At a glance
TVAL charges 0.33% a year, above the 0.15% average of the 8 funds most like it (the 8th cheapest of 9). It has $943.9M in assets, the 8th largest of that group; it paid 0.94% of its price in distributions over the past 12 months, annual. Over the past year it returned +26.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +23.6% a year. Its ten largest positions make up 23.0% of the fund, out of 158 in all.
The short version
T. Rowe Price Value ETF (TVAL) is an actively managed fund. Its managers pick mostly large US companies that they judge to be undervalued, and it held 158 stocks as of June 30, 2026. Similar value ETFs mostly follow an index, while TVAL relies on stock-by-stock judgment. That costs more: its 0.33% expense ratio is more than double the 0.15% average of similar funds. Its record is also short, since it launched in June 2023.
Price history
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TVAL +26.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TVAL official prospectus, to Dec 31, 2025 | — | +15.70% | — | — | — | +15.72% |
| TVAL price data to Oct 27, 2026 | +24.0% | +26.9% | +23.6% | — | — | +18.6% |
- Over the year to Oct 27, 2026, TVAL returned +26.9%, 4th of 9 among similar funds.
- Its worst full calendar year was 2024 (+14.6%); its best was 2025 (+15.6%).
- The deepest fall in its price history was 14.8% (Nov 29, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +24.0% | — |
| 2025 | +15.6% | +15.70% |
| 2024 | +14.6% | +14.42% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4100 | +13.9% |
| 2024 | $0.3600 |
What's inside
As of Jun 30, 2026, the fund held 158 securities; the ten largest made up 23.03% of assets.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 5.03% | |
| APPLE INC | 2.96% | |
| MICROSOFT CORP | 2.28% | |
| ALPHABET INC CL C | 2.12% | |
| INTEL CORP | 1.90% | |
| BANK OF AMERICA CORP | 1.89% | |
| EXXON MOBIL CORP | 1.77% | |
| PROCTER & GAMBLE CO | 1.74% | |
| JOHNSON & JOHNSON | 1.68% | |
| CHUBB LTD | 1.66% | |
| CSX CORP | 1.62% | |
| J.P. MORGAN CHASE & CO. | 1.56% | |
| CISCO SYSTEMS INC | 1.54% | |
| CONOCOPHILLIPS | 1.51% | |
| SCHWAB (CHARLES) CORP | 1.51% |
By country
United States 92.19%Ireland 2.47%Switzerland 1.66%United Kingdom 0.91%France 0.59%By asset type
Stocks 99.7%By sector
Sectors of the companies held, for the 84.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $232.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.96%, +2.89%, +2.76%.
How it works
TVAL does not track an index. Its managers at T. Rowe Price choose the stocks, with the goal of long-term capital growth. The fund normally puts at least 80% of its net assets in companies with "value characteristics." The prospectus defines these as companies that appear in an appropriate third-party value index. To spot bargains, the managers look at measures such as the price/earnings ratio (what investors pay for each dollar of profit), price/book value, price/sales, dividend yield, price/cash flow, undervalued assets and restructuring opportunities. They often favor companies that are out of favor for a while but have good prospects.
The approach is "bottom up." The managers study individual companies rather than forecast the economy, so sector weights come from their stock picks. At times that can leave a large share of the fund in one sector. The fund can own companies of any size but usually focuses on larger ones, and it invests mainly in the US. As of June 30, 2026, 92% of assets were in US companies. The prospectus sets no fixed rebalancing schedule. Portfolio turnover, a measure of how much of the portfolio is traded in a year, was 37.1%.
As of June 30, 2026, the largest holdings were Amazon (5.0%), Apple (3.0%), Microsoft (2.3%), Alphabet (2.1%), Intel (1.9%), Bank of America (1.9%) and Exxon Mobil (1.8%). The top 10 made up 23% of the fund, and it held no derivatives.
What it really costs
- TVAL charges 0.33% a year, versus an average of 0.15% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $34 in the first year and $418 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TVAL | $34 | $106 | $185 | $418 |
In a retirement portfolio
TVAL spreads its money across 158 mostly large US companies in many sectors, so it could form part of a portfolio's US stock core, with a tilt toward value.
