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
Semi-Annual Shareholder Report
June 30, 2024
U.S. Equity Research ETF (TSPA)
Principal Listing Exchange: NYSE Arca, Inc.
This semiannual shareholder report contains important information about U.S. Equity Research 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 | |
---|---|---|
U.S. Equity Research ETF | $18 | 0.34% |
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$730,051
- Number of Portfolio Holdings339
- Portfolio Turnover Rate23.2%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
Information Technology | 32.4% |
Financials | 12.8 |
Health Care | 12.4 |
Consumer Discretionary | 9.9 |
Communication Services | 9.2 |
Industrials & Business Services | 7.4 |
Consumer Staples | 5.7 |
Energy | 3.8 |
Utilities | 2.2 |
Other | 4.2 |
Top Ten Holdings (as a % of Net Assets)
Microsoft | 7.3% |
NVIDIA | 7.1 |
Apple | 6.8 |
Alphabet | 4.3 |
Amazon.com | 3.9 |
Meta Platforms | 2.5 |
Eli Lilly | 2.0 |
Broadcom | 1.5 |
Tesla | 1.2 |
Exxon Mobil | 1.2 |
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
U.S. Equity Research ETF (TSPA)
Principal Listing Exchange: NYSE Arca, Inc.
202407-3725262
ETF967-053 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.
T. ROWE PRICE | |
TSPA | U.S. Equity Research ETF |
For more insights from T. Rowe Price investment professionals, go to troweprice.com. |
6 Months Ended | Year Ended | 6/8/21(1) Through | ||
6/30/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
NET ASSET VALUE | ||||
Beginning of period | $ 29.36 | $ 22.72 | $ 28.25 | $ 25.00 |
Investment activities | ||||
Net investment income(2) (3) | 0.16 | 0.31 | 0.26 | 0.14 |
Net realized and unrealized gain/loss | 4.83 | 6.45 | (5.53) | 3.23 |
Total from investment activities | 4.99 | 6.76 | (5.27) | 3.37 |
Distributions | ||||
Net investment income | - | (0.12) | (0.23) | (0.12) |
Net realized gain | - | - | (0.03) | - |
Total distributions | - | (0.12) | (0.26) | (0.12) |
NET ASSET VALUE | ||||
End of period | $ 34.35 | $ 29.36 | $ 22.72 | $ 28.25 |
6 Months Ended | Year Ended | 6/8/21(1) Through | ||
6/30/24 | 12/31/23 | 12/31/22 | 12/31/21 | |
Ratios/Supplemental Data | ||||
Total return, based on NAV(3) (4) | 17.00% | 29.77% | (18.64)% | 13.51% |
Ratios to average net assets:(3) | ||||
Gross expenses before waivers/payments by Price Associates | 0.34%(5) | 0.34% | 0.34% | 0.34%(5) |
Net expenses after waivers/payments by Price Associates | 0.34%(5) | 0.34% | 0.34% | 0.34%(5) |
Net investment income | 0.97%(5) | 1.18% | 1.05% | 0.92%(5) |
Portfolio turnover rate(6) | 23.2% | 42.2% | 39.9% | 13.0% |
Net assets, end of period (in thousands) | $ 730,051 | $ 95,116 | $ 23,064 | $ 23,165 |
(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 9.2% | ||
Diversified Telecommunication Services 0.1% | ||
Verizon Communications | 19,529 | 805 |
805 | ||
Entertainment 1.1% | ||
Netflix (1) | 9,442 | 6,372 |
Walt Disney | 16,281 | 1,617 |
7,989 | ||
Interactive Media & Services 6.8% | ||
Alphabet, Class A | 71,346 | 12,996 |
Alphabet, Class C | 100,330 | 18,402 |
