T. Rowe Price Dividend Growth ETF

T. Rowe Price Dividend Growth ETF (TDVG) is an actively managed fund of 97 large- and mid-cap stocks picked for growing dividends. As of June 30, 2026, its largest holdings were Apple, Microsoft and Broadcom. Most ETFs publish their holdings every day, but this one publishes only a stand-in "proxy portfolio." Its 0.50% expense ratio is well above the 0.16% average for similar funds, and its yield was 0.97% as of October 27, 2026.

• Over the year to Oct 27, 2026, TDVG returned +13.6%, 3rd of 9 among similar funds.
• Its 5-year annualized return was +9.6%.
• Its worst full calendar year was 2022 (-10.1%); its best was 2025 (+14.8%).
• The deepest fall in its price history was 19.2% (Dec 29, 2021 to Oct 12, 2022), recovered by Dec 13, 2023.

As of Jun 30, 2026, the fund held 97 securities; the ten largest made up 29.78% of assets.

By sector

• Over the three months to Jun 30, 2026, investors added a net $33.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.95%, +1.67%, +2.22%.

TDVG does not track an index. A portfolio manager and T. Rowe Price's research analysts choose the stocks. The fund normally keeps at least 80% of its net assets in companies with a strong record of paying dividends, or that are expected to pay them over time. The adviser's view is that rising dividends signal financial health, and that dividends can help offset losses when prices fall. It favors companies with above-average earnings and dividend growth, a competitive dividend yield, a sound balance sheet, a lasting competitive edge and reasonable valuations, such as a low price-to-earnings ratio. The manager may buy stocks while they are out of favor.

There is no set weighting formula or rebalancing schedule. As of June 30, 2026, the fund held 97 stocks, and the 10 largest made up about 30% of assets. About 10% was invested outside the US, including in Ireland and Switzerland. Portfolio turnover, the share of holdings replaced in a year, was 17.3%.

TDVG is a "semi-transparent" ETF: it does not disclose its full holdings daily. Instead, it publishes a daily Proxy Portfolio, a basket of stocks designed to track the fund's performance, along with how much that basket overlaps with the real holdings. If the proxy tracks poorly, especially in volatile markets, the share price can drift further from net asset value (NAV), the value of the fund's holdings per share.

• TDVG charges 0.5% a year, versus an average of 0.16% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

A diversified basket of about 97 large dividend-growth companies could anchor the stock portion of a portfolio, though its yield is too low for it to work mainly as an income fund.

TDVG launched in August 2020, so it has no record from the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market, it fell 18.7% between January 4 and October 12, 2022. It then took 14 months to recover, getting back to its old high in December 2023. Its worst calendar year was 2022, with a loss of about 10%. Anyone who had to sell shares in late 2022 would have sold near the bottom. Income is modest: the trailing yield was 0.97% as of October 27, 2026, paid quarterly. Costs add up over time. In the SEC's standard example, $10,000 invested would cost about $628 in fees over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.