ETF Evaluator:
T. Rowe Price US Equity Research ETF (TSPA)
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(as of Jul 31)
Best Performing in Large Blend Over the Last Year
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ETF Details
T. Rowe Price US Equity Research ETF Overview
T. Rowe Price US Equity Research ETF (TSPA) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2021.
The investment seeks to provide long-term capital growth.
The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities. The advisor attempts to create a portfolio with similar characteristics to the Standard & Poor’s 500 Stock Index® (index) with the potential to provide excess returns relative to the index. The fund will generally remain fully invested (less than 5% in cash reserves) and seeks to be sector neutral when compared to the index. The fund is non-diversified.
About T. Rowe Price US Equity Research ETF (TSPA)
There are 3 members of the management team with an average tenure of 4.96 years: Jason(Jay) Nogueira (2021), Ann Holcomb (2021) and Jason Polun (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. T. Rowe Price US Equity Research ETF has 317 securities in its portfolio. The top 10 holdings constitute 38.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price US Equity Research ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price US Equity Research ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.9% There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price US Equity Research ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TSPA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price US Equity Research ETF expense ratio is below average compared to funds in the Large Blend category. T. Rowe Price US Equity Research ETF has an expense ratio of 0.34%, which is 19% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price US Equity Research ETF has a portfolio turnover rate of 43%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Large Blend category.
Recently, in the month of June 2026, T. Rowe Price US Equity Research ETF returned -0.5%, which earned it a grade of C, as the Large Blend category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price US Equity Research ETF has a trailing yield of 0.56%, which is below the 1.12% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price US Equity Research ETF Grades
Year to date, the ETF has returned 11.1%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 22.8% over the past year (grade of B), 21.3% over the past three years (grade of A) and 14.0% per year over the past five years (grade of A).
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TSPA Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TSPA Return (NAV) | -0.5% | 16.1% | 22.8% | 21.3% | 14.0% | na |
| TSPA Return (Price) | -0.4% | 16.2% | 23.0% | 21.3% | 14.0% | na |
| NAV +/- Price Return | -0.042% | -0.098% | -0.198% | 0.026% | 0.000% | na |
| Large Blend Avg | -0.0% | 14.5% | 20.9% | 18.8% | 11.8% | 14.1% |
| TSPA Grade (NAV) | C | B | B | A | A | na |
| +/- Category (NAV) | -0.5% | 1.6% | 1.9% | 2.5% | 2.3% | na |
| TSPA Tax-Cost Ratio | na | na | 0.3% | 0.2% | 0.3% | na |
TSPA Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSPA Return (NAV) | 11.1% | 16.5% | 26.4% | 29.8% | -18.6% | na | na | na | na | na | na |
| TSPA Return (Price) | 11.1% | 16.4% | 26.4% | 30.0% | -18.7% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | -0.003% | -0.000% | 0.007% | 0.003% | na | na | na | na | na | na |
| Large Blend Avg | 10.3% | 15.4% | 21.8% | 22.9% | -17.1% | 26.9% | 18.6% | 29.7% | -5.0% | 21.6% | 11.2% |
| TSPA Grade (NAV) | B | C | A | A | C | na | na | na | na | na | na |
| +/- Category | 0.8% | 1.1% | 4.6% | 6.9% | -1.6% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.01 |
| R-Squared: | 100% |
| Standard Deviation: | 13.2% |
| Category Risk Index: | 0.99 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.09 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.6% |
| Total Assets: | $ 4,062 Mil |
| Share Class Assets: | $ 4,062 Mil |
| Turnover: | 43.6% |
| Expense Ratio: | 0.34% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Holcomb Ann (2021), Polun Jason (2021), Nogueira Jason(Jay) (2021) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 317 |
| % in Top 10 Holdings: | 38.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 97.9% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | June 8, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.42% |
