Core Viewpoint - The T. Rowe Price Blue Chip Growth ETF (TCHP) aims for long-term capital growth through a concentrated portfolio of large- and mid-cap US blue-chip growth companies [1] Investment Strategy - The fund invests at least 80% of net assets in established US issuers classified as large-cap and growth by major index providers [1] - The strategy employs bottom-up fundamental research focusing on durable competitive advantages, sustainable earnings growth, seasoned management, and strong balance sheets [1] - Portfolio construction follows a high-conviction, non-diversified approach, allowing for significant issuer and sector exposures in growing industries [1] Security Selection and Management - Positions are adjusted by trimming or selling as fundamentals weaken, valuations become excessive, or better risk-adjusted opportunities arise [1] - The fund maintains a consistent large-cap growth profile and strong underlying liquidity [1]

Investment Proposition - T. Rowe Price Blue Chip Growth ETF (TCHP) offers an actively managed portfolio of established large-cap growth companies with durable competitive positions and solid balance sheets [1] - The strategy targets long-term capital appreciation by concentrating on high-conviction leaders and selective emerging winners, supported by a research-driven process emphasizing business quality, industry structure, and secular growth runways [1] Portfolio Characteristics - Resulting exposures typically tilt toward growth and quality, with sensitivity to innovation cycles, product pipelines, and platform scale [1] - The fund can experience higher dispersion during rotations favoring deep value or when market leadership narrows outside its focus industries [1] Market Environment - TCHP often benefits from environments featuring stable growth, benign inflation, and healthy corporate reinvestment [1] - The fund may be challenged during sharp rate-driven factor reversals [1] Portfolio Roles - Portfolio roles include a growth engine within a core-satellite framework, a style sleeve for factor balance, and a portfolio-alpha candidate alongside broad market holdings [1] - Suitable investors include allocators pursuing persistent growth exposure and advisors building diversified multi-style equity lineups [1] Risks - A key risk is concentration in select growth franchises, which can amplify idiosyncratic and sector-specific drawdowns [1]