SASS vs TVAL

SASSDM.D. Sass Concentrated Value ETF

TVALAT. Rowe Price Value ETF

In short

SASS A high-conviction take on US value: M.D. Sass runs a concentrated book of large- and mid-cap value names measured against the Russell 1000 Value, leaning on stock picking rather than owning the whole index.

TVAL T. Rowe Price's value discipline in an ETF wrapper since 2023: roughly 150 hand-picked large-cap names judged undervalued on multiple financial measures, benchmarked to the Russell 1000 Value, at about half the fee of the typical active equity ETF.

Stated mandate

SASS The Fund seeks long-term capital appreciation through an actively managed, high-conviction U.S. equity strategy focused primarily on large- and mid-capitalization value companies.

TVAL The fund seeks long-term capital appreciation through an actively managed portfolio primarily invested in common stocks.

Why people hold it

• SASS Concentrated by design: a high-conviction set of large- and mid-cap value names, so the portfolio can look nothing like the Russell 1000 Value it measures itself against.
• The mandate is narrow and legible: US stocks, value screen, actively picked. No overseas drift, no factor grab bag.
• Standard 1940 Act fund plumbing, so shareholders get ordinary 1099 reporting rather than a K-1.

• TVAL 0.33% a year, roughly half the median for active US equity ETFs. Real stock picking without the classic active price tag.troweprice.com
• Genuine conviction, not closet indexing: about 150 large-cap, value-oriented stocks chosen by fundamental research, measured against the Russell 1000 Value.troweprice.com
• Sits in the top tier of a peer group of hundreds of active US equity ETFs, one of the stronger all-round builds in a crowded aisle.

Worth knowing

• SASS The 0.75% expense ratio sits above the typical active US equity ETF, and the strongest-rated peers in the group (DFAU, AVLC) charge well under 0.20%.
• Thinly traded on a modest asset base, so spreads can be wider than in megacap index funds. Limit orders matter more here.
• Concentration cuts both ways: with few holdings, one name's stumble moves the whole fund. It launched in 2026, so the live record is short.

• TVAL Cheap for an active fund, not cheap outright. Systematic peers like DFAU (0.12%) and AVLC (0.15%) cover US equity for less than half the cost.
• Launched in 2023, so the ETF's own record is short next to the long-running value funds it competes with.troweprice.com
• Built for long-term capital growth, not a paycheck: distributions are annual, and the fund discloses that part of a payout can be return of capital.

Full SASS profile⁠

Full TVAL profile⁠