (1) | 3,727 | 246 |
US Foods Holding (1) | 6,200 | 328 |
1,497 | ||
Food Products 0.5% | ||
Dole | 13,800 | 169 |
Flowers Foods | 16,979 | 377 |
546 | ||
Personal Care Products 0.5% | ||
elf Beauty (1) | 2,876 | 606 |
606 | ||
Total Consumer Staples | 3,401 | |
ENERGY 6.1% | ||
Energy Equipment & Services 3.7% | ||
Expro Group Holdings (1) | 35,168 | 806 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Noble | 8,707 | 389 |
Oil States International (1) | 47,168 | 209 |
Seadrill (1) | 6,644 | 342 |
TechnipFMC | 53,112 | 1,389 |
Tidewater (1) | 10,836 | 1,032 |
4,167 | ||
Oil, Gas & Consumable Fuels 2.4% | ||
Cameco | 9,529 | 469 |
Chesapeake Energy | 6,714 | 552 |
Matador Resources | 3,793 | 226 |
Permian Resources | 10,600 | 171 |
Range Resources | 16,672 | 559 |
Scorpio Tankers | 5,530 | 450 |
Southwestern Energy (1) | 32,400 | 218 |
2,645 | ||
Total Energy | 6,812 | |
FINANCIALS 16.8% | ||
Banks 5.4% | ||
East West Bancorp | 9,253 | 678 |
Fifth Third Bancorp | 22,885 | 835 |
First BanCorp/Puerto Rico | 23,495 | 430 |
Huntington Bancshares | 45,185 | 595 |
Metropolitan Bank Holding (1) | 7,145 | 301 |
OFG Bancorp | 6,020 | 225 |
Popular | 13,369 | 1,182 |
Webster Financial | 17,801 | 776 |
Western Alliance Bancorp | 15,694 | 986 |
6,008 | ||
Capital Markets 2.6% | ||
Cboe Global Markets | 1,323 | 225 |
FactSet Research Systems | 622 | 254 |
Shares | $ Value | |
(Cost and value in $000s) | ||
LPL Financial Holdings | 2,165 | 605 |
Main Street Capital | 7,190 | 363 |
Morningstar | 1,658 | 490 |
Open Lending (1) | 41,284 | 230 |
StepStone Group, Class A | 5,346 | 245 |
Tradeweb Markets, Class A | 1,610 | 171 |
Virtus Investment Partners | 1,196 | 270 |
2,853 | ||
Consumer Finance 0.9% | ||
Ally Financial | 11,076 | 439 |
OneMain Holdings | 11,382 | 552 |
991 | ||
Financial Services 4.8% | ||
Banco Latinoamericano de Comercio Exterior, Class E | 15,883 | 471 |
Corebridge Financial | 23,617 | 688 |
Corpay (1) | 4,669 | 1,244 |
Equitable Holdings | 12,899 | 527 |
Essent Group | 2,389 | 134 |
Euronet Worldwide (1) | 1,474 | 153 |
Mr Cooper Group (1) | 4,762 | 387 |
Payoneer Global (1) | 36,731 | 204 |
Toast, Class A (1) | 17,765 | 458 |
Voya Financial | 8,791 | 625 |
Western Union | 43,161 | 527 |
5,418 | ||
Insurance 2.7% | ||
Everest Re Group | 1,230 | 469 |
Hanover Insurance Group | 1,510 | 189 |
Hartford Financial Services Group | 3,165 | 318 |
Kemper | 6,165 | 366 |
Reinsurance Group of America | 3,028 | 622 |
Shares | $ Value | |
(Cost and value in $000s) | ||
RenaissanceRe Holdings | 4,135 | 924 |
Skyward Specialty Insurance Group (1) | 4,174 | 151 |
3,039 | ||
Mortgage Real Estate Investment Trusts 0.4% | ||
Annaly Capital Management, REIT | 9,087 | 173 |
Rithm Capital, REIT | 28,187 | 308 |
481 | ||
Total Financials | 18,790 | |
HEALTH CARE 13.1% | ||
Biotechnology 5.3% | ||
ACADIA Pharmaceuticals (1) | 8,495 | 138 |
Akero Therapeutics (1) | 4,247 | 100 |
Alkermes (1) | 8,639 | 208 |
Ascendis Pharma, ADR (1) | 440 | 60 |
Avidity Biosciences (1) | 8,823 | 361 |
BeiGene, ADR (1) | 932 | 133 |
Biohaven (1) | 5,560 | 193 |
Blueprint Medicines (1) | 4,014 | 433 |
Celldex Therapeutics (1) | 2,765 | 102 |
Crinetics Pharmaceuticals (1) | 5,222 | 234 |
