# T. Rowe Price U.S. Equity Research ETF (TSPA): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/tspa for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe · Asset class: Equity - Strategy: Actively Managed · Inception: 2021-06-08 TSPA invests in US-listed companies in an attempt to provide exposure similar to its benchmark, the S&P 500 an index composed of the 500 largest publicly traded US firms. The fund aims to be sector neutral by weighting each industry close to the index, while seeking to outperform it by overweighting or underweighting individual holdings based on fundamental research, which measures how favorable each stock is. Unlike other ETFs that publish full portfolio holdings daily, TSPA publishes a proxy portfolio on its website. The proxy portfolio is a basket of securities designed to closely track... ## Key Facts | Metric | Value | |---|---| | Price | $47.82 | | Expense Ratio | 0.34% | | Assets Under Management | $4.61B | | NAV | $47.79 | | Holdings Count | 336 | | Distribution Yield (TTM) | 0.56% | | Annual Distribution (TTM) | $0.27 /share | | Distribution Frequency | Annual | | 52-Week Range | $39.53 – $49.54 | | Beta | 1.00 | ## Latest Distribution - Amount: $0.2673 /share - Ex-date: 2025-12-23 - Pay date: 2025-12-26 ## Frequently Asked Questions ### What does TSPA invest in? TSPA invests in US-listed companies in an attempt to provide exposure similar to its benchmark, the S&P 500 an index composed of the 500 largest publicly traded US firms. The fund aims to be sector neutral by weighting each industry close to the index, while seeking to outperform it by overweighting or underweighting individual holdings based on fundamental research, which measures how favorable each stock is. Unlike other ETFs that publish full portfolio holdings daily, TSPA publishes a proxy portfolio on its website. The proxy portfolio is a basket of securities designed to closely track the fund performance and may help facilitate arbitrage opportunities. Holdings will generally be disclosed 15 calendar days after each quarter-end. Take note of its non-transparent structure that could result in wider spreads ### What is the expense ratio of TSPA? T. Rowe Price U.S. Equity Research ETF (TSPA) charges an expense ratio of 0.34%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is TSPA? T. Rowe Price U.S. Equity Research ETF (TSPA) manages $4.61B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is TSPA actively managed or an index fund? TSPA is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (TSPA's is 0.34%) in exchange for the discretion to over- or under-weight positions. ### When was TSPA launched? T. Rowe Price U.S. Equity Research ETF (TSPA) launched in June 2021 and is managed by T. Rowe. ### How has TSPA performed? TSPA's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does TSPA pay a dividend? T. Rowe Price U.S. Equity Research ETF (TSPA) currently distributes little or no income. Trailing-twelve-month yield is 0.56%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does TSPA pay dividends? T. Rowe Price U.S. Equity Research ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is TSPA's dividend yield? TSPA's trailing-twelve-month yield is 0.56%, calculated from the sum of dividends over the past year divided by the current price. ### When is TSPA's next ex-dividend date? The most recently announced ex-dividend date for TSPA was 2025-12-23. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will TSPA's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.34% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TSPA charge its expense ratio? The expense ratio is deducted in tiny daily slices from TSPA's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TSPA cost more than a fund like VOO? TSPA is actively managed (current expense ratio 0.34%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether TSPA's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to TSPA? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as TSPA (0.34%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/tspa - Distribution history: https://www.dividenddata.com/funds/tspa/dividend - Holdings & diversification: https://www.dividenddata.com/funds/tspa/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/tspa/expenses - Peer comparison: https://www.dividenddata.com/funds/tspa/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.