ETF Evaluator: T. Rowe Price Innovation Leaders ETF () Follow This ETF

T. Rowe Price Innovation Leaders ETF Overview

T. Rowe Price Innovation Leaders ETF (TNXT) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2026.

The investment seeks to provide long-term capital growth. The fund 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 primarily invests in securities of companies in global, developed markets. The fund is non-diversified.

About T. Rowe Price Innovation Leaders ETF (TNXT)

There are 2 members of the management team with an average tenure of 0.50 years: Sean McWilliams (2026) and Som Priestley (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

T. Rowe Price Innovation Leaders ETF has 296 securities in its portfolio. The top 10 holdings constitute 32.5% 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 Innovation Leaders ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price Innovation Leaders ETF has 15.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.1% There is 15.5% 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 Innovation Leaders ETF has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $18 million in total assets, which is below the $8 billion average for the Large Growth 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.

TNXT 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 Innovation Leaders ETF expense ratio is average compared to funds in the Large Growth category. T. Rowe Price Innovation Leaders ETF has an expense ratio of 0.49%, which is 1% 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 Innovation Leaders ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.

Recently, in the month of July 2026, T. Rowe Price Innovation Leaders ETF returned -2.9%, which earned it a grade of C, as the Large Growth category had an average return of -3.8%. 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 Innovation Leaders ETF has a trailing yield of 0.00%, which is below the 0.53% category average. The fund normally distributes its income annually and its capital gains 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.

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