Meta Platforms, Class A | 36,012 | 18,158 |
49,556 | ||
Media 0.4% | ||
Comcast, Class A | 79,309 | 3,106 |
3,106 | ||
Wireless Telecommunication Services 0.8% | ||
T-Mobile US | 33,154 | 5,841 |
5,841 | ||
Total Communication Services | 67,297 | |
CONSUMER DISCRETIONARY 9.9% | ||
Automobile Components 0.0% | ||
Aptiv (1) | 3,737 | 263 |
263 | ||
Automobiles 1.3% | ||
Ford Motor | 2,900 | 36 |
Shares | $ Value | |
(Cost and value in $000s) | ||
General Motors | 7,766 | 361 |
Rivian Automotive, Class A (1)(2) | 22,569 | 303 |
Tesla (1) | 44,073 | 8,721 |
9,421 | ||
Broadline Retail 4.0% | ||
Amazon.com (1) | 148,954 | 28,786 |
28,786 | ||
Hotels, Restaurants & Leisure 2.5% | ||
Airbnb, Class A (1) | 8,432 | 1,279 |
Booking Holdings | 570 | 2,258 |
Chipotle Mexican Grill (1) | 44,100 | 2,763 |
Domino's Pizza | 1,628 | 841 |
Hilton Worldwide Holdings | 6,775 | 1,478 |
Las Vegas Sands | 21,228 | 939 |
Marriott International, Class A | 5,197 | 1,256 |
McDonald's | 14,363 | 3,660 |
Norwegian Cruise Line Holdings (1) | 16,924 | 318 |
Royal Caribbean Cruises (1) | 7,776 | 1,240 |
Starbucks | 7,289 | 567 |
Wingstop | 1,476 | 624 |
Wynn Resorts | 8,411 | 753 |
Yum! Brands | 4,300 | 570 |
18,546 | ||
Household Durables 0.2% | ||
NVR (1) | 170 | 1,290 |
1,290 | ||
Specialty Retail 1.8% | ||
AutoZone (1) | 311 | 922 |
Bath & Body Works | 4,432 | 173 |
Burlington Stores (1) | 2,793 | 670 |
Home Depot | 17,076 | 5,878 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Lowe's | 8,393 | 1,851 |
O'Reilly Automotive (1) | 1,012 | 1,069 |
Ross Stores | 8,934 | 1,298 |
TJX | 12,876 | 1,418 |
Ulta Beauty (1) | 200 | 77 |
13,356 | ||
Textiles, Apparel & Luxury Goods 0.1% | ||
NIKE, Class B | 8,932 | 673 |
673 | ||
Total Consumer Discretionary | 72,335 | |
CONSUMER STAPLES 5.7% | ||
Beverages 1.6% | ||
Coca-Cola | 72,176 | 4,594 |
Constellation Brands, Class A | 4,381 | 1,127 |
Keurig Dr Pepper | 49,535 | 1,654 |
Monster Beverage (1) | 11,146 | 557 |
PepsiCo | 21,923 | 3,616 |
11,548 | ||
Consumer Staples Distribution & Retail 1.9% | ||
Costco Wholesale | 7,159 | 6,085 |
Dollar General | 8,559 | 1,132 |
Sysco | 4,329 | 309 |
Target | 8,486 | 1,256 |
Walmart | 71,983 | 4,874 |
13,656 | ||
Food Products 0.3% | ||
Kraft Heinz | 9,905 | 319 |
Mondelez International, Class A | 21,048 | 1,378 |
Tyson Foods, Class A | 4,238 | 242 |
1,939 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Household Products 1.2% | ||
Colgate-Palmolive | 25,002 | 2,426 |
Kimberly-Clark | 2,300 | 318 |
Procter & Gamble | 37,497 | 6,184 |
8,928 | ||
Personal Care Products 0.2% | ||
elf Beauty (1) | 1,045 | 220 |
Kenvue | 64,712 | 1,177 |
1,397 | ||
Tobacco 0.5% | ||
Altria Group | 7,933 | 361 |
Philip Morris International | 33,966 | 3,442 |
3,803 | ||
Total Consumer Staples | 41,271 | |
ENERGY 3.8% | ||
Energy Equipment & Services 0.3% | ||
Halliburton | 23,552 | 796 |
Schlumberger | 33,873 | 1,598 |
2,394 | ||
Oil, Gas & Consumable Fuels 3.5% | ||
Chesapeake Energy | 3,767 | 310 |
Chevron | 24,374 | 3,813 |
ConocoPhillips | 31,107 | 3,558 |
Devon Energy | 2,800 | 133 |
