T. ROWE PRICE VALUE ETF
March 31, 2024 Unaudited
PORTFOLIO OF INVESTMENTS‡ | Shares | $ Value |
(Cost and value in $000s) | ||
COMMON STOCKS 99.4% | ||
COMMUNICATION SERVICES 4.8% | ||
Diversified Telecommunication Services 0.8% | ||
Verizon Communications | 12,866 | 540 |
540 | ||
Interactive Media & Services 1.8% | ||
Alphabet, Class C (1) | 3,581 | 545 |
Meta Platforms, Class A (1) | 1,306 | 634 |
1,179 | ||
Media 1.2% | ||
News, Class A | 32,071 | 840 |
840 | ||
Wireless Telecommunication Services 1.0% | ||
T-Mobile US | 4,019 | 656 |
656 | ||
Total Communication Services | 3,215 | |
CONSUMER DISCRETIONARY 4.0% | ||
Hotels Restaurants & Leisure 2.1% | ||
Las Vegas Sands | 6,067 | 314 |
Marriott International, Class A | 896 | 226 |
McDonald's | 1,456 | 411 |
MGM Resorts International (1) | 4,395 | 207 |
Yum! Brands | 1,861 | 258 |
1,416 | ||
Household Durables 0.5% | ||
Lennar, Class A | 1,879 | 323 |
323 | ||
Specialty Retail 1.4% | ||
AutoZone (1) | 111 | 350 |
Home Depot | 1,112 | 427 |
TJX | 1,780 | 180 |
957 | ||
Total Consumer Discretionary | 2,696 | |
CONSUMER STAPLES 8.4% | ||
Beverages 0.9% | ||
Coca-Cola | 6,084 | 372 |
Keurig Dr Pepper | 6,697 | 206 |
578 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
Consumer Staples Distribution & Retail 1.8% | ||
Walmart | 20,155 | 1,213 |
1,213 | ||
Food Products 1.2% | ||
Conagra Brands | 13,366 | 396 |
Mondelez International, Class A | 4,217 | 295 |
Tyson Foods, Class A | 2,211 | 130 |
821 | ||
Household Products 2.2% | ||
Colgate-Palmolive | 6,380 | 574 |
Kimberly-Clark | 3,066 | 397 |
Procter & Gamble | 3,193 | 518 |
1,489 | ||
Personal Care Products 1.1% | ||
Kenvue | 34,240 | 735 |
735 | ||
Tobacco 1.2% | ||
Philip Morris International | 9,171 | 840 |
840 | ||
Total Consumer Staples | 5,676 | |
ENERGY 9.2% | ||
Energy Equipment & Services 0.7% | ||
Halliburton | 11,522 | 454 |
454 | ||
Oil, Gas & Consumable Fuels 8.5% | ||
Chesapeake Energy | 2,005 | 178 |
Chevron | 2,784 | 439 |
ConocoPhillips | 6,185 | 787 |
Diamondback Energy | 1,400 | 278 |
EOG Resources | 4,783 | 612 |
EQT | 7,772 | 288 |
Exxon Mobil | 12,124 | 1,409 |
Pioneer Natural Resources | 1,369 | 360 |
TotalEnergies, ADR | 16,190 | 1,114 |
Williams | 7,166 | 279 |
5,744 | ||
Total Energy | 6,198 | |
FINANCIALS 20.9% | ||
Banks 8.3% | ||
Bank of America | 29,154 | 1,105 |
Citigroup | 7,967 | 504 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
Fifth Third Bancorp | 14,597 | 543 |
Huntington Bancshares | 21,787 | 304 |
JPMorgan Chase | 5,331 | 1,068 |
US Bancorp | 8,735 | 390 |
Wells Fargo | 28,909 | 1,676 |
5,590 | ||
Capital Markets 3.0% | ||
Ares Management | 2,084 | 277 |
BlackRock | 272 | 227 |
Cboe Global Markets | 1,023 | 188 |
Charles Schwab | 8,722 | 631 |
CME Group | 758 | 163 |
Morgan Stanley | 3,856 | 363 |
S&P Global | 362 | 154 |
2,003 | ||
Consumer Finance 0.3% | ||
Capital One Financial | 1,591 | 237 |
237 | ||
Financial Services 3.4% | ||
Apollo Global Management | 2,652 | 298 |
Corpay (1) | 952 | 294 |
Equitable Holdings | 16,953 | 645 |
Fiserv (1) | 6,553 | 1,047 |
2,284 | ||
Insurance 5.9% | ||
American International Group | 13,060 | 1,021 |
Chubb | 5,186 | 1,344 |
Hartford Financial Services Group | 12,512 | 1,289 |
Marsh & McLennan | 1,819 | 375 |
4,029 | ||
Total Financials | 14,143 | |
HEALTH CARE 16.4% | ||
Biotechnology 1.0% | ||
AbbVie | 1,299 | 237 |
Regeneron Pharmaceuticals (1) | 286 | 275 |
Vertex Pharmaceuticals (1) | 448 | 187 |
699 | ||
Health Care Equipment & Supplies 2.8% | ||
Baxter International | 5,817 | 249 |
Becton Dickinson | 2,733 | 676 |
Medtronic | 5,332 | 465 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
Zimmer Biomet Holdings | 3,980 | 525 |
1,915 | ||
Health Care Providers & Services 6.0% | ||
Cigna | 1,795 | 652 |
CVS Health | 4,718 | 376 |
Elevance Health | 2,694 | 1,397 |
HCA Healthcare | 801 | 267 |
McKesson | 1,208 | 648 |
Molina Healthcare (1) | 574 | 236 |
