ETF Evaluator:
T. Rowe Price Small-Mid Cap ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Blend Over the Last Year
| 58.8% | Castellan Targeted Equity ETF (CTEF) |
| 53.8% | Invesco S&P Spin-Off ETF (CSD) |
| 43.0% | Counterpoint Quantitative Equity ETF (CPAI) |
| 40.8% | Optimize Strategy Index ETF (OPTZ) |
| 37.3% | Tema U.S. Manufacturing & Reshoring ETF (WELD) |
Risk
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Risk
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ETF Details
T. Rowe Price Small-Mid Cap ETF Overview
T. Rowe Price Small-Mid Cap ETF (TMSL) is an actively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2023.
The investment seeks to provide long-term capital growth.
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in assets issued by small- or mid-cap companies. The fund may at times invest significantly in certain sectors, such as the information technology sector.
About T. Rowe Price Small-Mid Cap ETF (TMSL)
There are 4 members of the management team with an average tenure of 2.74 years: David Corris (2025), Vincent DeAugustino (2023), Jodi Love (2023) and Donald Peters (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. T. Rowe Price Small-Mid Cap ETF has 287 securities in its portfolio. The top 10 holdings constitute 9.4% 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-Mid Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price Small-Mid Cap ETF has 5.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.6% There is 5.2% 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-Mid Cap ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $4 billion average for the Mid-Cap 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.
TMSL 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-Mid Cap ETF expense ratio is average compared to funds in the Mid-Cap Blend category. T. Rowe Price Small-Mid Cap ETF has an expense ratio of 0.55%, which is 22% higher than its category average, making the fund expense ratio grade a C. 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-Mid Cap ETF has a portfolio turnover rate of 43%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 84% for the Mid-Cap Blend category.
Recently, in the month of July 2026, T. Rowe Price Small-Mid Cap ETF returned -2.4%, which earned it a grade of D, as the Mid-Cap Blend category had an average return of -1.6%. 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-Mid Cap ETF has a trailing yield of 0.48%, which is below the 0.85% 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.
T. Rowe Price Small-Mid Cap ETF Grades
Year to date, the ETF has returned 19.2%, 5.2 percentage points better than the category, which translates into a grade of A. The fund has returned 29.3% over the past year (grade of A) and 17.6% over the past three years (grade of A).
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TMSL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TMSL Return (NAV) | -2.4% | 6.2% | 29.3% | 17.6% | na | na |
| TMSL Return (Price) | -2.5% | 6.6% | 29.3% | 17.6% | na | na |
| NAV +/- Price Return | 0.041% | -0.466% | -0.015% | 0.001% | na | na |
| Mid-Cap Blend Avg | -1.6% | 4.4% | 20.8% | 14.8% | 8.8% | 11.6% |
| TMSL Grade (NAV) | D | B | A | A | na | na |
| +/- Category (NAV) | -0.8% | 1.8% | 8.5% | 2.8% | na | na |
| TMSL Tax-Cost Ratio | na | na | 0.2% | 0.2% | na | na |
TMSL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMSL Return (NAV) | 19.2% | 11.7% | 15.8% | na | na | na | na | na | na | na | na |
| TMSL Return (Price) | 19.1% | 12.0% | 15.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.005% | 0.019% | 0.002% | na | na | na | na | na | na | na | na |
| Mid-Cap Blend Avg | 14.0% | 10.6% | 16.1% | 16.9% | -14.4% | 23.3% | 15.6% | 27.4% | -9.1% | 19.1% | 14.8% |
| TMSL Grade (NAV) | A | B | B | na | na | na | na | na | na | na | na |
| +/- Category | 5.2% | 1.1% | -0.3% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.10 |
| R-Squared: | 71% |
| Standard Deviation: | 17.0% |
| Category Risk Index: | 1.08 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.38 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 2,785 Mil |
| Share Class Assets: | $ 2,785 Mil |
| Turnover: | 43.3% |
| Expense Ratio: | 0.55% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): DeAugustino Vincent (2023), Love Jodi (2023), Peters Donald (2023), Corris David (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 287 |
| % in Top 10 Holdings: | 9.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.2% |
Portfolio Allocation |
|
| Domestic Stock: | 94.6% |
| Foreign Stock: | 5.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | June 14, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.45% |