Diamondback Energy | 4,236 | 848 |
EOG Resources | 12,684 | 1,596 |
EQT | 12,511 | 463 |
Exxon Mobil | 75,304 | 8,669 |
Hess | 3,678 | 542 |
Kinder Morgan | 34,200 | 679 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Marathon Petroleum | 12,279 | 2,130 |
Phillips 66 | 3,880 | 548 |
Suncor Energy | 8,425 | 321 |
Targa Resources | 5,600 | 721 |
Valero Energy | 4,228 | 663 |
Williams | 6,060 | 257 |
25,251 | ||
Total Energy | 27,645 | |
FINANCIALS 12.8% | ||
Banks 3.2% | ||
Bank of America | 106,162 | 4,222 |
Citigroup | 52,664 | 3,342 |
East West Bancorp | 4,528 | 332 |
Fifth Third Bancorp | 32,471 | 1,185 |
Huntington Bancshares | 75,815 | 999 |
JPMorgan Chase | 42,765 | 8,650 |
M&T Bank | 100 | 15 |
PNC Financial Services Group | 3,967 | 617 |
Popular | 700 | 62 |
Truist Financial | 9,498 | 369 |
Wells Fargo | 57,841 | 3,435 |
Western Alliance Bancorp | 4,288 | 269 |
23,497 | ||
Capital Markets 2.6% | ||
Ares Management | 6,783 | 904 |
Bank of New York Mellon | 17,478 | 1,047 |
BlackRock | 1,282 | 1,009 |
Blackstone | 5,067 | 627 |
Cboe Global Markets | 5,008 | 852 |
Charles Schwab | 39,935 | 2,943 |
CME Group | 1,027 | 202 |
FactSet Research Systems | 100 | 41 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Goldman Sachs Group | 4,558 | 2,062 |
Intercontinental Exchange | 12,285 | 1,682 |
KKR | 12,180 | 1,282 |
LPL Financial Holdings | 449 | 125 |
Moody's | 2,382 | 1,003 |
Morgan Stanley | 21,345 | 2,074 |
MSCI | 1,107 | 533 |
S&P Global | 5,114 | 2,281 |
Tradeweb Markets, Class A | 5,406 | 573 |
19,240 | ||
Consumer Finance 0.6% | ||
Ally Financial | 10,217 | 405 |
American Express | 12,476 | 2,889 |
Capital One Financial | 2,225 | 308 |
Discover Financial Services | 4,899 | 641 |
Synchrony Financial | 6,792 | 320 |
4,563 | ||
Financial Services 4.4% | ||
Apollo Global Management | 4,439 | 524 |
Berkshire Hathaway, Class B (1) | 21,178 | 8,615 |
Corebridge Financial | 43,945 | 1,280 |
Corpay (1) | 4,472 | 1,192 |
Equitable Holdings | 15,545 | 635 |
Fiserv (1) | 20,841 | 3,106 |
Global Payments | 11,244 | 1,087 |
Mastercard, Class A | 14,042 | 6,195 |
Visa, Class A | 29,877 | 7,842 |
Voya Financial | 16,868 | 1,200 |
31,676 | ||
Insurance 2.0% | ||
Allstate | 9,478 | 1,513 |
Shares | $ Value | |
(Cost and value in $000s) | ||
American International Group | 29,530 | 2,192 |
Axis Capital Holdings | 1,097 | 77 |
Chubb | 12,887 | 3,287 |
Hartford Financial Services Group | 21,034 | 2,115 |
Marsh & McLennan | 8,712 | 1,836 |
MetLife | 24,791 | 1,740 |
RenaissanceRe Holdings | 4,710 | 1,053 |
Travelers | 3,447 | 701 |
14,514 | ||
Total Financials | 93,490 | |
HEALTH CARE 12.4% | ||
Biotechnology 1.8% | ||
AbbVie | 24,353 | 4,177 |
Amgen | 10,355 | 3,236 |
Biogen (1) | 4,007 | 929 |
Gilead Sciences | 8,138 | 558 |
Moderna (1) | 85 | 10 |
Regeneron Pharmaceuticals (1) | 1,859 | 1,954 |
Vertex Pharmaceuticals (1) | 5,319 | 2,493 |
13,357 | ||
Health Care Equipment & Supplies 2.4% | ||
Abbott Laboratories | 12,991 | 1,350 |
Baxter International | 6,193 | 207 |
Becton Dickinson | 8,212 | 1,919 |