Entrada Therapeutics (1) | 7,502 | 107 |
Exact Sciences (1) | 3,172 | 134 |
Ideaya Biosciences (1) | 3,534 | 124 |
Insmed (1) | 9,437 | 632 |
Intellia Therapeutics (1) | 4,601 | 103 |
Ionis Pharmaceuticals (1) | 3,340 | 159 |
Kymera Therapeutics (1) | 5,293 | 158 |
Legend Biotech, ADR (1) | 3,008 | 133 |
Madrigal Pharmaceuticals (1) | 633 | 177 |
Neurocrine Biosciences (1) | 2,203 | 303 |
Nurix Therapeutics (1) | 7,092 | 148 |
Praxis Precision Medicines (1) | 1,400 | 58 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Prothena (1) | 3,841 | 79 |
Replimune Group (1) | 17,254 | 155 |
REVOLUTION Medicines (1) | 6,264 | 243 |
Rocket Pharmaceuticals (1) | 5,280 | 114 |
Sage Therapeutic (1) | 4,847 | 53 |
Sarepta Therapeutics (1) | 1,522 | 241 |
Scholar Rock Holding (1) | 9,031 | 75 |
SpringWorks Therapeutics (1) | 2,420 | 91 |
Ultragenyx Pharmaceutical (1) | 3,868 | 159 |
Vaxcyte (1) | 3,461 | 261 |
Vera Therapeutics (1) | 2,791 | 101 |
Xencor (1) | 6,066 | 115 |
5,885 | ||
Health Care Equipment & Supplies 2.2% | ||
Baxter International | 5,137 | 172 |
Cooper Cos | 1,955 | 171 |
Dentsply Sirona | 10,069 | 251 |
Enovis (1) | 8,576 | 387 |
Hologic (1) | 5,711 | 424 |
Inmode (1) | 8,837 | 161 |
Penumbra (1) | 1,583 | 285 |
Teleflex | 2,917 | 613 |
2,464 | ||
Health Care Providers & Services 2.8% | ||
Molina Healthcare (1) | 1,671 | 497 |
Select Medical Holdings | 41,779 | 1,465 |
Tenet Healthcare (1) | 6,483 | 862 |
Universal Health Services, Class B | 1,761 | 326 |
3,150 | ||
Life Sciences Tools & Services 1.2% | ||
Avantor (1) | 9,118 | 193 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Bio-Techne | 3,301 | 237 |
Charles River Laboratories International (1) | 2,399 | 496 |
Repligen (1) | 1,611 | 203 |
Revvity | 2,150 | 225 |
1,354 | ||
Pharmaceuticals 1.6% | ||
Catalent (1) | 8,186 | 460 |
Elanco Animal Health (1) | 34,530 | 498 |
Pliant Therapeutics (1) | 5,900 | 64 |
Prestige Consumer Healthcare (1) | 2,547 | 176 |
Structure Therapeutics, ADR (1) | 1,864 | 73 |
Viatris | 50,918 | 541 |
1,812 | ||
Total Health Care | 14,665 | |
INDUSTRIALS & BUSINESS SERVICES 20.1% | ||
Aerospace & Defense 3.5% | ||
BWX Technologies | 1,740 | 165 |
Curtiss-Wright | 1,782 | 483 |
Howmet Aerospace | 6,713 | 521 |
Huntington Ingalls Industries | 3,186 | 785 |
Loar Holdings (1) | 1,197 | 64 |
Rolls-Royce Holdings (GBP) (1) | 40,371 | 232 |
Spirit AeroSystems Holdings, Class A (1) | 6,984 | 230 |
Textron | 16,912 | 1,452 |
3,932 | ||
Building Products 2.4% | ||
Advanced Drainage Systems | 675 | 108 |
Armstrong World Industries | 3,496 | 396 |
AZEK, Class A (1) | 5,659 | 238 |
Builders FirstSource (1) | 2,143 | 297 |
Carlisle Cos | 1,295 | 525 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Fortune Brands Innovations | 3,454 | 224 |
Owens Corning | 2,051 | 356 |
Trex (1) | 4,128 | 306 |
UFP Industries | 1,954 | 219 |
2,669 | ||
Commercial Services & Supplies 1.4% | ||
Brink's | 3,977 | 408 |
Clean Harbors (1) | 3,295 | 745 |
GEO Group (1) | 29,262 | 420 |
1,573 | ||
Construction & Engineering 2.0% | ||
AECOM | 1,328 | 117 |
API Group (1) | 17,135 | 645 |
Comfort Systems USA | 1,139 | 346 |
EMCOR Group | 1,506 | 550 |
WillScot Mobile Mini Holdings (1) | 15,169 | 571 |
2,229 | ||
Electrical Equipment 1.3% | ||
