Capital Appreciation Equity ETF

David Giroux won Morningstar U.S. Allocation Manager of the Year awards in 2012 and 2017.¹

Investment Objective

The fund seeks to provide long-term capital growth.

Performance data quoted represents past performance and does not guarantee future results; current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than their original cost. Market returns are based on the midpoint of the bid/ask spread as 4p.m. ET and do not represent returns an investor would receive if shares were traded at other times. Click the Performance tab for standardized performance information.

ETFs are bought and sold at market prices, not NAV. Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

Investment Objective

The fund seeks to provide long-term capital growth.

Investor Profile

For long-term investors seeking a blend of growth and value investing styles who can accept the inherent price volatility of stocks.

Benefits

Offers the potential for attractive returns as a core equity holding through a disciplined security selection and portfolio consturction process.

Risks

All investments are subject to market risk, including the possible loss of principal. Investing style Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The fund’s growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Large-cap stocks Securities issued by large-cap companies tend to be less volatile than securities issued by smaller companies. However, large-cap companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges. Nondiversification As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. See the prospectus for more detail on the fund's principal risks.

Statement of Additional Information (SAI)

Average Annual Returns

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.

Past performance cannot guarantee future results.

¹Established in 1988, the Morningstar U.S. Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating™ of Gold or Silver. David Giroux won the award for Allocation Funds in 2012 and Allocation/Alternative Funds in 2017.

Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC. Morningstar's Manager Research Group produces various ratings including the Morningstar Analyst Rating for funds and the Morningstar Quantitative Rating for funds. The Analyst Rating is derived from a qualitative assessment process performed by a manager research analyst, whereas the Morningstar Quantitative Rating uses a machine-learning model based on the decision-making processes of Morningstar's analysts, their past ratings decisions, and the data used to support those decisions. In both cases, the ratings are forward-looking assessments and include assumptions of future events, which may or may not occur or may differ significantly from what was assumed. The Analyst Ratings and Quantitative Ratings are statements of opinions, subject to change, are not to be considered as guarantees, and should not be used as the sole basis for investment decisions.

©2023 Morningstar, Inc. All Rights Reserved.

20230718-LRN2978384

Americas

Asia Pacific

Europe

How we’ve helped investors navigate 20 years of market ups and downs.

How central bank policy could impact your portfolio

Earn CE credits and strengthen your practice at the same time.

Learn how our Asset Allocation Committee is positioning its portfolios.

How your peers are positioning their portfolios and related insights.

Watch our webinar on The Real Costs of Retiree Health Care

Build trust, boost satisfaction, get results. Consider what coaching can do for you.

How we’ve helped investors navigate 20 years of market ups and downs.

Investment Objective

Investment Objective

Investor Profile

Benefits

Risks

Average Annual Returns

For general inquiries

Congratulations! You are now registered.

You have updated your email address.

You have an existing account

Investment Objective

Investment Objective

Investor Profile

Benefits

Risks

Average Annual Returns

For general inquiries

Preferred Website

You are currently logged in to multiple T. Rowe Price websites.