TSPA Fees and Costs — T. Rowe Price U.S. Equity Research ETF
Data updated: 2026-08-27
The net expense ratio is 0.34%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $269K in broker commissions, 0.0158% of average net assets, and portfolio turnover was 44%.
TSPA Fees and Expenses
Annual operating expenses and sales charges of TSPA. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.34% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.34% |
| Fee waiver | — |
| Net expense ratio | 0.34% |
| 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 |
TSPA Costs Over Time
On $10,000 invested in TSPA, assuming 5% a year before costs, total costs come to $225 over 5 years, cutting the return by 0.37% 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 0.34%) | $36 | $112 | $196 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $37 | $123 | $225 |
| Value after costs | $10,463 | $11,453 | $12,537 |
| Impact on return, per year | 0.37% | 0.37% | 0.37% |
TSPA 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): 0.0158%
- Total broker commissions: $269K
- Bought from dealers (principal trades, not a cost): $6.5M
- Portfolio turnover (prospectus): 44%
- Securities on loan, average value: $1.4M
- Net income from securities lending: $3K (0.000% of average net assets)
TSPA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $26K | 16.21% |
| Citigroup Inc. | $23K | 14.36% |
| J.P. MORGAN SECURITIES LLC | $23K | 14.10% |
| RBC Capital Markets, LLC | $20K | 12.30% |
| BOFA SECURITIES, INC. | $15K | 9.21% |
| JEFFERIES LLC | $14K | 8.84% |
| BMO Capital Markets Corp. | $11K | 6.94% |
| Robert W. Baird & Co. Incorporated | $11K | 6.85% |
| MIZUHO SECURITIES USA LLC | $9K | 5.63% |
| UBS AG | $9K | 5.55% |
TSPA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $4.2M | 67.90% |
| BARCLAYS CAPITAL INC. | $721K | 11.67% |
| GOLDMAN SACHS & CO. LLC | $329K | 5.33% |
| BOFA SECURITIES, INC. | $301K | 4.87% |
| TD Securities Ltd. | $252K | 4.09% |
| MORGAN STANLEY & CO. LLC | $229K | 3.71% |
| Citigroup Inc. | $41K | 0.67% |
| UBS AG | $41K | 0.67% |
| Deutsche Bank Securities Inc. | $41K | 0.67% |
| JEFFERIES LLC | $26K | 0.43% |
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.