T. Rowe Price mutual funds are available to a wide variety of investors located generally only in the United States, including individuals, institutions and retirement plans. T. Rowe Price mutual funds may be purchased directly from T. Rowe Price, through a retirement plan recordkeeper, or another financial intermediary.
Exchange Traded Funds (ETFs) are funds that trade on an exchange like a stock. Individual investors must buy or sell Shares of ETFs through an online brokerage account or a financial advisor. Ordinary commission rates will apply.
Variable Insurance Portfolios are only available through insurance companies that are currently offering separate accounts established for the purpose of funding variable annuity and variable life insurance contracts and are not otherwise available. Please refer to the variable annuity or variable life contracts that are described in separate prospectuses issued by the insurance companies.
These mutual funds are not available for direct purchase by members of the public. Please see each fund’s prospectus for further details.
◊These ETFs are different from traditional ETFs.
◊Traditional ETFs tell the public what assets they hold each day. These ETFs will not. This may create additional risks for your investment. For example:
◊The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETF secret, these ETFs 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’s performance.
For additional information regarding the unique attributes and risks of these ETFs, see the fund's prospectus.
◊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 net asset value (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.
◊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.
*Retail Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc. is not required to reimburse the Fund for losses, and you should not expect that T. Rowe Price Associates, Inc. will provide financial support to the Fund at any time, including during periods of market stress.
**Government Money Market Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. T. Rowe Price Associates, Inc. is not required to reimburse the Fund for losses, and you should not expect that T. Rowe Price Associates, Inc. will provide financial support to the Fund at any time, including during periods of market stress.
^ Monthly Portfolio Holdings for Money Market funds are available at https://www.troweprice.com/personal-investing/funds/mutual-funds/prospectuses-reports/money-funds-monthly-portfolio-holdings.html
^^ The Z Class is only available to funds managed by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services.
***The Fund did not hold any securities it was entitled to vote and therefore does not have any proxy votes to report.
These prospectuses are for funds offered and sold generally only to investors located in the United States. T. Rowe Price Investment Services, Inc., Distributor.
5476644