Boston Scientific (1) | 20,563 | 1,584 |
Dexcom (1) | 11,947 | 1,355 |
Edwards Lifesciences (1) | 17,385 | 1,606 |
Hologic (1) | 12,492 | 927 |
IDEXX Laboratories (1) | 260 | 127 |
Intuitive Surgical (1) | 7,292 | 3,244 |
Medtronic | 9,030 | 711 |
Solventum (1) | 216 | 11 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Stryker | 8,198 | 2,789 |
Teleflex | 486 | 102 |
Zimmer Biomet Holdings | 14,351 | 1,557 |
17,489 | ||
Health Care Providers & Services 2.7% | ||
Cardinal Health | 4,167 | 410 |
Cencora | 3,896 | 878 |
Centene (1) | 2,394 | 159 |
Cigna | 8,219 | 2,717 |
CVS Health | 2,776 | 164 |
Elevance Health | 5,356 | 2,902 |
HCA Healthcare | 284 | 91 |
Humana | 2,018 | 754 |
McKesson | 2,941 | 1,718 |
Molina Healthcare (1) | 2,200 | 654 |
Tenet Healthcare (1) | 8,286 | 1,102 |
UnitedHealth Group | 15,828 | 8,060 |
19,609 | ||
Life Sciences Tools & Services 1.4% | ||
Agilent Technologies | 1,452 | 188 |
Bio-Techne | 4,120 | 295 |
Charles River Laboratories International (1) | 200 | 42 |
Danaher | 13,177 | 3,292 |
ICON (1) | 1,982 | 622 |
IQVIA Holdings (1) | 72 | 15 |
Mettler-Toledo International (1) | 466 | 651 |
Repligen (1) | 4,500 | 567 |
Thermo Fisher Scientific | 8,164 | 4,515 |
10,187 | ||
Pharmaceuticals 4.1% | ||
AstraZeneca, ADR | 18,564 | 1,448 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Bristol-Myers Squibb | 17,083 | 709 |
Elanco Animal Health (1) | 33,500 | 483 |
Eli Lilly | 15,891 | 14,387 |
Johnson & Johnson | 30,171 | 4,410 |
Merck | 36,759 | 4,551 |
Novo Nordisk, ADR | 8,999 | 1,285 |
Pfizer | 24,960 | 698 |
Sanofi, ADR | 1,700 | 83 |
Viatris | 87,631 | 932 |
Zoetis | 5,920 | 1,026 |
30,012 | ||
Total Health Care | 90,654 | |
INDUSTRIALS & BUSINESS SERVICES 7.4% | ||
Aerospace & Defense 1.7% | ||
Boeing (1) | 12,465 | 2,269 |
General Dynamics | 1,681 | 488 |
General Electric | 24,134 | 3,836 |
Howmet Aerospace | 11,879 | 922 |
Huntington Ingalls Industries | 383 | 94 |
L3Harris Technologies | 6,746 | 1,515 |
Lockheed Martin | 366 | 171 |
Northrop Grumman | 2,255 | 983 |
RTX | 10,458 | 1,050 |
TransDigm Group | 1,112 | 1,421 |
12,749 | ||
Air Freight & Logistics 0.2% | ||
FedEx | 4,474 | 1,342 |
1,342 | ||
Building Products 0.4% | ||
Carrier Global | 20,401 | 1,287 |
Johnson Controls International | 8,696 | 578 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Trane Technologies | 2,409 | 792 |
2,657 | ||
Commercial Services & Supplies 0.5% | ||
Cintas | 1,163 | 814 |
Copart (1) | 19,774 | 1,071 |
Republic Services | 1,700 | 330 |
Veralto | 619 | 59 |
Waste Connections | 6,298 | 1,105 |
Waste Management | 2,300 | 491 |
3,870 | ||
Construction & Engineering 0.0% | ||
WillScot Mobile Mini Holdings (1) | 4,150 | 156 |
156 | ||
Electrical Equipment 0.7% | ||
Emerson Electric | 4,465 | 492 |
GE Vernova (1) | 11,622 | 1,993 |
Hubbell | 2,089 | 764 |
Rockwell Automation | 4,628 | 1,274 |
Vertiv Holdings, Class A | 2,700 | 234 |
4,757 | ||
Ground Transportation 1.5% | ||
Canadian National Railway | 6,216 | 734 |
Canadian Pacific Kansas City (2) | 3,452 | 272 |
CSX | 60,252 | 2,016 |
