TVAL vs. KEAT ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL) to Keating Active ETF (KEAT)

TVAL

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

TVAL Description

The fund will invest primarily in U.S. equity securities. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities. The fund may purchase the stocks of companies of any size, but typically focuses on larger companies.

Grade (RS Rating)

Last Trade

$33.11

Average Daily Volume

13,066

Number of Holdings ^*

144

* may have additional holdings in another (foreign) market

KEAT

Keating Active ETF

KEAT Description

KEAT actively invests in equity securities of all-cap companies considered undervalued based on the subadvisor's fundamental research. These securities include common stock, preferred stock, REITs, ADRs, and GDRs. The fund also considers and invests in international ETFs in the same manner it selects its individual securities. The sub-adviser initially identifies potential investment opportunities through public disclosures, and assesses their financial condition based on sustainable earnings and future cash flows through financial and strategic analyses. The portfolio will typically be comprised of 25 to 40 securities, all selected to offer exceptional value and have defensible positions. The fund also emphasizes companies with good shareholder yield. It intends to hold its positions for a year or more and sells them when it reaches its fair value or has become overvalued. KEAT may also hold short-term Treasurys in seeking total return.

Grade (RS Rating)

Last Trade

$26.89

Average Daily Volume

2,382

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	TVAL	KEAT
30 Days	2.98%	0.99%
60 Days	4.22%	0.14%
90 Days	5.88%	1.23%
12 Months	29.14%

9 Overlapping Holdings

Symbol	Grade	Weight in TVAL	Weight in KEAT	Overlap
AXP	A	0.26%	0.51%	0.26%
JNJ	D	1.82%	1.6%	1.6%
PM	B	1.41%	3.36%	1.41%
TMO	F	1.12%	1.2%	1.12%
TTE	F	0.7%	2.85%	0.7%
UPS	C	0.28%	0.84%	0.28%
VZ	C	0.58%	3.26%	0.58%
WY	D	0.88%	1.16%	0.88%
XOM	B	2.56%	1.28%	1.28%

TVAL Overweight 135 Positions Relative to KEAT

Symbol	Grade	Weight
CB	C	2.23%
HIG	B	1.96%
UNH	C	1.9%
WMT	A	1.89%
BAC	A	1.89%
ELV	F	1.81%
WFC	A	1.77%
SO	D	1.67%
FI	A	1.53%
KVUE	A	1.49%
LHX	C	1.36%
COP	C	1.25%
JPM	A	1.23%
AVB	B	1.22%
GE	D	1.21%
LLY	F	1.19%
SWK	D	1.1%
CMI	A	1.09%
QCOM	F	1.08%
BDX	F	1.01%
EQH	B	1.0%
GOOG	C	0.95%
SCHW	B	0.89%
TMUS	B	0.88%
META	D	0.87%
AIG	B	0.87%
CI	F	0.87%
ZBH	C	0.85%
CL	D	0.84%
EOG	A	0.82%
C	A	0.81%
MCK	B	0.8%
MRK	F	0.8%
FITB	A	0.77%
NWSA	B	0.75%
VST	B	0.74%
NSC	B	0.74%
CVX	A	0.73%
LIN	D	0.73%
KO	D	0.72%
PG	A	0.72%
TXN	C	0.7%
HUBB	B	0.7%
ACN	C	0.7%
GEV	B	0.7%
HON	B	0.68%
SRE	A	0.68%
MMC	B	0.67%
KMB	D	0.66%
MSFT	F	0.65%
AEE	A	0.65%
DHR	F	0.65%
IP	B	0.64%
HD	A	0.63%
RSG	A	0.62%
WDC	D	0.6%
NEE	D	0.59%
USB	A	0.56%
BA	F	0.56%
MS	A	0.56%
D	C	0.55%
AZO	C	0.52%
RPM	A	0.52%
ROK	B	0.52%
CF	B	0.52%
BAX	D	0.5%
CSX	B	0.49%
HWM	A	0.48%
REXR	F	0.48%
PGR	A	0.48%
AZN	D	0.47%
MAR	B	0.47%
WMB	A	0.46%
CMCSA	B	0.46%
EQT	B	0.46%
MCD	D	0.46%
APO	B	0.46%
TDG	D	0.46%
HBAN	A	0.45%
ARES	A	0.45%
MU	D	0.45%
HCA	F	0.45%
PSA	D	0.44%
BLK	C	0.43%
FANG	D	0.43%
MDLZ	F	0.43%
REGN	F	0.42%
UNP	C	0.42%
CPAY	A	0.42%
LEN	D	0.42%
LVS	C	0.41%
LAMR	D	0.4%
KDP	D	0.4%
CAG	D	0.4%
TSM	B	0.39%
ALL	A	0.39%
AMAT	F	0.38%
ABBV	D	0.36%
YUM	B	0.36%
BKR	B	0.35%
KEYS	A	0.35%
ADI	D	0.35%
PLD	D	0.34%
MSI	B	0.34%
EFX	F	0.33%
A	D	0.33%
COF	B	0.33%
STLD	B	0.32%
UAL	A	0.31%
TT	A	0.31%
AME	A	0.31%
OTIS	C	0.3%
CAT	B	0.3%
VRTX	F	0.29%
ROP	B	0.29%
TJX	A	0.29%
MOH	F	0.28%
CARR	D	0.27%
MCHP	D	0.27%
SPGI	C	0.26%
CDW	F	0.25%
MGM	D	0.24%
ZTS	D	0.23%
CVS	D	0.23%
CME	A	0.23%
HAL	C	0.22%
VMC	B	0.22%
AMD	F	0.22%
MET	A	0.22%
BHP	F	0.2%
DIS	B	0.2%
AVY	D	0.19%
SNY	F	0.19%
DTE	C	0.17%
EQIX	A	0.16%

TVAL Underweight 18 Positions Relative to KEAT

Symbol	Grade	Weight
STIP	C	-28.19%
OII	B	-3.84%
GOLD	D	-3.73%
CALM	A	-3.56%
EQC	B	-3.54%
TAP	C	-3.31%
EQNR	D	-3.23%
LMT	D	-3.16%
VOD	F	-3.14%
TALO	C	-2.99%
UL	D	-2.98%
LW	C	-2.42%
AFL	B	-1.54%
PEP	F	-0.9%
DOV	A	-0.81%
BRK.A	B	-0.79%
INTC	D	-0.57%
TGT	F	-0.57%