TMSF Fees and Costs — T. Rowe Price Multi-Sector Income ETF
Data updated: 2026-08-12
The net expense ratio is 0.37% (0.41% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0136% of average net assets, and portfolio turnover was 127%.
TMSF Fees and Expenses
Annual operating expenses and sales charges of TMSF. Prospectus, as of July 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.37% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.41% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.37% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TMSF Costs Over Time
On $10,000 invested in TMSF, assuming 5% a year before costs, total costs come to $243 over 5 years, cutting the return by 0.40% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.37%) | $39 | $122 | $213 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $6 | $22 |
| Total costs | $40 | $133 | $243 |
| Value after costs | $10,460 | $11,444 | $12,520 |
| Impact on return, per year | 0.40% | 0.40% | 0.40% |
TMSF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0136%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $73.1M
- Portfolio turnover (prospectus): 127%
- Securities lending: none during the year
TMSF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $2K | 47.25% |
| J.P. MORGAN SECURITIES LLC | $536 | 14.12% |
| GOLDMAN SACHS & CO. LLC | $409 | 10.78% |
| MORGAN STANLEY & CO. LLC | $356 | 9.38% |
| BOFA SECURITIES, INC. | $313 | 8.25% |
| Citigroup Inc. | $200 | 5.27% |
| RBC Capital Markets, LLC | $150 | 3.95% |
| UBS AG | $37 | 0.97% |
| Deutsche Bank Securities Inc. | $1 | 0.03% |
TMSF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $10.8M | 17.70% |
| GOLDMAN SACHS & CO. LLC | $10.6M | 17.50% |
| MORGAN STANLEY & CO. LLC | $10.1M | 16.58% |
| J.P. MORGAN SECURITIES LLC | $9.4M | 15.41% |
| ASL CAPITAL MARKETS INC. | $4.4M | 7.28% |
| BNP PARIBAS | $4.3M | 6.99% |
| Nomura International PLC | $3.6M | 5.86% |
| BARCLAYS CAPITAL INC. | $2.7M | 4.38% |
| Deutsche Bank Securities Inc. | $2.5M | 4.18% |
| Citigroup Inc. | $2.5M | 4.12% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.