TVAL vs. ICAP ETF Comparison

Comparison of T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (TVAL) to InfraCap Equity Income Fund ETF (ICAP)

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

$32.87

Average Daily Volume

8,276

Number of Holdings ^*

143

* may have additional holdings in another (foreign) market

ICAP

InfraCap Equity Income Fund ETF

ICAP Description

The investment seeks to maximize income and pursue total return opportunities. The fund, under normal conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that pay dividends during normal market conditions. The fund will invest primarily in securities of U.S. companies, but may invest in foreign securities, including securities of companies located in emerging markets. To obtain high yield and total return, the adviser will favor sectors and industries that it currently views are undervalued on a relative basis.

Grade (RS Rating)

Last Trade

$27.78

Average Daily Volume

7,731

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	TVAL	ICAP
30 Days	2.65%	3.43%
60 Days	6.31%	8.57%
90 Days	9.31%	11.44%
12 Months	33.69%	37.94%

26 Overlapping Holdings

Symbol	Grade	Weight in TVAL	Weight in ICAP	Overlap
ARES	B	0.45%	1.49%	0.45%
BAC	B	1.89%	1.42%	1.42%
C	B	0.81%	4.06%	0.81%
CVX	B	0.73%	3.31%	0.73%
D	C	0.55%	0.53%	0.53%
EQIX	B	0.16%	4.25%	0.16%
FANG	D	0.43%	1.45%	0.43%
FITB	B	0.77%	1.0%	0.77%
HON	B	0.68%	0.54%	0.54%
JNJ	D	1.82%	0.09%	0.09%
JPM	B	1.23%	1.52%	1.23%
KO	D	0.72%	0.07%	0.07%
MCD	D	0.46%	1.56%	0.46%
MRK	F	0.8%	0.92%	0.8%
MS	B	0.56%	0.11%	0.11%
MSFT	C	0.65%	0.95%	0.65%
NEE	D	0.59%	0.21%	0.21%
NEE	D	0.59%	0.14%	0.14%
PM	C	1.41%	0.68%	0.68%
REXR	F	0.48%	1.82%	0.48%
SO	D	1.67%	0.84%	0.84%
UNH	B	1.9%	0.21%	0.21%
USB	B	0.56%	1.01%	0.56%
VZ	D	0.58%	0.37%	0.37%
WMB	B	0.46%	0.19%	0.19%
XOM	B	2.56%	1.03%	1.03%

TVAL Overweight 118 Positions Relative to ICAP

Symbol	Grade	Weight
CB	D	2.23%
HIG	C	1.96%
WMT	A	1.89%
ELV	F	1.81%
WFC	B	1.77%
FI	B	1.53%
KVUE	A	1.49%
LHX	A	1.36%
COP	C	1.25%
AVB	A	1.22%
GE	C	1.21%
LLY	D	1.19%
TMO	F	1.12%
SWK	F	1.1%
CMI	B	1.09%
QCOM	C	1.08%
BDX	F	1.01%
EQH	B	1.0%
GOOG	B	0.95%
SCHW	B	0.89%
TMUS	A	0.88%
WY	D	0.88%
META	B	0.87%
AIG	C	0.87%
CI	F	0.87%
ZBH	C	0.85%
CL	F	0.84%
EOG	B	0.82%
MCK	B	0.8%
NWSA	B	0.75%
VST	B	0.74%
NSC	B	0.74%
LIN	D	0.73%
PG	D	0.72%
TXN	A	0.7%
HUBB	B	0.7%
ACN	C	0.7%
GEV	A	0.7%
TTE	F	0.7%
SRE	A	0.68%
MMC	C	0.67%
KMB	D	0.66%
AEE	A	0.65%
DHR	F	0.65%
IP	B	0.64%
HD	B	0.63%
RSG	B	0.62%
WDC	C	0.6%
BA	F	0.56%
AZO	D	0.52%
RPM	B	0.52%
ROK	B	0.52%
CF	B	0.52%
BAX	F	0.5%
CSX	B	0.49%
HWM	B	0.48%
PGR	B	0.48%
AZN	F	0.47%
MAR	A	0.47%
CMCSA	B	0.46%
EQT	B	0.46%
APO	B	0.46%
TDG	C	0.46%
HBAN	B	0.45%
MU	C	0.45%
HCA	D	0.45%
PSA	D	0.44%
MDLZ	F	0.43%
REGN	F	0.42%
UNP	D	0.42%
CPAY	B	0.42%
LEN	D	0.42%
LVS	C	0.41%
LAMR	C	0.4%
KDP	F	0.4%
CAG	F	0.4%
TSM	B	0.39%
ALL	B	0.39%
AMAT	D	0.38%
ABBV	B	0.36%
YUM	C	0.36%
BKR	B	0.35%
KEYS	A	0.35%
ADI	D	0.35%
PLD	F	0.34%
MSI	A	0.34%
EFX	D	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	B	0.3%
CAT	B	0.3%
VRTX	A	0.29%
ROP	B	0.29%
TJX	C	0.29%
MOH	F	0.28%
UPS	D	0.28%
CARR	D	0.27%
MCHP	F	0.27%
AXP	B	0.26%
SPGI	D	0.26%
CDW	F	0.25%
MGM	F	0.24%
ZTS	F	0.23%
CVS	F	0.23%
CME	B	0.23%
HAL	D	0.22%
VMC	B	0.22%
AMD	F	0.22%
MET	C	0.22%
BHP	D	0.2%
DIS	C	0.2%
AVY	F	0.19%
SNY	D	0.19%
DTE	D	0.17%

TVAL Underweight 43 Positions Relative to ICAP

Symbol	Grade	Weight
KRC	B	-4.1%
AES	F	-3.81%
GS	B	-3.74%
MTB	B	-3.72%
BXP	B	-3.3%
MPLX	B	-3.17%
FRT	C	-2.97%
CFG	B	-2.93%
DLR	B	-2.88%
SLMBP	D	-2.81%
AVGO	B	-2.61%
ORCL	A	-2.44%
AB	C	-2.42%
ARE	D	-2.18%
NYMTN	C	-2.0%
KHC	F	-1.96%
TFC	B	-1.95%
AMZN	B	-1.95%
UGI	D	-1.93%
EIX	D	-1.72%
SPG	A	-1.65%
VOD	D	-1.57%
O	D	-1.4%
DOW	F	-1.32%
BLMN	F	-1.25%
KMI	A	-1.23%
HPE	B	-1.19%
CCI	D	-1.14%
MO	B	-1.05%
NWN	B	-0.74%
IRM	C	-0.72%
RTX	C	-0.64%
AMT	F	-0.61%
EPR	D	-0.33%
MMM	C	-0.33%
PAA	C	-0.3%
RRR	F	-0.28%
DUK	D	-0.22%
T	B	-0.18%
OKE	A	-0.17%
GD	B	-0.16%
ET	A	-0.03%
UZE	A	-0.01%