TNXT

T. Rowe Price Innovation Leaders ETF primarily invests in securities of issuers that are leaders in innovation and are distinguished by their development of advanced technologies, products, and business models, or issuers that are poised to benefit from innovations in other sectors. The fund combines top-down evaluation of innovative growth trends with fundamental, bottom-up analysis that seeks to identify high-quality companies with the most compelling investment opportunities. In identifying leaders in innovation, the fund considers factors such as long-term earnings growth potential, research and development expenditure, pricing power, and technological advantage. Additionally, the adviser generally favors companies with characteristics such as an attractive industry position, a compelling business model, strong management, and reasonable stock price valuation. The fund primarily invests in securities of companies in global, developed markets. Global developed markets include the United States, Australia, Canada, Israel, Japan, New Zealand, Singapore, the United Kingdom, most of the countries of Western Europe, and Hong Kong. The fund may also invest in emerging markets.