TVAL could add exposure to large, value-priced US companies, picked by a manager rather than an index. Its history is short. It launched in June 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 14.8%, from November 29, 2024 to April 8, 2025. It regained that peak by July 3, 2025, about 2.8 months later. It has not had a losing calendar year: its weakest, 2024, returned 14.42%, according to the prospectus. A retiree who has to draw money from it in a deeper bear market could see bigger losses than that. Income is small. The trailing 12-month yield was 0.94% as of October 27, 2026, paid once a year. In the SEC's standard example, $10,000 would cost $34 in fees in the first year and $418 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large US value stocks chosen by T. Rowe Price's managers stock by stock, rather than by a value index.
- Those comfortable with a mix that included Amazon, Bank of America, Exxon Mobil and Procter & Gamble among top holdings as of June 30, 2026.
- Long-term investors who accept a short record: 15.72% average yearly return from its June 2023 launch through December 31, 2025.
Look elsewhere if
- Cost-focused investors: TVAL's 0.33% expense ratio compares with 0.04% for SPDR Portfolio S&P 500 Value ETF (SPYV) and a 0.15% peer average.
- Income seekers: the trailing 12-month yield was 0.94% as of October 27, 2026, and the fund pays out only once a year.
- Investors who want proof through bear markets: TVAL launched in June 2023, after the 2008, 2020 and 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TVAL this fund | — | 0.33% | $943.9M | +26.9% | +23.6% |
| IWX iShares Russell Top 200 Value ETF | 52% | 0.2% | $3.56B | +28.4% | +24.5% |
| IWD iShares Russell 1000 Value ETF | 49% | 0.19% | $79.74B | +28.8% | +22.2% |
| SPYV SPDR Portfolio S&P 500 Value ETF | 48% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF | 48% | 0.18% | $47.74B | +16.7% | +17.7% |
| IUSV iShares Core S&P U.S. Value ETF | 46% | 0.04% | $26.46B | +16.8% | +17.8% |
| TSPA T. Rowe Price U.S. Equity Research ETF | 46% | 0.34% | $4.06B | +12.9% | +24.8% |
| GVUS Marketbeta Russell 1000 Value Equity ETF | 46% | 0.12% | $416.9M | +26.6% | — |
Questions investors ask
Is TVAL an index fund or actively managed?
TVAL is actively managed. T. Rowe Price's managers pick stocks one by one. They look for mostly large US companies that seem cheap on measures such as price/earnings, price/book value and dividend yield. At least 80% of net assets must go to companies found in a third-party value index. Active management means the fund can do better or worse than value index funds. It also costs more: the expense ratio is 0.33%, against a 0.15% average for similar funds.
How has TVAL performed since it launched?
TVAL has gained ground every calendar year since its June 2023 launch. The prospectus shows 14.42% in 2024 and 15.7% in 2025, and an average of 15.72% a year from launch through December 31, 2025. Based on price, it returned 26.9% over the year to October 27, 2026, and 23.6% a year over three years. Its deepest drop was 14.8%, from late 2024 to April 2025. That is a short record that includes no major bear market.
Does TVAL pay dividends?
Yes, but only once a year, and the payout is small. Over the 12 months to October 27, 2026, TVAL paid $0.41 per share, a trailing yield of 0.94%. Dividend yield is one of the measures the managers use to find value stocks. Still, the fund's goal is long-term capital growth, not income. Investors who need regular cash from their holdings may find the yield and the once-a-year schedule limiting.
TVAL vs IWX: what's the difference?
The main differences are cost and method. iShares Russell Top 200 Value ETF (IWX) is built around a Russell value benchmark, while TVAL's managers choose its stocks. The two funds' holdings overlap by 52%. IWX charges 0.20% a year, and TVAL charges 0.33%. As of October 27, 2026, IWX returned 28.4% over one year and 24.5% a year over three years, while TVAL returned 26.9% and 23.6%. IWX is also larger, with about $3.6 billion in net assets against TVAL's $944 million as of June 30, 2026.
Why does a value ETF like TVAL own Amazon and Apple?
The prospectus defines value broadly. A company counts as having value characteristics if it appears in an appropriate third-party value index. The managers also judge companies on measures such as price/cash flow and restructuring opportunities. Only 80% of net assets must meet the value test, so the managers have some room. As of June 30, 2026, Amazon (5.0%) and Apple (3.0%) were TVAL's two largest holdings, ahead of Microsoft and Alphabet. Some investors may expect only traditional value names such as banks and energy companies.