TMSL
T. Rowe Price Small-Mid Cap ETF
TMSL is an actively managed fund that invests in US small- and mid-cap companies with either growth or value characteristics. Holdings are based on several factors and bottom-up stock selection.
US
EQUITY
Active
MANAGEMENT STYLE
935.0 M
ASSETS UNDER MGMT
55 bp
EXPENSES
Fund Basics
| Fund sponsor | T. Rowe Price |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 15, 2023 |
| Assets (mns) | $935 |
| Expense ratio | 55 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TECHNIPFMC PLC | 2.0 % |
| CARVANA CO. CLASS A | 1.6 % |
| POPULAR INC | 1.5 % |
| TENET HEALTHCARE CORP | 1.4 % |
| CORPAY INC | 1.2 % |
| MKS INSTRUMENTS INC | 1.2 % |
| WESTERN ALLIANCE BANCORP | 1.2 % |
| MR. COOPER GROUP, INC. | 1.2 % |
| INSMED INC | 1.1 % |
| WEBSTER FINANCIAL CORP | 1.1 % |
Constituent Breakdown
| Number of holdings | 266 |
| Herfindahl-Hirschman Index | 70 |
| Wgt avg mkt cap (mns) | $13,661 |
| Large cap (>$10bn) | 47.7% |
| Mid cap ($2-10bn) | 41.6% |
| Small cap (<$2bn) | 6.6% |
| Developed mkts. | 94.7% |
| Emerging mkts. | 0.2% |
Country Exposure
 |
UNITED STATES | 96.6 % |
 |
PUERTO RICO | 2.4 % |
 |
BRITAIN | 2.1 % |
 |
BERMUDA | 2.1 % |
 |
CANADA | 1.2 % |
 |
IRELAND | 0.6 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 7.5% | 8.2% | 15.9% | -- | -- | -- | -- | 15.5% |
| Dividend Yield | 0.0% | 0.5% | 0.5% | -- | -- | -- | -- | 0.4% |
| Total Returns | 7.5% | 8.7% | 16.3% | -- | -- | -- | -- | 15.9% | Ann. Volatility | 24.2% | 21.8% | 19.0% | -- | -- | -- | -- | 18.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.31 | 79% |
| MSCI EAFE | 0.52 | 14% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 122 |
| ADV traded (mns) | $4 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.08% |
Technical Indicators
| Recent close | $35.15 |
| 30d moving avg. | $34.73 |
| Annualized volatility | 17.5% |
| Relative strength (RSI) | 58 |
| Short interest | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| BBMC | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 30.1% | -48 bp | +6.1% |
| BKMC | BNY Mellon US Mid Cap Core Equity ETF | 29.7% | -51 bp | +6.2% |
| MDY | SPDR S&P Midcap 400 ETF Trust | 27.9% | -31 bp | +7.2% |
| IJH | iShares Core S&P Mid-Cap ETF | 27.9% | -50 bp | +7.4% |
| IQSM | IQ Candriam U.S. Mid Cap Equity ETF | 27.8% | -40 bp | +6.1% |
| SPMD | SPDR Portfolio S&P 400 Mid Cap ETF | 26.9% | -52 bp | +7.4% |
| SCHM | Schwab U.S. Mid-Cap ETF | 26.6% | -51 bp | +6.6% |
| JHMM | John Hancock Multifactor Mid Cap ETF | 26.6% | -13 bp | +6.4% |
| STXM | Strive Mid-Cap ETF | 26.2% | -37 bp | +6.3% |
| XJH | iShares ESG Screened S&P Mid-Cap ETF | 25.7% | -43 bp | +7.2% |
Risk and Returns: TMSL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/30/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
TMSL
5.8%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 997 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.3%. TMSL's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places TMSL in the 52nd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
TMSLSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| (55 bp) Percentile rank | 41 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TMSL | 55.0 | 0.0 | 55 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .