T. Rowe Price US Equity Research ETF (TSPA US) – Portfolio Construction Methodology

The investment strategy driving the actively managed T. Rowe Price US Equity Research ETF seeks long-term capital growth by building an analytically driven, benchmark-aware portfolio of U.S. equities that mirrors broad market sector and industry weights while tilting toward analysts’ highest-conviction ideas. The fund normally invests ≥80% of assets in U.S. equity securities or related futures, remains substantially fully invested with minimal strategic cash, and operates as a semi-transparent ETF using a published proxy portfolio to facilitate primary and secondary market liquidity. A portfolio oversight team sets risk parameters and sector and industry allocations, then delegates industry sleeves to fundamental analysts who construct position-weighted sub-portfolios based on company quality, earnings durability, competitive positioning and valuation. Risk is controlled through disciplined position sizing, tracking-error and factor exposure limits, and systematic rebalancing around analyst revisions, corporate events and cash flows.

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