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
1.0 B
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) | $1,017 |
| 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 | 274 |
| Herfindahl-Hirschman Index | 70 |
| Wgt avg mkt cap (mns) | $13,822 |
| Large cap (>$10bn) | 55.2% |
| Mid cap ($2-10bn) | 44.9% |
| Small cap (<$2bn) | 5.6% |
| Developed mkts. | 106.3% |
| Emerging mkts. | 0.3% |
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 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 9.7% | 10.1% | 22.7% | -- | -- | -- | -- | 15.2% |
| Dividend Yield | 0.0% | 0.5% | 0.5% | -- | -- | -- | -- | 0.4% |
| Total Returns | 9.7% | 10.6% | 23.2% | -- | -- | -- | -- | 15.6% | Ann. Volatility | 22.5% | 21.8% | 18.9% | -- | -- | -- | -- | 18.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.28 | 78% |
| MSCI EAFE | 0.50 | 14% |
| MSCI Emg Mkts | -0.01 | 0% |
Liquidity Measures
| Avg. volume (000) | 137 |
| ADV traded (mns) | $5 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.17% |
Technical Indicators
| Recent close | $34.53 |
| 30d moving avg. | $35.13 |
| Annualized volatility | 16.5% |
| Relative strength (RSI) | 51 |
| Short interest | 0.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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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 | +6.0% |
| BKMC | BNY Mellon US Mid Cap Core Equity ETF | 29.7% | -51 bp | +6.2% |
| IQSM | IQ Candriam U.S. Mid Cap Equity ETF | 27.8% | -40 bp | +6.2% |
| MDY | SPDR S&P Midcap 400 ETF Trust | 27.3% | -31 bp | +7.3% |
| IJH | iShares Core S&P Mid-Cap ETF | 27.3% | -50 bp | +7.5% |
| JHMM | John Hancock Multifactor Mid Cap ETF | 26.6% | -13 bp | +6.4% |
| SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | 26.3% | -52 bp | +7.5% |
| IVOO | Vanguard S&P Mid-Cap 400 ETF | 26.1% | -48 bp | +7.5% |
| SCHM | Schwab U.S. Mid-Cap ETF | 25.9% | -51 bp | +7.2% |
| JPME | JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 25.5% | -31 bp | +8.3% |
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 11/16/2025
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
6.2%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 998 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. TMSL's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places TMSL in the 58th 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