Acuity Brands | 1,162 | 280 |
Atkore | 2,473 | 334 |
EnerSys | 1,826 | 189 |
Hubbell | 1,636 | 598 |
1,401 | ||
Ground Transportation 1.0% | ||
JB Hunt Transport Services | 1,251 | 200 |
Landstar System | 1,764 | 325 |
Saia (1) | 1,264 | 600 |
1,125 | ||
Machinery 4.6% | ||
Atmus Filtration Technologies (1) | 23,084 | 664 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Blue Bird (1) | 5,967 | 321 |
Esab | 8,864 | 837 |
Hillman Solutions (1) | 12,825 | 113 |
Middleby (1) | 3,764 | 462 |
Mueller Water Products, Class A | 27,172 | 487 |
Stanley Black & Decker | 15,368 | 1,228 |
Terex | 4,396 | 241 |
Timken | 5,737 | 460 |
Toro | 4,073 | 381 |
5,194 | ||
Passenger Airlines 0.4% | ||
Copa Holdings, Class A | 2,197 | 209 |
Southwest Airlines | 7,093 | 203 |
412 | ||
Professional Services 3.0% | ||
Booz Allen Hamilton Holding | 1,378 | 212 |
Broadridge Financial Solutions | 734 | 145 |
FTI Consulting (1) | 1,503 | 324 |
Korn Ferry | 6,413 | 431 |
Leidos Holdings | 4,684 | 683 |
Paylocity Holding (1) | 1,683 | 222 |
SS&C Technologies Holdings | 11,905 | 746 |
Upwork (1) | 15,100 | 162 |
Verra Mobility (1) | 15,272 | 415 |
3,340 | ||
Trading Companies & Distributors 0.5% | ||
SiteOne Landscape Supply (1) | 3,531 | 429 |
Watsco | 312 | 144 |
573 | ||
Total Industrials & Business Services | 22,448 |
Shares | $ Value | |
(Cost and value in $000s) | ||
INFORMATION TECHNOLOGY 13.7% | ||
Electronic Equipment, Instruments & Components 1.8% | ||
Belden | 4,552 | 427 |
Celestica (1) | 10,850 | 622 |
Jabil | 4,100 | 446 |
Zebra Technologies, Class A (1) | 1,830 | 565 |
2,060 | ||
IT Services 1.2% | ||
Amdocs | 4,137 | 326 |
ASGN (1) | 3,392 | 299 |
GoDaddy, Class A (1) | 4,981 | 696 |
1,321 | ||
Semiconductors & Semiconductor Equipment 3.2% | ||
Entegris | 5,400 | 731 |
Lattice Semiconductor (1) | 4,580 | 266 |
MKS Instruments | 11,831 | 1,545 |
Photronics (1) | 11,442 | 282 |
SMART Global Holdings (1) | 13,383 | 306 |
Synaptics (1) | 1,234 | 109 |
Teradyne | 2,413 | 358 |
3,597 | ||
Software 6.9% | ||
A10 Networks | 21,464 | 297 |
Appfolio, Class A (1) | 696 | 170 |
Box (1) | 8,401 | 222 |
Braze, Class A (1) | 4,012 | 156 |
Confluent, Class A (1) | 11,146 | 329 |
Descartes Systems Group (1) | 6,830 | 661 |
DocuSign (1) | 10,430 | 558 |
Dynatrace (1) | 19,111 | 855 |
Envestnet (1) | 6,713 | 420 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Gen Digital | 27,567 | 689 |
Manhattan Associates (1) | 1,279 | 316 |
Monday.com (1) | 2,169 | 522 |
Nutanix, Class A (1) | 10,692 | 608 |
PTC (1) | 3,794 | 689 |
Samsara, Class A (1) | 12,047 | 406 |
Tyler Technologies (1) | 1,161 | 584 |
Verint Systems (1) | 6,832 | 220 |
7,702 | ||
Technology Hardware, Storage & Peripherals 0.6% | ||
Western Digital (1) | 8,876 | 673 |
673 | ||
Total Information Technology | 15,353 | |
MATERIALS 4.7% | ||
Chemicals 1.6% | ||
CF Industries Holdings | 7,211 | 535 |
FMC | 3,598 | 207 |
Minerals Technologies | 3,426 | 285 |
RPM International | 7,489 | 806 |
1,833 | ||
Construction Materials 0.5% | ||
Summit Materials, Class A (1) | 14,987 | 548 |
548 | ||
Containers & Packaging 0.8% | ||
Amcor | 17,055 | 167 |
Avery Dennison | 1,805 | 395 |
Berry Global Group | 4,780 | 281 |
843 | ||
