TCAF vs. USMV ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Capital Appreciation Equity ETF (TCAF) to iShares MSCI USA Minimum Volatility ETF (USMV)

TCAF

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Capital Appreciation Equity ETF

TCAF Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund may purchase the stocks of companies of any size, but typically focuses on large U.S. companies. The fund may at times invest significantly in certain sectors, including the information technology and healthcare sectors. It is non-diversified.

Grade (RS Rating)

Last Trade

$33.85

Average Daily Volume

559,391

Number of Holdings ^*

* may have additional holdings in another (foreign) market

USMV

iShares MSCI USA Minimum Volatility ETF

USMV Description

The investment seeks the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. The fund generally invests at least 90% of its assets in securities of the underlying index or in depositary receipts representing securities in the underlying index. The underlying index follows a rules-based methodology to determine weights for securities in the index that seeks to minimize total risk of the MSCI USA Index. Components primarily include consumer staples, healthcare and information technology companies. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$92.96

Average Daily Volume

1,638,518

Number of Holdings ^*

170

* may have additional holdings in another (foreign) market

Performance

Period	TCAF	USMV
30 Days	0.89%	0.94%
60 Days	3.04%	2.29%
90 Days	3.87%	3.46%
12 Months	28.26%	24.96%

42 Overlapping Holdings

Symbol	Grade	Weight in TCAF	Weight in USMV	Overlap
AAPL	C	5.34%	0.99%	0.99%
ABBV	F	0.67%	1.04%	0.67%
ABT	B	1.24%	0.09%	0.09%
ACN	B	0.25%	1.29%	0.25%
AEE	A	1.91%	0.24%	0.24%
AJG	A	0.62%	1.27%	0.62%
AMZN	C	4.51%	0.14%	0.14%
APH	A	0.04%	1.44%	0.04%
AVGO	D	1.39%	1.19%	1.19%
BDX	F	2.48%	0.56%	0.56%
CDNS	B	0.12%	0.18%	0.12%
CME	B	0.24%	0.53%	0.24%
CMS	C	0.82%	0.19%	0.19%
CRM	B	1.63%	0.05%	0.05%
DTE	C	1.31%	0.2%	0.2%
ELV	F	0.67%	0.52%	0.52%
HUM	C	0.55%	0.4%	0.4%
ICE	C	1.06%	0.28%	0.28%
KDP	F	0.46%	0.59%	0.46%
LIN	C	1.24%	0.16%	0.16%
LLY	F	1.5%	1.25%	1.25%
LNT	A	0.12%	0.1%	0.1%
MA	B	1.53%	0.7%	0.7%
MCD	D	0.78%	1.25%	0.78%
MCK	A	1.05%	1.35%	1.05%
MMC	B	0.98%	1.11%	0.98%
MSFT	D	8.23%	1.34%	1.34%
NOC	D	1.18%	1.43%	1.18%
NVDA	B	6.12%	0.67%	0.67%
PTC	B	1.67%	0.52%	0.52%
ROP	B	1.74%	1.3%	1.3%
RSG	A	0.44%	1.55%	0.44%
RTX	D	1.47%	0.09%	0.09%
TDY	B	0.71%	0.57%	0.57%
TW	A	0.1%	0.2%	0.1%
UNH	B	2.95%	1.34%	1.34%
V	A	1.44%	0.9%	0.9%
WCN	A	1.64%	1.56%	1.56%
WEC	A	0.12%	0.78%	0.12%
WTW	B	0.21%	0.38%	0.21%
XEL	A	0.11%	0.46%	0.11%
YUM	D	1.04%	0.5%	0.5%

TCAF Overweight 51 Positions Relative to USMV

Symbol	Grade	Weight
GOOGL	C	3.12%
FTV	C	2.71%
DHR	F	2.63%
RVTY	F	2.44%
META	D	2.3%
INTU	B	1.55%
CNP	A	1.49%
VLTO	C	1.49%
MLM	C	1.2%
IR	B	1.19%
NI	A	1.09%
AMD	F	1.02%
ADSK	A	0.95%
TMO	F	0.93%
HLT	A	0.92%
AMT	C	0.7%
SCI	B	0.68%
AVTR	F	0.67%
SBAC	D	0.55%
GEHC	D	0.54%
NXPI	D	0.53%
BIIB	F	0.53%
KKR	A	0.49%
AUR	C	0.41%
SBUX	A	0.38%
NKE	F	0.36%
EXC	C	0.34%
BKNG	A	0.34%
IEX	C	0.33%
LRCX	F	0.32%
ANSS	B	0.32%
CSX	C	0.28%
MAR	A	0.28%
ARGX	B	0.26%
DLTR	F	0.25%
AME	A	0.2%
MS	A	0.2%
SPGI	C	0.2%
CMG	B	0.16%
SYK	B	0.15%
SLB	C	0.15%
MSCI	C	0.14%
DIS	B	0.14%
KLAC	F	0.12%
VMC	B	0.11%
INFA	D	0.1%
GS	A	0.1%
PNC	B	0.1%
BA	F	0.09%
TYL	B	0.06%
TT	A	0.05%

