TMSLs adviser builds a broad and diverse portfolio of small- and mid-cap stocks with either growth or value characteristics, subject to overall risk controls. Securities are selected based on various metrics and active, bottom-up portfolio construction. The adviser evaluates individual stocks based on relative valuation, profitability, stability, earnings quality, management capital allocation actions, returns on equity, capital expenditure, projected growth rates, and near-term appreciation potential in comparison to others. Additionally, stocks are also evaluated using metrics that utilize price in relation to earnings, book value, sales, and cash flow. The fund may have substantial investments in the information technology sector.

Sandisk Corporation

Popular, Inc.

MKS Inc.

nVent Electric plc

The Middleby Corporation

StoneX Group Inc.

Rambus Inc.

Tenet Healthcare Corporation

Teledyne Technologies Incorporated

TechnipFMC plc

Technology

Industrials

Healthcare

Financial Services

Consumer Cyclical

Energy

Real Estate

Basic Materials

Consumer Defensive

Utilities

T. Rowe Price Small-Mid Cap ETF

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.

TMSL Holdings & Sector Breakdown

TMSL Holdings & Sector Breakdown