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Launched

T. Rowe Price Small-Mid Cap ETF

TMSLNYSE ArcaT. Rowe PriceB

$41.97+0.30 (+0.72%)

At close: Nov 2, 2026, 4:00 PM ET

B62/ 100

Rank 12 of 47 in US Active Small/Mid-Cap

B62/100Rank 12 of 47inUS Active Small/Mid-Cap
Intraday session: up, 79 prints from 41.67 to 41.97. Range 41.84 to 42.23. Use the arrow keys to read each point.41.8041.9042.1042.2010 AM12 PM2 PM4 PM
Expense ratio
0.55%
Fund size
$3.17B
1Y total return
+19.4%
Yield · Last 12 months
0.48%
Holdings
284
Avg volume · 30D
488K sh
52W range
low $33.48high $44.77
Launched

The ETF.net TMSL Grade

Based on 5 of 6 pillars

B

Score 62 out of 100

Category
US Active Small/Mid-Cap⁠
Rank
12 of 47
Six-pillar profile for TMSL. Scores out of 100: Cost 54, Risk 40, Mission not scored, Tradability 80, Holdings 84, Durability 87. Strongest: Durability (87). Weakest: Risk (40). Based on 5 of 6 pillars.

Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C54 out of 100
    Rank 20 of 47

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 28 of 44

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 3 of 47

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A84 out of 100
    Rank 7 of 47

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A87 out of 100
    Rank 4 of 47

Our read on TMSL

ETF.net Research

In short

BT. Rowe Price's small- and mid-cap stock pickers, in an ETF wrapper since 2023. Roughly 300 hand-chosen names aimed at long-term capital growth, priced under the typical active US equity fund.

Stated mandate

The fund seeks long-term capital growth.

Why people hold it

  • Charges 0.55% a year against a 0.65% median for active US equity ETFs. Below-average freight for a shop that still pays humans to pick the stocks.
  • Roughly 300 holdings, which is broad for an active portfolio. No single small-cap name carries the whole fund.
  • One of the smoother active funds in its group to trade, with assets in the billions since its 2023 launch. Getting in and out is rarely the sticking point.
  • Stacks up as one of the stronger overall builds in a crowded field of active US equity ETFs.

Worth knowing

  • Small and mid caps move harder in both directions than large caps. Risk is the softest part of this fund's profile, so the ride is bumpier than a total-market holding.
  • Index-tracking rivals in the same cohort, like DFAC and AVLC, run near 0.15%. The extra cost here buys stock selection, not market exposure.
  • No declared benchmark on file to measure it against, so results hinge on the managers' calls. Distributions land once or twice a year, not monthly.

TMSL Performance

Launched Jun 14, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
TMSL$11,935
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. TMSL $11,935. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TMSL. Periods over one year show the average yearly return.
PeriodTMSL
Year to date+16.9%
1 month+1.3%
3 months−1.8%
1 year+19.4%
3 yearsper year+20.8%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TMSL
YearReturn barTMSL
2026 YTD+16.9%
2025+12.0%
2024+15.8%
2023+11.2%

History from Jun 15, 2023

TMSL in the news

TMSL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
0.48%Last 12 months
Payout per share
$0.20Last 12 months
Last payment
$0.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 20, 2023 $0.09; Dec 23, 2024 $0.14; Dec 23, 2025 $0.20. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 26, 2025$0.20
Dec 23, 2024Dec 26, 2024$0.14
Dec 20, 2023Dec 26, 2023$0.09

$10,000 in TMSL 3 years ago paid $179 in dividends.

TMSL Risk

Risk pillarC40 out of 100Rank 28 of 44 in US Active Small/Mid-Cap
How much the fund’s monthly returns vary, scaled to a year.
16.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.01
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−24.4%
40 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.10
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TMSL Cost

Compare TMSL and AVMC

Overpaying vs AVMC, cheapest in US Active Small/Mid-Cap

$7,155

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TMSL 0.55%

    $10,904

  • AVMC 0.18% Cheapest

    $3,749

$10,000
30 years

Cost over time

  • TMSL 0.55%
  • AVMC 0.18%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530TMSL $10,904AVMC $3,749

Year by year

YearTMSLAVMCOverpaying
10$988$328$660
20$3,790$1,281$2,509
30$10,904$3,749$7,155

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