TVAL Fees and Costs — T. Rowe Price Value ETF
Data updated: 2026-08-27
The net expense ratio is 0.33%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $39K in broker commissions, 0.0100% of average net assets, and portfolio turnover was 37%.
TVAL Fees and Expenses
Annual operating expenses and sales charges of TVAL. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.33% |
| Fee waiver | — |
| Net expense ratio | 0.33% |
| 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 |
TVAL Costs Over Time
On $10,000 invested in TVAL, assuming 5% a year before costs, total costs come to $215 over 5 years, cutting the return by 0.36% 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 0.33%) | $35 | $109 | $190 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $6 | $20 |
| Total costs | $36 | $118 | $215 |
| Value after costs | $10,464 | $11,459 | $12,547 |
| Impact on return, per year | 0.36% | 0.36% | 0.36% |
TVAL 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): 0.0100%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $250K
- Portfolio turnover (prospectus): 37%
- Securities on loan, average value: $842K
- Net income from securities lending: $6K (0.002% of average net assets)
TVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $7K | 23.57% |
| Citigroup Inc. | $5K | 15.90% |
| RBC Capital Markets, LLC | $4K | 11.84% |
| GOLDMAN SACHS & CO. LLC | $3K | 10.93% |
| MORGAN STANLEY & CO. LLC | $2K | 7.48% |
| J.P. MORGAN SECURITIES LLC | $2K | 7.05% |
| STIFEL NICOLAUS EUROPE LIMITED | $2K | 6.86% |
| BOFA SECURITIES, INC. | $2K | 5.89% |
| KEYBANC CAPITAL MARKETS INC. | $2K | 5.87% |
| Virtu ITG Hong Kong Limited | $1K | 4.61% |
TVAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $130K | 53.47% |
| TD Securities Ltd. | $75K | 30.71% |
| GOLDMAN SACHS & CO. LLC | $25K | 10.16% |
| BOFA SECURITIES, INC. | $6K | 2.54% |
| BARCLAYS CAPITAL INC. | $2K | 1.02% |
| MORGAN STANLEY & CO. LLC | $2K | 1.02% |
| BLACKSTONE CAPITAL PARTNERS VIII L.P. | $658 | 0.27% |
| BROOKFIELD FINANCE LLC | $658 | 0.27% |
| KKR CAPITAL MARKETS LIMITED | $658 | 0.27% |
| APOLLO GLOBAL SECURITIES, LLC | $658 | 0.27% |
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.