TMSL Fees and Costs — T. Rowe Price Small-Mid Cap ETF
Data updated: 2026-08-27
The net expense ratio is 0.55%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $189K in broker commissions, 0.0237% of average net assets, and portfolio turnover was 43%.
TMSL Fees and Expenses
Annual operating expenses and sales charges of TMSL. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.55% |
| Fee waiver | — |
| Net expense ratio | 0.55% |
| 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 |
TMSL Costs Over Time
On $10,000 invested in TMSL, assuming 5% a year before costs, total costs come to $362 over 5 years, cutting the return by 0.60% 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 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $2 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $198 | $362 |
| Value after costs | $10,440 | $11,378 | $12,401 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
TMSL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0237%
- Total broker commissions: $189K
- Bought from dealers (principal trades, not a cost): $11.9M
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $4.3M
- Net income from securities lending: $8K (0.001% of average net assets)
TMSL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $41K | 25.66% |
| JEFFERIES LLC | $39K | 24.60% |
| Citigroup Inc. | $17K | 10.62% |
| Virtu ITG Hong Kong Limited | $13K | 8.31% |
| RBC Capital Markets, LLC | $10K | 6.31% |
| EVERCORE GROUP L.L.C. | $9K | 5.79% |
| BARCLAYS CAPITAL INC. | $9K | 5.68% |
| GOLDMAN SACHS & CO. LLC | $8K | 5.13% |
| J.P. MORGAN SECURITIES LLC | $6K | 4.10% |
| BOFA SECURITIES, INC. | $6K | 3.81% |
TMSL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $2.1M | 23.58% |
| J.P. MORGAN SECURITIES LLC | $2.1M | 22.53% |
| JEFFERIES LLC | $1.2M | 13.03% |
| MORGAN STANLEY & CO. LLC | $874K | 9.61% |
| Citigroup Inc. | $678K | 7.45% |
| BOFA SECURITIES, INC. | $619K | 6.81% |
| WELLS FARGO SECURITIES, LLC | $546K | 6.01% |
| BMO Capital Markets Corp. | $372K | 4.09% |
| LEERINK PARTNERS LLC | $365K | 4.01% |
| KEYBANC CAPITAL MARKETS INC. | $264K | 2.90% |
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.