ETF Evaluator:
T. Rowe Price Natural Resources ETF ()
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(as of Aug 26)
Best Performing in Natural Resources Over the Last Year
| 88.7% | Global X Copper Miners ETF (COPX) |
| 83.8% | Themes Copper Miners ETF (COPA) |
| 82.3% | Sprott Copper Miners ETF (COPP) |
| 81.2% | Sprott Junior Copper Miners ETF (COPJ) |
| 76.4% | iShares Copper and Metals Mining ETF (ICOP) |
Risk
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Risk
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ETF Details
T. Rowe Price Natural Resources ETF Overview
T. Rowe Price Natural Resources ETF (TURF) is an actively managed Sector Equity Natural Resources exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2025.
The investment seeks long-term capital appreciation.
The fund invests in upstream natural resource companies, which are companies that engage in upstream activities, such as exploration, extraction, and development of resources. Specifically, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of natural resource companies. The fund is non-diversified.
About T. Rowe Price Natural Resources ETF (TURF)
There are 4 members of the management team with an average tenure of 1.14 years: Richard de los Reyes (2025), Shinwoo Kim (2025), Priyal Maniar (2025) and Thomas Alexander Shelmerdine (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
T. Rowe Price Natural Resources ETF has 90 securities in its portfolio. The top 10 holdings constitute 37.5% 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 Natural Resources ETF is part of the Equity global asset class and is within the Sector Equity ETF group. T. Rowe Price Natural Resources ETF has 60.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 39.3% There is 60.3% 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 Natural Resources ETF has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $299 million in total assets, which is below the $1 billion average for the Natural Resources 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.
TURF 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 Natural Resources ETF expense ratio is average compared to funds in the Natural Resources category. T. Rowe Price Natural Resources ETF has an expense ratio of 0.44%, which is 17% lower than its category average, making the fund expense ratio grade a B. 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 Natural Resources ETF has a portfolio turnover rate of 11%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 41% for the Natural Resources category.
Recently, in the month of July 2026, T. Rowe Price Natural Resources ETF returned 4.8%, which earned it a grade of A, as the Natural Resources category had an average return of -2.2%. 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 Natural Resources ETF has a trailing yield of 1.33%, which is below the 2.30% 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.
T. Rowe Price Natural Resources ETF Grades
Year to date, the ETF has returned 12.4%, 6.0 percentage points better than the category, which translates into a grade of B. The fund has returned 31.8% over the past year (grade of C).
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TURF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TURF Return (NAV) | 4.8% | -6.8% | 31.8% | na | na | na |
| TURF Return (Price) | 4.8% | -7.1% | 31.6% | na | na | na |
| NAV +/- Price Return | 0.004% | 0.251% | 0.226% | na | na | na |
| Natural Resources Avg | -2.2% | -9.2% | 33.5% | 9.8% | 7.4% | 10.4% |
| TURF Grade (NAV) | A | D | C | na | na | na |
| +/- Category (NAV) | 7.0% | 2.4% | -1.7% | na | na | na |
| TURF Tax-Cost Ratio | na | na | 0.6% | na | na | na |
TURF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TURF Return (NAV) | 12.4% | na | na | na | na | na | na | na | na | na | na |
| TURF Return (Price) | 12.3% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.010% | na | na | na | na | na | na | na | na | na | na |
| Natural Resources Avg | 6.5% | 43.5% | -6.0% | 9.9% | -7.3% | 30.1% | 22.9% | 18.4% | -16.7% | 25.1% | 28.4% |
| TURF Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 6.0% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 300 Mil |
| Share Class Assets: | $ 300 Mil |
| Turnover: | 11.1% |
| Expense Ratio: | 0.44% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): de los Reyes Richard (2025), Kim Shinwoo (2025), Maniar Priyal (2025), Shelmerdine Thomas Alexander (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 90 |
| % in Top 10 Holdings: | 37.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 60.3% |
Portfolio Allocation |
|
| Domestic Stock: | 39.3% |
| Foreign Stock: | 60.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | June 11, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.44% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.53% |
