{
 "ticker": "TNXT",
 "name": "T. Rowe Price Innovation Leaders ETF",
 "issuer": "T. Rowe Price",
 "desk": "themes",
 "url": "https://etfiq.com/funds/tnxt",
 "html": "https://etfiq.com/funds/tnxt",
 "markdown": "https://etfiq.com/funds/tnxt.md",
 "as_of": "2026-09-11",
 "verdict": "TNXT holds 272 stocks, and 36% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "64.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TNXT, already in the S&P 500: 64.3%, as of Sep 11, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "51.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TNXT, active share vs the S&P 500: 51.6%, as of Sep 11, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "31.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TNXT, top ten holdings: 31.8%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch",
   "value": "+13.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TNXT, total return, since launch: +13.8%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$18m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "TNXT, net assets: $18m (SEC filing, whole fund, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.49%",
   "source": "485BPOS XBRL, Feb 25, 2026",
   "as_of": "2026-09-11",
   "sentence": "TNXT, expense ratio: 0.49% (485BPOS XBRL, Feb 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Broad innovation and megatrends",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 29, 2026",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "64.3%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "51.6%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "46.9%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "54.1%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "31.8%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "272",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "Jun 30, 2026",
   "source": "SEC N-PORT"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "NVIDIA CORP 7.2%, APPLE INC 4.6%, AMAZON.COM INC 3.0%, BROADCOM INC 2.8%, MICROSOFT CORP 2.7%, ALPHABET INC CL A 2.6%, ADVANCED MICRO DEVICES 2.5%, ALPHABET INC CL C 2.3%, INTEL CORP 2.1%, ELI LILLY & CO 2.0%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$18m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u22121.9%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.49%",
   "source": "485BPOS XBRL, Feb 25, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.95%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "USNZ 49%, AIEQ 42%, XIGV 35%, ILDR 35%, IETC 35%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+6.0%",
   "S&P 500": "+3.3%",
   "Gap to S&P 500": "+2.7 pts",
   "Gap to Nasdaq-100": "+6.8 pts"
  },
  {
   "window": "6 months",
   "Total return": "+24.2%",
   "S&P 500": "+16.0%",
   "Gap to S&P 500": "+8.2 pts",
   "Gap to Nasdaq-100": "+3.5 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+13.8%",
   "S&P 500": "+10.7%",
   "Gap to S&P 500": "+3.1 pts",
   "Gap to Nasdaq-100": "0.0 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of TNXT is in S&P 500 companies?",
   "a": "By its holdings filed for Jun 30, 2026, 64% of TNXT by weight is stocks the S&P 500 already holds. Its active share against the index is 52%, so that share is the part doing something different."
  },
  {
   "q": "What does TNXT hold?",
   "a": "272 positions as filed for Jun 30, 2026, with the top ten at 32% of the fund. The largest are NVIDIA CORP at 7.2%, APPLE INC at 4.6%, AMAZON.COM INC at 3.0%."
  },
  {
   "q": "Has TNXT beaten the S&P 500?",
   "a": "Over the year to Sep 11, 2026 TNXT returned +13.8% with distributions reinvested, against +10.7% for the S&P 500, so it finished ahead of the index by 3.1 points."
  },
  {
   "q": "What does TNXT cost?",
   "a": "The prospectus expense ratio is 0.49% a year. Because 52% of the fund differs from the S&P 500, the fee on that differing part works out at 0.95%."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}