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12022 Investment Company Fact Book.
Diversification does not guarantee profit or protect against loss. Investments are exposed to market risk, including loss of principal.
Important information
Hazards: All investments are subject to market risk, including loss of principal. Like all equity investments, stock prices can decline due to weakness in the broader market, a specific industry, or specific holdings. Fixed income investing involves risks including, but not limited to, interest rate risk and credit risk. Active investing may have higher costs than passive investing and may underperform the broader market or passive peers with similar objectives. Diversification cannot guarantee profits or protect against losses in a declining market. Additional risks vary according to investment objectives and strategies. When applicable, please see the prospectus for more information.
This material is provided for informational purposes only and is not intended to constitute investment advice or specific investment action.
This information is not intended to reflect current or past advice regarding investments, investment strategies or types of accounts, advice of any kind or solicitation to buy or sell any securities or investment services. The views and opinions provided do not take into account the investment objectives or the financial condition of any particular investor or investor. Please consider your own situation before making an investment decision.
The information contained herein is based on sources we believe to be reliable; However, we do not guarantee its accuracy.
All T. Rowe Price ETFs: ETFs are traded at market value, not NAV. Investors generally charge the spread between the price at which stocks are bought and sold. Buying and selling stocks can result in brokerage commissions, which reduce profits.
T. Rowe Price Equity ETFs: T. Rowe Price active equity ETFs publishes a daily proxy portfolio, a basket of securities designed to closely track the daily performance of the portfolio’s holdings. While a proxy portfolio includes some ETF holdings, it is not an actual portfolio. Daily portfolio statistics are provided to indicate the similarities and differences between the proxy portfolio and actual holdings. The proxy portfolio and other metrics, including portfolio overlap, are intended to provide investors and traders with sufficient information to encourage transactions that help the ETF’s market price move closer to NAV. There is a risk that the market price may differ from the NAV. Trading based on a proxy portfolio may trade a wider bid/ask spread than ETFs that publish their portfolios daily, especially during periods of market disruption or volatility, and, therefore, may cost investors more to trade. . ETF daily proxy portfolio, portfolio overlap and other tracking information are available at troweprice.com.
Although an 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 ETF’s efficiency and performance.
T. Rowe Price Investment Services, Inc., distributor of T. Rowe Price mutual funds and ETFs.
202210-2475194
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