UnitedHealth Group | 932 | 461 |
4,037 | ||
Life Sciences Tools & Services 1.6% | ||
Agilent Technologies | 1,594 | 232 |
Danaher | 1,680 | 420 |
Thermo Fisher Scientific | 706 | 410 |
1,062 | ||
Pharmaceuticals 5.0% | ||
Bristol-Myers Squibb | 1,740 | 94 |
Elanco Animal Health (1) | 16,469 | 268 |
Eli Lilly | 1,212 | 943 |
Johnson & Johnson | 6,439 | 1,019 |
Merck | 6,903 | 911 |
Zoetis | 828 | 140 |
3,375 | ||
Total Health Care | 11,088 | |
INDUSTRIALS & BUSINESS SERVICES 14.5% | ||
Aerospace & Defense 3.3% | ||
Boeing (1) | 2,636 | 509 |
Howmet Aerospace | 4,818 | 329 |
L3Harris Technologies | 4,298 | 916 |
TransDigm Group | 350 | 431 |
2,185 | ||
Air Freight & Logistics 0.3% | ||
United Parcel Service, Class B | 1,478 | 220 |
220 | ||
Building Products 0.5% | ||
Carrier Global | 2,425 | 141 |
Trane Technologies | 569 | 171 |
312 | ||
Commercial Services & Supplies 0.6% | ||
Republic Services | 2,222 | 425 |
425 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
Electrical Equipment 1.1% | ||
AMETEX | 1,291 | 236 |
Hubbell | 1,254 | 520 |
756 | ||
Ground Transportation 1.8% | ||
Canadian Pacific Kansas City | 1,430 | 126 |
CSX | 10,064 | 373 |
Norfolk Southern | 1,622 | 414 |
Union Pacific | 1,208 | 297 |
1,210 | ||
Industrial Conglomerates 3.1% | ||
General Electric | 4,576 | 803 |
Honeywell International | 1,519 | 312 |
Roper Technologies | 379 | 213 |
Siemens, ADR | 7,999 | 763 |
2,091 | ||
Machinery 3.0% | ||
Caterpillar | 646 | 237 |
Cummins | 2,258 | 665 |
Deere | 604 | 248 |
Otis Worldwide | 2,051 | 203 |
Stanley Black & Decker | 6,779 | 664 |
2,017 | ||
Passenger Airlines 0.1% | ||
United Airlines Holdings (1) | 1,523 | 73 |
73 | ||
Professional Services 0.3% | ||
Equifax | 799 | 214 |
214 | ||
Trading Companies & Distributors 0.4% | ||
Ferguson | 1,277 | 279 |
279 | ||
Total Industrials & Business Services | 9,782 | |
INFORMATION TECHNOLOGY 11.1% | ||
Communications Equipment 0.3% | ||
Motorola Solutions | 550 | 195 |
195 | ||
Electronic Equipment, Instruments & Components 0.9% | ||
CDW | 793 | 203 |
Keysight Technologies (1) | 1,300 | 203 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
TE Connectivity | 1,336 | 194 |
600 | ||
IT Services 0.5% | ||
Accenture, Class A | 982 | 340 |
340 | ||
Semiconductors & Semiconductor Equipment 6.7% | ||
Analog Devices | 1,095 | 217 |
Applied Materials | 2,100 | 433 |
Entegris | 1,240 | 174 |
Intel | 16,101 | 711 |
Marvell Technology | 3,032 | 215 |
Microchip Technology | 2,440 | 219 |
Micron Technology | 3,933 | 464 |
QUALCOMM | 8,970 | 1,519 |
Taiwan Semiconductor Manufacturing, ADR | 2,052 | 279 |
Texas Instruments | 1,695 | 295 |
4,526 | ||
Software 0.7% | ||
Microsoft | 1,077 | 453 |
453 | ||
Technology Hardware, Storage & Peripherals 2.0% | ||
Samsung Electronics | 365 | 542 |
Western Digital (1) | 12,498 | 853 |
1,395 | ||
Total Information Technology | 7,509 | |
MATERIALS 3.1% | ||
Chemicals 1.9% | ||
CF Industries Holdings | 4,355 | 362 |
Linde | 1,250 | 580 |
RPM International | 3,075 | 366 |
1,308 | ||
Construction Materials 0.3% | ||
Vulcan Materials | 634 | 173 |
173 | ||
Containers & Packaging 0.6% | ||
Avery Dennison | 605 | 135 |
International Paper | 7,116 | 278 |
413 |
T. ROWE PRICE VALUE ETF
Shares | $ Value | |
(Cost and value in $000s) | ||
Metals & Mining 0.3% | ||
BHP Group, ADR (2) | 3,581 | 207 |
207 | ||
Total Materials | 2,101 | |
REAL ESTATE 2.9% | ||
Industrial REITs 0.4% | ||
Prologis, REIT | 1,906 | 248 |
248 | ||
Residential REITs 1.0% | ||
AvalonBay Communities, REIT | 3,563 | 661 |
661 | ||
Specialized REITs 1.5% | ||
Equinix, REIT | 131 | 108 |
Lamar Advertising, Class A, REIT | 1,589 | 190 |
Public Storage, REIT | 625 | 181 |
Weyerhaeuser, REIT | 15,946 | 573 |
1,052 | ||
Total Real Estate | 1,961 | |
UTILITIES 4.1% | ||
Electric Utilities 1.6% | ||
NextEra Energy | 595 | 38 |
Southern | 14,573 | 1,045 |
1,083 | ||
Independent Power & Renewable Electricity Producer 0.6% | ||
