T. Rowe Capital Appreciation Equity ETF
$42.47−0.51 (−1.19%)
- Expense ratio
- 0.31%
- Fund size
- $8.9B
- 1Y return
- +15.1%
- Yield · Last 12 months
- 0.45%
- Holdings
- 96
- Volume · 30D
- 0.6M sh
- NAV per share
- $42.95
- 52W range
The ETF.net TCAF Grade
Score 75 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 83Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 81Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 59Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 80Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 71Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 81Category rank
Our read on TCAF
AThe all-equity expression of T. Rowe's Capital Appreciation playbook: about 100 US large caps picked bottom-up for quality and price, no bond sleeve, at a fee well under the typical active equity ETF.
The fund seeks long-term capital growth through an actively managed portfolio of equity securities.
Why people hold it
- Costs 0.31% a year, under half the 0.65% median for its active US equity peer group.
- Roughly 100 US large caps, narrowed by screening out poor capital allocators, overpriced names and businesses facing secular headwinds, per T. Rowe's own process notes.troweprice.com
- A multi-billion-dollar fund and one of the busier names in the active equity crowd, which typically shows up as tight spreads at the point of trade.
- Launched in 2023 under veteran manager David Giroux, and it stands among the strongest implementations in a crowded active US equity field.troweprice.com
Worth knowing
- About 100 names, with heavier weights in the highest-conviction picks. Results can wander well away from the broad US market in either direction.troweprice.com
- Equity only, no bond sleeve. It rides the full swing of a large-cap selloff.troweprice.com
- Cheap for active, not cheap outright: systematic peers like DFAU (0.12%) and AVLC (0.15%) charge less.
TCAF Holdings
- Stocks
- 96
- 40%
- MSFT.NE
Sectors
- Technology33.7%
- Health Care17.5%
- Financials10.2%
- Consumer Discr.9.7%
- Communication9.3%
- Utilities8.6%
- Industrials5.3%
- Cons. Staples3.6%
- Energy2.2%
Geography
- United States91.15%
- Taiwan2.26%
- Canada2.13%
- Denmark1.78%
- Netherlands0.95%
- Italy0.72%
- United Kingdom0.62%
- South Korea0.36%
- 0.03%
TCAF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TCAF |
|---|---|
| Year to date | +12.5% |
| 1 month | +1.2% |
| 3 months | +6.7% |
| 1 year | +15.1% |
| 3 years | +20.2% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TCAF |
|---|---|---|
| 2026 YTD | +12.5% | |
| 2025 | +15.5% | |
| 2024 | +20.9% | |
| 2023 | +8.4% |
TCAF in the news
ETF.net Research hasn’t filed on TCAF yet — coverage lands here as it’s written.
TCAF Dividends
- 0.45%
- $0.19
- $0.19 per share
- Annual
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Dec 23, 2025 | Dec 26, 2025 | $0.19 |
| Dec 23, 2024 | Dec 26, 2024 | $0.14 |
| Dec 20, 2023 | Dec 26, 2023 | $0.07 |
TCAF Risk
- 12.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.07
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.94
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TCAF Cost
- The middle half of US Active Equity funds
- Median 0.70%
20 of the 124 US Active Equity funds charge less.