T. Rowe Price ETFs

Our ETFs offer the potential to achieve returns that go beyond an index so you can feel confident in reaching your goals.

Discover T. Rowe Price ETFs

A new way to access the expert portfolio managers and strategies behind our mutual funds

You can have the trading control and potential tax advantages of an ETF ⁠— including no investment minimums ⁠— as well as the same benefits you get with our respected lineup of low-cost, active mutual funds:

Rigorous research from 386 research professionals who go into the field to see firsthand how companies are performing.¹
Experienced fund managers who have weathered all market conditions.
Forward-looking management that carefully balances risk and seeks to maximize value for our clients over the long term.

What is an ETF?

An ETF is a fund that trades like a stock.
ETFs have prices that change throughout the day as shares are bought and sold.
ETFs are traded through brokers via an exchange.
ETFs have traditionally been considered “passive,” but active ETFs are now entering the market.

Compare Mutual Funds and ETFs

	Mutual Fund	ETF
Professionally Managed	Yes	Yes
Minimum Investment	Yes (typically specified as dollar amount)	No (i.e., as little as one share)
Trading	Purchased and redeemed once per day at market close (generally 4 p.m. eastern time) Short-term and/or excessive trading restrictions may apply	Continuous trading throughout the day on exchanges, like stocks There are no short-term trading and/or excessive trading fund management policies
Short Selling, Marginable	No	Yes (with some exceptions)
Pricing	Bought and sold at net asset value (NAV) Generally priced once daily at the end of the day	Bought and sold at market prices on an exchange NAV calculated daily and intraday NAV (iNAV) reported throughout the trading day
Transaction Costs	Costs are shared as an expense across all owners of the fund Redemption fees may be charged individually to investors making short-term trades	Investors bear their own transaction costs through the market bid/ask spread and any applicable brokerage fee Premiums and discounts may also affect total cost of ownership or performance
Portfolio Transparency	Passive/index mutual funds’ holdings are generally published on a daily basis Active mutual funds typically publish full holdings quarterly	T. Rowe Price Active Fixed Income ETFs publish holdings on a daily basis T. Rowe Price Active Equity ETFs publish a proxy basket daily and full holdings quarterly
Expense Ratio	Total expense ratio typically higher due to shareholder servicing costs Management fees can be comparable	Total expense ratio typically lower since shareholder servicing costs are minimized Management fees can be comparable
Capital Gains	Shareholders selling may cause taxable portfolio transactions in order to meet investor cash redemption demands. Can also have gains from manager transactions within the portfolio	Shareholders selling plays no direct role in causing capital gains because shares are created/redeemed institutionally, primarily through securities delivery rather than cash. Can still have gains from manager transactions within the portfolio
Other Operational Features	Dividend are typically reinvested automatically on ex-date Can buy partial or fractional shares (“you are invested to the last penny”)	Distributions generally paid in cash or require a brokerage dividend reinvestment service (not always on ex-date) Usually bought as whole shares, unless fractional share brokerage services available
How Do I Buy?	Can buy direct through a brokerage fund service or a financial advisor/intermediary Often available in 401(k)s	Requires a brokerage account Generally not in 401(k)s unless in-plan brokerage services are available

Consider the role our ETFs could play in your portfolio.

T. Rowe Price ETFs follow the strategic investing approach that's been our hallmark for over 80 years, while offering investors increased trading control with no investment minimums. With access to T. Rowe Price's active strategies, our ETFs can be a compliment to investments that you may already hold.

Convenience

You can easily buy or sell your shares whenever you’d like. There are no investment minimums for ETFs, so it’s easy to get started.

Cost effectiveness

T. Rowe Price ETF management fees are comparable to our similarly managed low-cost mutual funds. Through our brokerage platform, you can buy our ETFs commission-free.

Potential tax benefits

The structure of ETFs can reduce the impact of capital gains distributions relative to other investment vehicles.

How to buy T. Rowe Price ETFs

You’ll need to use a brokerage account to buy T. Rowe Price ETFs. Through our brokerage platform, you can buy our ETFs commission-free.

Open a T. Rowe Price Brokerage Account

It takes only about 10 minutes to open a new T. Rowe Price brokerage account. Within a day or two, your account will be ready for trading. Then you can place a buy order for T. Rowe Price ETFs within your brokerage account.

Open a Brokerage Account

Buy T. Rowe Price ETFs in Your Existing Brokerage Account

If you already have a T. Rowe Price brokerage account, you’re all set to buy T. Rowe Price ETFs commission-free.

Go to Your Account

Learn More About T. Rowe Price Brokerage Accounts

¹ Total research professionals as of 3/31/2021.

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 Active Equity ETFs 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 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 within the Resource section of each individual ETF fund detail page.

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.