JB Hunt Transport Services | 4,005 | 641 |
Norfolk Southern | 5,492 | 1,179 |
Old Dominion Freight Line | 12,831 | 2,266 |
Saia (1) | 1,310 | 621 |
Uber Technologies (1) | 39,946 | 2,903 |
10,632 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Industrial Conglomerates 0.7% | ||
3M | 1,675 | 171 |
Honeywell International | 12,801 | 2,734 |
Roper Technologies | 3,559 | 2,006 |
4,911 | ||
Machinery 1.3% | ||
Caterpillar | 3,677 | 1,225 |
Cummins | 7,135 | 1,976 |
Deere | 4,197 | 1,568 |
Dover | 4,167 | 752 |
Esab | 3,580 | 338 |
IDEX | 3,104 | 624 |
Ingersoll-Rand | 10,520 | 956 |
Nordson | 569 | 132 |
Otis Worldwide | 1,581 | 152 |
Stanley Black & Decker | 23,386 | 1,868 |
Xylem | 500 | 68 |
9,659 | ||
Passenger Airlines 0.1% | ||
Southwest Airlines | 13,085 | 374 |
United Airlines Holdings (1) | 6,240 | 304 |
678 | ||
Professional Services 0.3% | ||
Broadridge Financial Solutions | 3,638 | 717 |
Equifax | 1,912 | 463 |
TransUnion | 3,452 | 256 |
Verisk Analytics | 2,827 | 762 |
2,198 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Trading Companies & Distributors 0.0% | ||
SiteOne Landscape Supply (1) | 1,823 | 221 |
221 | ||
Total Industrials & Business Services | 53,830 | |
INFORMATION TECHNOLOGY 32.4% | ||
Communications Equipment 0.4% | ||
Arista Networks (1) | 2,802 | 982 |
Cisco Systems | 40,157 | 1,908 |
2,890 | ||
Electronic Equipment, Instruments & Components 0.9% | ||
Amphenol, Class A | 34,710 | 2,339 |
Keysight Technologies (1) | 7,052 | 964 |
TE Connectivity | 9,285 | 1,397 |
Teledyne Technologies (1) | 2,642 | 1,025 |
Zebra Technologies, Class A (1) | 2,862 | 884 |
6,609 | ||
IT Services 0.8% | ||
Accenture, Class A | 13,585 | 4,122 |
Gartner (1) | 200 | 90 |
International Business Machines | 8,034 | 1,389 |
Shopify, Class A (1) | 1,700 | 112 |
5,713 | ||
Semiconductors & Semiconductor Equipment 12.0% | ||
Advanced Micro Devices (1) | 11,999 | 1,946 |
Analog Devices | 4,289 | 979 |
Applied Materials | 4,219 | 996 |
ASML Holding NV | 36 | 37 |
Broadcom | 6,879 | 11,044 |
Entegris | 9,645 | 1,306 |
First Solar (1) | 45 | 10 |
Shares | $ Value | |
(Cost and value in $000s) | ||
KLA | 4,257 | 3,510 |
Lam Research | 4,370 | 4,653 |
Lattice Semiconductor (1) | 4,270 | 248 |
Microchip Technology | 7,934 | 726 |
Micron Technology | 21,575 | 2,838 |
Monolithic Power Systems | 972 | 799 |
NVIDIA | 418,080 | 51,650 |
QUALCOMM | 25,410 | 5,061 |
Teradyne | 4,764 | 706 |
Texas Instruments | 6,005 | 1,168 |
87,677 | ||
Software 11.4% | ||
Adobe (1) | 8,269 | 4,594 |
Autodesk (1) | 6,047 | 1,496 |
Cadence Design Systems (1) | 4,547 | 1,399 |
Crowdstrike Holdings, Class A (1) | 2,200 | 843 |
Descartes Systems Group (1) | 7,144 | 692 |
Dynatrace (1) | 8,834 | 395 |
Fair Isaac (1) | 569 | 847 |
Fortinet (1) | 35,026 | 2,111 |
Gen Digital | 58,907 | 1,471 |
Intuit | 4,001 | 2,630 |
Microsoft | 119,384 | 53,359 |
Oracle | 18,901 | 2,669 |
Palo Alto Networks (1) | 2,433 | 825 |
Salesforce.com | 22,410 | 5,762 |
ServiceNow (1) | 596 | 469 |
Synopsys (1) | 4,859 | 2,891 |
Tyler Technologies (1) | 140 | 70 |
