ETF Evaluator:
T. Rowe Price Small-Cap ETF (TSEE)
Follow This ETF
(as of Oct 12)
Best Performing in Small Blend Over the Last Year
| 31.1% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 25.4% | iShares Micro-Cap ETF (IWC) |
| 24.8% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 24.6% | Allspring SMID Core ETF (ASCE) |
| 24.2% | Fidelity Enhanced Small Cap Core ETF (FESM) |
Risk
Index
Risk
Index
ETF Details
T. Rowe Price Small-Cap ETF Overview
T. Rowe Price Small-Cap ETF (TSEE) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2026.
The investment seeks to provide long-term capital growth.
The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-cap companies. It defines a small-cap company as a company whose market capitalization falls below the maximum market capitalization in the Russell 2000® Index, MSCI USA Small Cap Index, or MSCI World Small Cap Index (after systematically removing any companies that cannot reasonably be considered a small-cap company from the high end of the range of each index).
About T. Rowe Price Small-Cap ETF (TSEE)
There are 1 members of the management team with an average tenure of 0.04 years: Alex Roik (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
T. Rowe Price Small-Cap ETF has 222 securities in its portfolio. The top 10 holdings constitute 14.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Small-Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price Small-Cap ETF has 9.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.2% There is 9.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Small-Cap ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TSEE Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Small-Cap ETF expense ratio is average compared to funds in the Small Blend category. T. Rowe Price Small-Cap ETF has an expense ratio of 0.59%, which is 41% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Small-Cap ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 52% for the Small Blend category.
Recently, in the month of September 2026, T. Rowe Price Small-Cap ETF returned 0.0%, which earned it a grade of NA, as the Small Blend category had an average return of -4.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price Small-Cap ETF has a trailing yield of 0.00%, which is below the 1.29% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about T. Rowe Price Small-Cap ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TSEE Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TSEE Return (NAV) | na | na | na | na | na | na |
| TSEE Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Small Blend Avg | -4.7% | -6.4% | 14.4% | 15.9% | 7.2% | 10.2% |
| TSEE Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| TSEE Tax-Cost Ratio | na | na | na | na | na | na |
TSEE Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSEE Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| TSEE Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Small Blend Avg | 12.9% | 8.9% | 11.6% | 16.3% | -15.8% | 24.2% | 12.7% | 24.7% | -9.2% | 14.1% | 20.2% |
| TSEE Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 10 Mil |
| Share Class Assets: | $ 10 Mil |
| Turnover: | na |
| Expense Ratio: | 0.59% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Roik Alex (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 222 |
| % in Top 10 Holdings: | 14.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.5% |
Portfolio Allocation |
|
| Domestic Stock: | 90.2% |
| Foreign Stock: | 9.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | September 16, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.42% |
