T. Rowe Price U.S. Equity Research ETF

T. Rowe Price U.S. Equity Research ETF (TSPA) is an actively managed fund that mostly holds large U.S. stocks. It is built to resemble the S&P 500, while T. Rowe Price's analysts lean toward the stocks they favor. It keeps sector weights close to the index and does not publish its full holdings every day. Its 0.34% expense ratio is well above the 0.03% charged by S&P 500 index funds such as VOO and IVV.

• Over the year to Oct 27, 2026, TSPA returned +12.9%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +13.0%.
• Its worst full calendar year was 2022 (-18.7%); its best was 2023 (+30.0%).
• The deepest fall in its price history was 24.7% (Dec 29, 2021 to Oct 12, 2022), recovered by Nov 22, 2023.

As of Jun 30, 2026, the fund held 328 securities; the ten largest made up 36.32% of assets.

By sector

• Over the three months to Jun 30, 2026, investors added a net $1.53B (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +11.00%, +5.11%, -0.48%.

TSPA seeks long-term capital growth. It normally keeps at least 80% of its net assets in U.S. stocks. T. Rowe Price builds the portfolio to look like the S&P 500 Stock Index while trying to beat it. Each sector and industry gets about the same weight as in the index, an approach called sector neutral. Within each industry, individual stocks can be weighted very differently. The fund holds more of the stocks its analysts favor and less of the ones they don't, or none at all.

T. Rowe Price equity analysts pick the stocks and set their weights within the industries they know best. A portfolio oversight team, including the portfolio managers, sets the rules and supervises. The fund keeps less than 5% in cash. As of June 30, 2026, it held 328 stocks. The 10 largest made up 36% of assets, led by NVIDIA (7.4%), Apple (6.5%) and Microsoft (4.3%). Technology stocks made up 34% of the fund. Portfolio turnover, the share of holdings traded in a year, was 43.6%.

Most ETFs publish their holdings daily, but TSPA does not. Instead it posts a daily Proxy Portfolio, a basket of stocks designed to track the fund's daily performance. It also posts how much that basket overlaps with the real portfolio. One risk is that the fund's market price may drift from the value of its holdings, especially when markets are volatile.

• TSPA charges 0.34% a year, versus an average of 0.07% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $35 in the first year and $431 over 10 years (assuming a 5% annual return).

It holds a broad mix of large U.S. stocks with sector weights kept close to the S&P 500, so it can fill a core U.S. stock role.

TSPA could serve as the main U.S. stock holding in a long-term portfolio. It launched on June 8, 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market it fell 24.7% from its December 29, 2021 peak to October 12, 2022. It did not get back to that peak until November 22, 2023, about 13 months later. Its worst calendar year was 2022, at -18.64%. Anyone who had to sell shares for cash during that stretch would have locked in losses.

This is not an income fund. Its yield was 0.56% as of October 27, 2026, paid once a year. At 0.34% a year, the SEC's standard example puts costs on $10,000 at $431 over 10 years. Similar funds charge 0.07% on average. 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.