Workday (1) | 1,839 | 411 |
Zscaler (1) | 114 | 22 |
82,956 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Technology Hardware, Storage & Peripherals 6.9% | ||
Apple | 234,294 | 49,347 |
Pure Storage, Class A (1) | 8,944 | 575 |
Western Digital (1) | 10,574 | 801 |
50,723 | ||
Total Information Technology | 236,568 | |
MATERIALS 2.0% | ||
Chemicals 1.0% | ||
CF Industries Holdings | 8,586 | 636 |
Linde | 11,353 | 4,982 |
Mosaic | 16,468 | 476 |
RPM International | 1,502 | 162 |
Sherwin-Williams | 4,267 | 1,273 |
7,529 | ||
Construction Materials 0.2% | ||
Vulcan Materials | 4,221 | 1,050 |
1,050 | ||
Containers & Packaging 0.2% | ||
Avery Dennison | 704 | 154 |
Ball | 12,768 | 766 |
Packaging of America | 3,708 | 677 |
WestRock | 2,702 | 136 |
1,733 | ||
Metals & Mining 0.5% | ||
Agnico Eagle Mines | 7,460 | 488 |
Franco-Nevada | 3,680 | 436 |
Freeport-McMoRan | 29,626 | 1,440 |
Steel Dynamics | 7,926 | 1,026 |
3,390 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Paper & Forest Products 0.1% | ||
West Fraser Timber | 8,521 | 655 |
655 | ||
Total Materials | 14,357 | |
REAL ESTATE 1.9% | ||
Health Care REITs 0.2% | ||
Welltower, REIT | 12,708 | 1,325 |
1,325 | ||
Industrial REITs 0.4% | ||
Prologis, REIT | 16,936 | 1,902 |
Rexford Industrial Realty, REIT | 21,734 | 969 |
2,871 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Class A (1) | 4,206 | 375 |
CoStar Group (1) | 4,322 | 320 |
695 | ||
Residential REITs 0.4% | ||
American Homes 4 Rent, Class A, REIT | 8,515 | 316 |
AvalonBay Communities, REIT | 3,920 | 811 |
Camden Property Trust, REIT | 200 | 22 |
Essex Property Trust, REIT | 4,158 | 1,132 |
Sun Communities, REIT | 4,215 | 507 |
2,788 | ||
Retail REITs 0.1% | ||
Kimco Realty, REIT | 16,233 | 316 |
Regency Centers, REIT | 4,267 | 266 |
Simon Property Group, REIT | 3,683 | 559 |
1,141 |
Shares | $ Value | |
(Cost and value in $000s) | ||
Specialized REITs 0.7% | ||
American Tower, REIT | 8,746 | 1,700 |
CubeSmart, REIT | 4,467 | 202 |
Equinix, REIT | 2,620 | 1,982 |
Extra Space Storage, REIT | 335 | 52 |
Public Storage, REIT | 3,933 | 1,132 |
Weyerhaeuser, REIT | 4,377 | 124 |
5,192 | ||
Total Real Estate | 14,012 | |
UTILITIES 2.2% | ||
Electric Utilities 1.5% | ||
Constellation Energy | 7,734 | 1,549 |
Exelon | 6,000 | 208 |
FirstEnergy | 21,461 | 822 |
NextEra Energy | 50,080 | 3,546 |
PG&E | 127,107 | 2,219 |
PPL | 5,138 | 142 |
Southern | 20,623 | 1,600 |
Xcel Energy | 17,174 | 917 |
11,003 | ||
Gas Utilities 0.1% | ||
Atmos Energy | 4,400 | 513 |
513 | ||
Independent Power & Renewable Electricity Producer 0.0% | ||
Vistra | 3,384 | 291 |
291 | ||
Multi-Utilities 0.6% | ||
Ameren | 17,076 | 1,214 |
CenterPoint Energy | 33,375 | 1,034 |
Shares | $ Value | |
(Cost and value in $000s) | ||
CMS Energy | 3,857 | 230 |
Dominion Energy | 26,490 | 1,298 |
NiSource | 25,279 | 728 |
4,504 | ||
Total Utilities | 16,311 | |
Total Common Stocks (Cost $677,535) | 727,770 | |
SHORT-TERM INVESTMENTS 0.3% | ||
Money Market Funds 0.3% | ||
State Street Institutional U.S. Government Money Market Fund, 5.25% (3) | 2,364,427 | 2,364 |