Metals & Mining 1.4% | ||
Champion Iron (CAD) | 32,134 | 138 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Reliance Steel & Aluminum | 2,537 | 725 |
Steel Dynamics | 5,093 | 659 |
1,522 | ||
Paper & Forest Products 0.4% | ||
Louisiana-Pacific | 3,300 | 272 |
West Fraser Timber | 2,579 | 198 |
470 | ||
Total Materials | 5,216 | |
REAL ESTATE 5.3% | ||
Hotel & Resort REITs 0.6% | ||
DiamondRock Hospitality, REIT | 41,374 | 349 |
Host Hotels & Resorts, REIT | 16,793 | 302 |
651 | ||
Industrial REITs 0.8% | ||
Rexford Industrial Realty, REIT | 19,605 | 874 |
874 | ||
Office REITs 0.6% | ||
Kilroy Realty, REIT | 7,567 | 236 |
Vornado Realty Trust, REIT | 16,893 | 444 |
680 | ||
Residential REITs 0.7% | ||
Equity LifeStyle Properties, REIT | 4,212 | 274 |
Essex Property Trust, REIT | 920 | 251 |
Sun Communities, REIT | 1,922 | 231 |
756 | ||
Retail REITs 0.7% | ||
Brixmor Property Group, REIT | 18,134 | 419 |
Regency Centers, REIT | 5,886 | 366 |
785 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Specialized REITs 1.9% | ||
CubeSmart, REIT | 12,924 | 584 |
EPR Properties, REIT | 4,680 | 196 |
Lamar Advertising, Class A, REIT | 6,983 | 835 |
Rayonier, REIT | 14,061 | 409 |
Weyerhaeuser, REIT | 5,096 | 145 |
2,169 | ||
Total Real Estate | 5,915 | |
UTILITIES 1.9% | ||
Electric Utilities 0.8% | ||
ALLETE | 3,497 | 218 |
Evergy | 4,298 | 228 |
FirstEnergy | 11,494 | 440 |
886 | ||
Multi-Utilities 1.1% | ||
Ameren | 5,215 | 370 |
CenterPoint Energy | 13,719 | 425 |
NiSource | 16,477 | 475 |
1,270 | ||
Total Utilities | 2,156 | |
Total Common Stocks (Cost $102,488) | 111,494 | |
SHORT-TERM INVESTMENTS 1.2% | ||
Money Market Funds 1.2% | ||
State Street Institutional U.S. Government Money Market Fund, 5.25% (3) | 1,354,570 | 1,355 |
Total Short-Term Investments (Cost $1,355) | 1,355 |
Shares | $ Value | |
(Cost and value in $000s) | ||
SECURITIES LENDING COLLATERAL 0.2% | ||
Investments in a Pooled Account through Securities Lending Program with State Street Bank 0.2% | ||
Money Market Funds 0.2% | ||
T. Rowe Price Government Reserve Fund, 5.38% (3)(4) | 220,560 | 221 |
Total Investments in a Pooled Account through Securities Lending Program with State Street Bank | 221 | |
Total Securities Lending Collateral (Cost $221) | 221 | |
Total Investments in Securities 101.1% of Net Assets (Cost $104,064) | $113,070 |
‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
(1) | Non-income producing. |
(2) | All or a portion of this security is on loan at June 30, 2024. See Note 3. |
(3) | Seven-day yield |
(4) | Affiliated Companies |
ADR | American Depositary Receipts |
REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |
CAD | Canada Dollar |
GBP | British Pound |
Affiliate | Net Realized Gain (Loss) | Changes in Net Unrealized Gain/Loss | Investment Income |
T. Rowe Price Government Reserve Fund | $— | $— | $—++ |
Totals | $—# | $— | $—+ |
Supplementary Investment Schedule | ||||
Affiliate | Value 12/31/23 | Purchase Cost | Sales Cost | Value 6/30/24 |
T. Rowe Price Government Reserve Fund | $— | ¤ | ¤ | $221 |
Total | $221^ |
++ | Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 3. |
# | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
+ | Investment income comprised $0 of dividend income and $0 of interest income. |
