T. Rowe Price Growth Stock ETF

T. Rowe Price Growth Stock ETF (TGRW) is an actively managed fund holding about 80 large US growth stocks. As of June 30, 2026, NVIDIA and Alphabet were its two largest. It is a semi-transparent ETF: each day it publishes a stand-in "Proxy Portfolio" instead of its actual holdings. At 0.52% a year, it costs more than growth index funds such as Vanguard Russell 1000 Growth ETF (0.07%).

• Over the year to Oct 27, 2026, TGRW returned -0.6%, 5th of 9 among similar funds.
• Its 5-year annualized return was +6.7%.
• Its worst full calendar year was 2022 (-38.4%); its best was 2023 (+48.9%).
• The deepest fall in its price history was 43.3% (Nov 16, 2021 to Nov 9, 2022), recovered by May 28, 2024.

As of Jun 30, 2026, the fund held 80 securities; the ten largest made up 58.76% of assets. It also reported 5.18% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jun 30, 2026, investors added a net $15.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +12.85%, +7.61%, -3.21%.

TGRW does not track an index. T. Rowe Price's managers pick the stocks. The fund normally keeps at least 80% of its net assets in companies with "growth characteristics." The prospectus defines these as stocks that appear in a suitable third-party growth index. The fund can own companies of any size, but it mostly buys large ones. It looks for strong cash flow and above-average earnings growth, earnings that hold up in downturns, or a profitable niche that can keep growing when the economy slows.

The managers decide how much to hold of each stock, and the prospectus sets no fixed rebalancing schedule. The fund is "nondiversified," which means it may put more money into a single company than a diversified fund could. As of June 30, 2026, NVIDIA made up 13.9% of assets and Alphabet 11.9%. The 10 largest positions together made up 59%. Portfolio turnover was 47.5%, so the managers replaced roughly half the portfolio over the year.

Unlike most ETFs, TGRW does not publish its actual holdings every day. Instead, it posts a daily Proxy Portfolio, a basket of stocks designed to track the fund's daily performance. It also posts a "Portfolio Overlap" figure showing how closely that basket matched the real holdings. Traders use the proxy to keep the share price close to the value of the holdings (net asset value, or NAV). The prospectus warns the gap can widen when markets are volatile.

• TGRW charges 0.52% a year, versus an average of 0.32% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $53 in the first year and $653 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on large growth stocks, with nearly half its assets in technology, and it fell 38.4% in 2022.

TGRW could add a focused bet on large US growth companies alongside a broader core holding. It has no track record for the 2008 crisis or the 2020 COVID crash, because it launched in August 2020, after that crash. In 2022, its worst calendar year, it lost 38.4%. Its deepest drop was 43.3%, from November 2021 to November 2022, and it took about 19 months to get back to its old peak in May 2024. Someone who had to sell shares in a year like that would have locked in large losses. It paid no income in the 12 months to October 27, 2026, so any cash would have to come from selling shares. It costs 0.52% a year. In the SEC's standard example, that's $53 in the first year and $653 over 10 years on a $10,000 investment. 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.