Vistra | 5,736 | 400 |
400 | ||
Multi-Utilities 1.9% | ||
Ameren | 6,281 | 465 |
Dominion Energy | 7,498 | 369 |
DTE Energy | 959 | 107 |
Sempra | 4,980 | 358 |
1,299 | ||
Total Utilities | 2,782 | |
Total Common Stocks (Cost $56,281) | 67,151 | |
SHORT-TERM INVESTMENTS 0.4% | ||
Money Market Funds 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, 5.26% (3) | 277,166 | 277 |
Total Short-Term Investments (Cost $277) | 277 |
T. ROWE PRICE VALUE ETF
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, 5.39% (3)(4) | 88,125 | 88 |
Total Investments in a Pooled Account through Securities Lending Program with State Street Bank | 88 | |
Total Securities Lending Collateral (Cost $88) | 88 | |
Total Investments in Securities 100.0% of Net Assets (Cost $56,646) | $67,516 | |
Other Assets Less Liabilities 0.0% | 23 | |
Net Assets 100.0% | $67,539 |
‡ | 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 March 31, 2024. |
(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 |
T. ROWE PRICE VALUE ETF
AFFILIATED COMPANIES
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the three months ended March 31, 2024. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.
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 3/31/24 |
T. Rowe Price Government Reserve Fund | $— | ¤ | ¤ | $88 |
Total | $88^ |
++ | Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
# | 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 $88. |
The accompanying notes are an integral part of this portfolio of investments.
T. ROWE PRICE VALUE ETF
Unaudited
NOTES TO PORTFOLIO OF INVESTMENTS
T. Rowe Price Value ETF (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
Fair Value
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund’s Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund’s valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)
Level 3 – unobservable inputs (including the Valuation Designee’s assumptions in determining fair value)
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
Valuation Techniques
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation.
Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use
T. ROWE PRICE VALUE ETF
of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values on March 31, 2024 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) | Level 1 | Level 2 | Level 3 | Total Value |
Assets | ||||
Common Stocks | $66,609 | $542 | $— | $67,151 |
Short-Term Investments | 277 | — | — | 277 |
Securities Lending Collateral | 88 | — | — | 88 |
Total | $66,974 | $542 | $— | $67,516 |
OTHER MATTERS
Unpredictable events such as environmental or natural disasters, war and conflict, terrorism, geopolitical events, and public health epidemics and similar public health threats may significantly affect the economy and the markets and issuers in which the fund invests. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks.
The global outbreak of COVID-19 and the related governmental and public responses have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market either in specific countries or worldwide.
In February 2022, Russian forces entered Ukraine and commenced an armed conflict leading to economic sanctions being imposed on Russia that target certain of its citizens and issuers and sectors of the Russian economy, creating impacts on Russian-related stocks and debt and greater volatility in global markets.
In March 2023, the banking industry experienced heightened volatility, which sparked concerns of potential broader adverse market conditions. The extent of impact of these events on the US and global markets is highly uncertain.
These are recent examples of global events which may have a negative impact on the values of certain portfolio holdings or the fund’s overall performance. Management is actively monitoring the risks and financial impacts arising from these events.
ETF1074-054Q1
03/24