Key statistics
Previous close$42.80
Open$42.93
Day high$42.93
Day low$42.26
52-week high$44.04
52-week low$32.35
Market cap1.31B
Volume297.92K
Average volume447.14K
P/E ratio22.61
Forward P/E—
EPS1.87
Dividend yield0.00%
Market context
Why it moved
TMSL experienced a modest decline today amid broader aviation sector disruption, as severe thunderstorms and damaging winds paralyzed major East Coast hubs including New York, Boston, Washington, and Philadelphia, dampening investor sentiment toward aviation-related stocks.
What is happening
Recent company-specific developments and publisher coverage.
July 21, 2026T. Rowe Price Small-Mid Cap ETF declined modestly, closing down about 1.2%, as broader risk-off sentiment weighed on small- and mid-cap equities. Market attention was dominated by escalating U.S.-Iran tensions that pushed Brent crude back above $90/barrel, while a Bloomberg appearance by TMSL's lead portfolio manager Jodi Love highlighted T. Rowe Price's focus on identifying small-cap 'future stars.' Several of TMSL's top holdings faced headwinds — Guardant Health (GH) fell nearly 5% on profit-taking after a strong prior rally, and Middleby (MIDD) slid on sector rotation — while the Financial Select Sector ETF (XLF) held relatively firm, suggesting the TMSL underperformance was more tied to small/mid-cap growth exposure than broad financial sector weakness.-1.1916
July 18, 2026T. Rowe Price Small-Mid Cap ETF closed modestly lower as a broad market selloff, driven by escalating U.S.-Iran tensions and a deteriorating AI narrative, weighed on equities. Despite the pullback, a recent Morningstar outlook highlighted small-caps as the market's most attractively valued segment—with small-core and small-value stocks trading at price-to-fair-value ratios of 0.79 and 0.85 respectively—reinforcing the investment case for TMSL's active SMID strategy. Trading volume came in well below average, suggesting limited conviction selling, while top holdings like East West Bancorp (EWBC) benefited from strong earnings and institutional accumulation.-0.4188
July 16, 2026T. Rowe Price Small-Mid Cap ETF closed modestly higher as T. Rowe Price published a fresh investment case for SMID stocks, arguing that small- and mid-cap valuations remain attractive relative to large-caps and that earnings growth is expected to outpace mega-caps in coming quarters. Morningstar's Q3 2026 outlook further reinforced the narrative, flagging small-core stocks at a 0.79 price-to-fair-value ratio — well below the broader market's 0.92 — with TMSL's active, research-driven approach highlighted as a way to capitalize on that discount. Broader markets faced modest pressure as AI and chip stocks pulled back and the S&P 500 edged lower, though the financial sector ETF (XLF) held near 52-week highs.0.2332
July 15, 2026The T. Rowe Price Small-Mid Cap ETF closed essentially unchanged after a constructive session for broader equities, with the Financial Select Sector SPDR (XLF) near 52-week highs on strong big-bank earnings. Investor attention on TMSL is elevated after Morningstar's Q3 2026 outlook flagged small-cap stocks as the market's cheapest segment — with small-core and small-value price-to-fair-value ratios of 0.79 and 0.85, well below the broader market's 0.92 — even after their best first-half rally in over three decades, a backdrop T. Rowe Price argues favors active SMID selection. TMSL, which has grown to $2.69 billion in AUM and posted an 18.6% return year to date, is positioned as a research-driven vehicle for capturing that valuation gap, with top holdings including EWBC and BTSG seeing positive analyst activity, while macro tailwinds from a softer-than-expected June CPI report provided a supportive backdrop.0.1167
July 14, 2026T. Rowe Price Small-Mid Cap ETF edged higher, buoyed by a constructive macro backdrop after June CPI fell to 3.5% year-over-year — its softest reading in months — lifting broad market sentiment. The fund is attracting attention from Morningstar's Q3 2026 outlook, which flags small- and mid-cap stocks as the cheapest segment of the U.S. equity market, with small-core and small-value price-to-fair-value ratios as low as 0.79 and 0.85, well below the broader market's 0.92. TMSL, which has grown to $2.69 billion in AUM and posted an 18.6% return year-to-date, is highlighted as a fundamentally driven active vehicle offering targeted exposure to that valuation gap, constructing a portfolio of 240–270 small- and mid-cap holdings screened for improving earnings, attractive prices, and strong free cash flow.0.5163
July 13, 2026T. Rowe Price Small-Mid Cap ETF declined about 1.25% on Monday as broader risk-off sentiment weighed on small- and mid-cap equities. Renewed U.S.-Iran hostilities sent oil prices surging and pressured equity markets broadly, while investors also braced for a packed week of Q2 bank earnings and key inflation data. The ETF's top holdings—including East West Bancorp, Guardant Health, TechnipFMC, and Permian Resources—faced mixed crosscurrents, with energy-adjacent names getting a lift from oil's spike while financials faced a cautious setup ahead of major bank earnings.-1.2514
July 10, 2026The T. Rowe Price Small-Mid Cap ETF closed essentially flat, edging down just marginally, in line with the broader financial sector as the XLF also held steady in after-hours trading. The ETF recently celebrated a key three-year milestone in June 2026, with T. Rowe Price noting TMSL has been its top-performing active ETF over the trailing 12 months at 31.8% returns and receives the most client attention among its active ETF suite. Several top holdings provided mixed signals: BPOP hit a new 52-week high, NVT received a Bernstein Buy reiteration with a $220 target, and MIDD rebounded on a completed spinoff, while broader markets navigated ongoing U.S.-Iran tensions and a mixed macro backdrop.-0.1389
July 9, 2026T. Rowe Price Small-Mid Cap ETF rose nearly 1.5%, outperforming the broader financial sector as investors responded positively to a milestone moment for the actively managed fund — TMSL recently crossed its three-year track record, a key threshold that unlocks broader institutional distribution and advisor consideration. According to T. Rowe Price, TMSL is currently their most client-requested ETF and has delivered a 31.8% return over the trailing 12-month period, meaningfully outpacing small- and mid-cap benchmarks. The session's gains came as Wall Street navigated a mixed backdrop of renewed U.S.-Iran geopolitical tensions and rising oil prices, with investors rotating toward actively managed small-mid cap exposure amid a broader market pullback in large-cap tech.1.4796
Pluang · June 22, 2026Small-cap stocks gain as AI spending shifts bey...↗ETF Trends · June 21, 2026T. Rowe Price Makes the Midyear Case for Small-Caps↗ETF Database · May 18, 202610 T. Rowe Price ETFs Cross $1 Billion in AUM↗Pluang · April 23, 2026SMIDcap ETF TMSL outperforms S&P 500 with 8% ga...↗