TCAF Underweight 128 Positions Relative to USMV

Symbol	Grade	Weight
TMUS	B	-1.95%
MSI	B	-1.81%
WMT	A	-1.78%
PGR	A	-1.67%
IBM	C	-1.66%
BRK.A	B	-1.55%
DUK	C	-1.49%
CSCO	B	-1.47%
CB	C	-1.47%
WM	B	-1.44%
TXN	C	-1.39%
VZ	C	-1.35%
SO	C	-1.35%
ORCL	A	-1.31%
PG	C	-1.23%
JNJ	C	-1.18%
TRV	B	-1.15%
ED	C	-1.13%
MRK	D	-1.01%
PEP	F	-1.01%
GDDY	A	-1.0%
AZO	C	-0.98%
GILD	C	-0.94%
EA	A	-0.89%
FCNCA	A	-0.88%
CBOE	C	-0.85%
LMT	D	-0.82%
K	A	-0.8%
CTSH	B	-0.76%
NOW	A	-0.75%
T	A	-0.74%
TSN	B	-0.71%
VRTX	D	-0.69%
FI	A	-0.69%
ORLY	B	-0.68%
ACGL	C	-0.68%
COR	B	-0.67%
GIS	D	-0.66%
VRSN	C	-0.64%
KR	B	-0.61%
AMGN	F	-0.59%
FICO	B	-0.59%
REGN	F	-0.59%
KEYS	A	-0.55%
FANG	C	-0.55%
FFIV	B	-0.55%
MPC	D	-0.54%
INCY	C	-0.53%
AON	A	-0.53%
BMY	B	-0.49%
NEM	D	-0.46%
UBER	F	-0.45%
JNPR	D	-0.45%
TJX	A	-0.45%
XOM	B	-0.45%
MDLZ	F	-0.44%
WDAY	B	-0.43%
EG	C	-0.43%
ERIE	D	-0.42%
VRSK	A	-0.42%
CL	D	-0.41%
CHD	A	-0.4%
BAH	F	-0.39%
CMCSA	B	-0.39%
AEP	C	-0.39%
AKAM	D	-0.39%
KHC	F	-0.38%
CTVA	C	-0.38%
ROL	B	-0.36%
IT	C	-0.35%
AFG	A	-0.35%
GEN	B	-0.35%
CDW	F	-0.35%
CVX	A	-0.34%
MKL	A	-0.34%
GRMN	B	-0.33%
CPB	D	-0.33%
AIZ	A	-0.32%
NBIX	C	-0.32%
WMB	A	-0.31%
WRB	A	-0.31%
GLW	B	-0.31%
FWONK	A	-0.31%
HSY	F	-0.3%
HD	B	-0.3%
ANET	C	-0.29%
L	A	-0.28%
HON	C	-0.25%
HUBS	A	-0.24%
ADI	D	-0.23%
D	C	-0.23%
AZPN	A	-0.23%
ALNY	D	-0.22%
NTAP	C	-0.22%
BMRN	F	-0.22%
HRL	D	-0.21%
CI	D	-0.21%
KMB	C	-0.21%
PKG	A	-0.2%
PFE	F	-0.2%
DPZ	C	-0.19%
CRWD	B	-0.19%
MELI	C	-0.18%
MOH	F	-0.18%
SNPS	B	-0.18%
EOG	A	-0.17%
HOLX	D	-0.16%
STX	C	-0.16%
GOOG	C	-0.16%
UTHR	C	-0.14%
MDT	D	-0.13%
DELL	B	-0.12%
HIG	B	-0.12%
OXY	D	-0.12%
DGX	A	-0.11%
KO	D	-0.1%
ADP	A	-0.09%
OTIS	C	-0.07%
TEL	B	-0.07%
ATO	A	-0.06%
PSX	C	-0.06%
FSLR	F	-0.06%
KNX	C	-0.06%
VLO	C	-0.05%
BR	A	-0.05%
GD	D	-0.05%
ULTA	F	-0.04%
CVS	D	-0.04%