¤ | Purchase and sale information not shown for cash management funds. |
^ | The cost basis of investments in affiliated companies was $221. |
Assets | |
Investments in securities, at value (cost $104,064) | $113,070 |
Cash | 566 |
Receivable for investment securities sold | 189 |
Dividends receivable | 87 |
Total assets | 113,912 |
Liabilities | |
Payable for investment securities purchased | 1,759 |
Obligation to return securities lending collateral | 221 |
Investment management and administrative fees payable | 50 |
Total liabilities | 2,030 |
NET ASSETS | $111,882 |
Net assets consists of: | |
Total distributable earnings (loss) | $12,643 |
Paid-in capital applicable to 3,700,000 shares of $0.0001 par value capital stock outstanding; 4,000,000,000 shares authorized | 99,239 |
NET ASSETS | $111,882 |
NET ASSET VALUE PER SHARE | $30.24 |
6 Months Ended | |
6/30/24 | |
Investment Income (Loss) | |
Income | |
Dividend (net of foreign taxes of $3) | $638 |
Securities lending | 4 |
Total income | 642 |
Investment management and administrative expense | 252 |
Net investment income | 390 |
Realized and Unrealized Gain / Loss | |
Net realized gain (loss) | |
Securities | (666) |
In-kind redemptions | 4,333 |
Net realized gain | 3,667 |
Change in net unrealized gain / loss on securities | 2,287 |
Net realized and unrealized gain / loss | 5,954 |
INCREASE IN NET ASSETS FROM OPERATIONS | $6,344 |
6 Months Ended | 6/14/23 Through | ||
6/30/24 | 12/31/23 | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income | $390 | $221 | |
Net realized gain (loss) | 3,667 | (367) | |
Change in net unrealized gain / loss | 2,287 | 6,719 | |
Increase in net assets from operations | 6,344 | 6,573 | |
Distributions to shareholders | |||
Net earnings | — | (218) | |
Capital share transactions* | |||
Shares sold | 54,768 | 61,961 | |
Shares redeemed | (16,339) | (1,207) | |
Increase in net assets from capital share transactions | 38,429 | 60,754 | |
Net Assets | |||
Increase during period | 44,773 | 67,109 | |
Beginning of period | 67,109 | - | |
End of period | $111,882 | $67,109 | |
*Share information | |||
Shares sold | 1,850 | 2,450 | |
Shares redeemed | (550) | (50) | |
Increase in shares outstanding | 1,300 | 2,400 |
($000s) | Level 1 | Level 2 | Level 3 | Total Value |
Assets | ||||
Common Stocks | $111,124 | $370 | $— | $111,494 |
Short-Term Investments | 1,355 | — | — | 1,355 |
Securities Lending Collateral | 221 | — | — | 221 |
Total | $112,700 | $370 | $— | $113,070 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-208625/g884688imgbf19d9131.gif)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. | |
(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. | |
(3) | ||
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Small-Mid Cap ETF | ||||
By | /s/ David Oestreicher | |||
David Oestreicher | ||||
Principal Executive Officer | ||||
Date | August 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ David Oestreicher | |||
David Oestreicher | ||||
Principal Executive Officer | ||||
Date | August 20, 2024 |
By | /s/ Alan S. Dupski | |||
Alan S. Dupski | ||||
Principal Financial Officer | ||||
Date | August 20, 2024 |