Total Short-Term Investments (Cost $2,364) | 2,364 | |
SECURITIES LENDING COLLATERAL 0.1% | ||
Investments in a Pooled Account through Securities Lending Program with State Street Bank 0.1% | ||
Money Market Funds 0.1% | ||
T. Rowe Price Government Reserve Fund, 5.38% (3)(4) | 468,792 | 469 |
Total Investments in a Pooled Account through Securities Lending Program with State Street Bank | 469 | |
Total Securities Lending Collateral (Cost $469) | 469 | |
Total Investments in Securities 100.1% of Net Assets (Cost $680,368) | $730,603 |
‡ | 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 |
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 | $195 | ¤ | ¤ | $469 |
Total | $469^ |
++ | 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 $469. |
Assets | |
Investments in securities, at value (cost $680,368) | $730,603 |
Receivable for shares sold | 20,437 |
Receivable for investment securities sold | 2,658 |
Dividends receivable | 344 |
Total assets | 754,042 |
Liabilities | |
Payable for investment securities purchased | 23,335 |
Obligation to return securities lending collateral | 469 |
Investment management and administrative fees payable | 179 |
Due to custodian | 8 |
Total liabilities | 23,991 |
NET ASSETS | $730,051 |
Net assets consists of: | |
Total distributable earnings (loss) | $48,792 |
Paid-in capital applicable to 21,255,000 shares of $0.0001 par value capital stock outstanding; 4,000,000,000 shares authorized | 681,259 |
NET ASSETS | $730,051 |
NET ASSET VALUE PER SHARE | $34.35 |
6 Months Ended | |
6/30/24 | |
Investment Income (Loss) | |
Income | |
Dividend (net of foreign taxes of $3) | $1,649 |
Securities lending | 2 |
Total income | 1,651 |
Investment management and administrative expense | 425 |
Net investment income | 1,226 |
Realized and Unrealized Gain / Loss | |
Net realized gain (loss) | |
Securities | (1,208) |
In-kind redemptions | 349 |
Net realized loss | (859) |
Change in net unrealized gain / loss on securities | 41,324 |
Net realized and unrealized gain / loss | 40,465 |
INCREASE IN NET ASSETS FROM OPERATIONS | $41,691 |
6 Months Ended | Year Ended | ||
6/30/24 | 12/31/23 | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income | $1,226 | $400 | |
Net realized loss | (859) | (253) | |
Change in net unrealized gain / loss | 41,324 | 10,145 | |
Increase in net assets from operations | 41,691 | 10,292 | |
Distributions to shareholders | |||
Net earnings | — | (379) | |
Capital share transactions* | |||
Shares sold | 594,206 | 63,393 | |
Shares redeemed | (962) | (1,254) | |
Increase in net assets from capital share transactions | 593,244 | 62,139 | |
Net Assets | |||
Increase during period | 634,935 | 72,052 | |
Beginning of period | 95,116 | 23,064 | |
End of period | $730,051 | $95,116 | |
*Share information | |||
Shares sold | 18,045 | 2,275 | |
Shares redeemed | (30) | (50) | |
Increase in shares outstanding | 18,015 | 2,225 |
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 U.S. Equity Research 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 |