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Advertising transparency efforts aim to facilitate user knowledge and control over the use of their data for personalized advertising. We seek to understand the perceptions and use of ad transparency tools among U.S. adults and whether ad transparency information surfaced by such tools affects public perceptions of online surveillance. Results show that people are aware of, although not knowledgeable about, such tools and feel slightly satisfied with them but do not use them often. Drawing from the dataveillance effects in advertising landscape (DEAL) framework, we demonstrate that whereas exposure to no, less, or more extensive transparency information did not change perceived surveillance, exposure to more extensive targeting information increased knowledge about ad transparency efforts and self-efficacy in using transparency tools. Moreover, perceived surveillance is associated with perceived benefits and risks of personalized advertising, interest in ad transparency information, desire for privacy regulation, negative affect, and intention to protect privacy and use ad transparency tools. These relationships were moderated by privacy concern and privacy cynicism. Theoretically, this study offers an empirical test of key tenets of the DEAL framework and contributes to policy debates about ad transparency.