ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
T. Rowe Price Small-Mid Cap ETF
$40.990.00 (0.00%)
- 0.55%
- $3.1B
- +21.1%
- 0.50%
- 0.5M sh
- $41.16
- low $33.48high $44.77
The ETF.net TMSL Grade
B
Score 62 out of 100
- 12 of 48
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 100Rank 21 of 48Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 29 of 44Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A77 out of 100Rank 4 of 48Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A85 out of 100Rank 6 of 48Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A86 out of 100Rank 4 of 48
Our read on TMSL
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.
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 Holdings
- Stocks
- 285
- 10%
- THC
Sectors
- Technology19.3%
- Health Care17.5%
- Financials15.9%
- Industrials15.5%
- Consumer Discretionary8.9%
- Energy7.1%
- Real Estate6.0%
- Materials5.3%
- Consumer Staples2.0%
- Utilities1.9%
- Communication0.6%
Geography
- United States88.55%
- United Kingdom3.01%
- Bermuda2.22%
- Canada1.38%
- Puerto Rico1.11%
- Israel0.97%
- Netherlands0.63%
- Cayman Islands0.44%
- 1.68%
TMSL Performance
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$12,109
Returns run to the Oct 12, 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.
| Period | TMSL |
|---|---|
| Year to date | +14.2% |
| 1 month | −2.2% |
| 3 months | −5.0% |
| 1 year | +21.1% |
| 3 years | +19.5% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TMSL |
|---|---|---|
| 2026 YTD | +14.2% | |
| 2025 | +12.0% | |
| 2024 | +15.8% | |
| 2023 | +11.2% |
TMSL in the news
TMSL Dividends
- 0.50%
- $0.20
- $0.20 per share
- Annual
Distribution history
TMSL Risk
- 16.9%
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.
- 0.84
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.
- −24.4%
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.
- 1.10
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TMSL Cost
0.55%
TMSL0.55%
- The middle half of US Active Small/Mid-Cap funds
- Median 0.59%
19 of the 47 US Active Small/Mid-Cap funds charge less.
Other funds in US Active Small/Mid-Cap
- BFFSMFidelity Fundamental Small-Mid Cap ETFExpense ratio 0.43%1 year return +21.1%
- BBRSMMFS Blended Research Small-Mid Cap ETFExpense ratio 0.38%1 year return —
- BJMIDJanus Henderson Mid Cap Growth Alpha ETFExpense ratio 0.30%1 year return +11.6%
- BSMIGBahl & Gaynor Small/Mid Cap Income Growth ETFExpense ratio 0.60%1 year return +11.7%
- BABCSAlpha Blue Capital US Small-Mid Cap Dynamic ETFExpense ratio 0.42%1 year return +18.6%