# T. Rowe Price Small-Mid Cap ETF (TMSL): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/tmsl for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe · Asset class: Equity - Strategy: Actively Managed · Inception: 2023-06-14 TMSLs adviser builds a broad and diverse portfolio of small- and mid-cap stocks with either growth or value characteristics, subject to overall risk controls. Securities are selected based on various metrics and active, bottom-up portfolio construction. The adviser evaluates individual stocks based on relative valuation, profitability, stability, earnings quality, management capital allocation actions, returns on equity, capital expenditure, projected growth rates, and near-term appreciation potential in comparison to others. Additionally, stocks are also evaluated using metrics that utiliz... ## Key Facts | Metric | Value | |---|---| | Price | $42.17 | | Expense Ratio | 0.55% | | Assets Under Management | $3.19B | | NAV | $41.57 | | Holdings Count | 288 | | Distribution Yield (TTM) | 0.48% | | Annual Distribution (TTM) | $0.20 /share | | Distribution Frequency | Annual | | 52-Week Range | $33.48 – $44.77 | | Beta | 1.10 | ## Latest Distribution - Amount: $0.2032 /share - Ex-date: 2025-12-23 - Pay date: 2025-12-26 ## Frequently Asked Questions ### What does TMSL invest in? TMSLs adviser builds a broad and diverse portfolio of small- and mid-cap stocks with either growth or value characteristics, subject to overall risk controls. Securities are selected based on various metrics and active, bottom-up portfolio construction. The adviser evaluates individual stocks based on relative valuation, profitability, stability, earnings quality, management capital allocation actions, returns on equity, capital expenditure, projected growth rates, and near-term appreciation potential in comparison to others. Additionally, stocks are also evaluated using metrics that utilize price in relation to earnings, book value, sales, and cash flow. The fund may have substantial investments in the information technology sector. ### What is the expense ratio of TMSL? T. Rowe Price Small-Mid Cap ETF (TMSL) charges an expense ratio of 0.55%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is TMSL? T. Rowe Price Small-Mid Cap ETF (TMSL) manages $3.19B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is TMSL actively managed or an index fund? TMSL is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (TMSL's is 0.55%) in exchange for the discretion to over- or under-weight positions. ### When was TMSL launched? T. Rowe Price Small-Mid Cap ETF (TMSL) launched in June 2023 and is managed by T. Rowe. ### How has TMSL performed? TMSL's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does TMSL pay a dividend? T. Rowe Price Small-Mid Cap ETF (TMSL) currently distributes little or no income. Trailing-twelve-month yield is 0.48%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does TMSL pay dividends? T. Rowe Price Small-Mid Cap ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is TMSL's dividend yield? TMSL's trailing-twelve-month yield is 0.48%, calculated from the sum of dividends over the past year divided by the current price. ### When is TMSL's next ex-dividend date? The most recently announced ex-dividend date for TMSL was 2025-12-23. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will TMSL's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.55% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TMSL charge its expense ratio? The expense ratio is deducted in tiny daily slices from TMSL's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TMSL cost more than a fund like VOO? TMSL is actively managed (current expense ratio 0.55%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether TMSL's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to TMSL? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as TMSL (0.55%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/tmsl - Distribution history: https://www.dividenddata.com/funds/tmsl/dividend - Holdings & diversification: https://www.dividenddata.com/funds/tmsl/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/tmsl/expenses - Peer comparison: https://www.dividenddata.com/funds/tmsl/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.