Skip to content
etf.net

Launched

T. Rowe Capital Appreciation Equity ETF

TCAFNYSE ArcaA

$43.55−0.01 (−0.02%)

At close: Oct 13, 2026, 4:00 PM

A75/ 100

Rank 10 of 127 in US Active Equity

A75/100Rank 10 of 127inUS Active Equity
Intraday session: down, 79 prints from 43.56 to 43.55. Range 43.45 to 43.59. Use the arrow keys to read each point.43.4543.4843.5043.5210 AM12 PM2 PM4 PM
Expense ratio
0.31%
Fund size
$9.1B
1Y total return
+16.5%
Yield · Last 12 months
0.44%
Holdings
95
Avg volume · 30D
0.6M sh
NAV per share
$43.58
52W range
low $34.43high $43.65
Launched

The ETF.net TCAF Grade

A

Score 75 out of 100

Category
US Active Equity⁠
Rank
10 of 127
Six-pillar profile for TCAF. Scores out of 100: Cost 83, Risk 56, Mission 82, Tradability 82, Holdings 67, Durability 80. Strongest: Cost (83). Weakest: Risk (56). No single pillar leads.

Score 75 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A83 out of 100
    Rank 22 of 127

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A82 out of 100
    Rank 10 of 48

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 54 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A82 out of 100
    Rank 12 of 127

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B67 out of 100
    Rank 45 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A80 out of 100
    Rank 17 of 127

Our read on TCAF

ETF.net Research

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.

Stated mandate

The fund seeks long-term capital growth through an actively managed portfolio of equity securities.

Why people hold it

  1. 01Costs 0.31% a year, under half the 0.65% median for its active US equity peer group.
  2. 02Roughly 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
  3. 03A 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.
  4. 04Launched 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

  1. 01About 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
  2. 02Equity only, no bond sleeve. It rides the full swing of a large-cap selloff.troweprice.com
  3. 03Cheap for active, not cheap outright: systematic peers like DFAU (0.12%) and AVLC (0.15%) charge less.

TCAF Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
95
Top-10 weight
40%
Largest holding
MSFT.NE7.2%

Sectors

  • Technology35.4%
  • Health Care17.5%
  • Communication10.1%
  • Financials9.3%
  • Consumer Discretionary8.8%
  • Utilities8.2%
  • Industrials5.1%
  • Consumer Staples3.5%
  • Energy2.1%

Geography

  • United States91.04%
  • Taiwan2.52%
  • Denmark1.94%
  • Canada1.91%
  • Netherlands0.99%
  • Italy0.69%
  • United Kingdom0.56%
  • South Korea0.32%
  • Other countries (1)0.03%
The fund’s holdings, weight-ordered — page 1 of 7.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MSFT.NEMicrosoft Corp Common Stock USD.000006257.19%1,226,850$656M9
002AMZN.NEAmazon.com Inc Common Stock USD.015.85%2,033,516$534M8
003NVDA.NENVIDIA Corp Common Stock USD.0015.84%2,325,920$533M8
004AAPL.MXApple Inc Common Stock USD.000014.85%1,314,823$443M8
005AMD.BAAdvanced Micro Devices Common Stock USD.013.27%490,304$298M9
006GOOGLAlphabet Inc Class A Common Stock USD.0013.19%828,847$291M709
007CNPCenterpoint Energy Inc Common Stock USD.012.72%6,435,410$248M252
008META.NEMeta Platforms Inc Class A Common Stock USD.0000062.68%340,253$245M9
009TSMTaiwan Semiconductor Sp Adr Adr2.31%465,562$211M277
010CORCencora Inc Common Stock USD.012.14%602,795$195M336
011MA.BAMastercard Inc A Common Stock USD.00012.06%319,538$188M8
012ALNYAlnylam Pharmaceuticals Inc Common Stock USD.012.06%808,287$188M259
013KDPKeurig Dr Pepper Inc Common Stock USD.012.05%5,897,098$187M320
014ASNDAscendis Pharma A/S Common Stock DKK1.01.92%763,119$175M85
015AEEAmeren Corporation Common Stock USD.011.77%1,583,228$162M270

Showing 1–15 of 95 holdings

TCAF Performance

Launched Jun 14, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
TCAF$11,646
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. TCAF $11,646. SPY $12,044. Use the arrow keys to read each point.$9,011$10,648$12,285Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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.

Trailing total return for TCAF. Periods over one year show the average yearly return.
PeriodTCAF
Year to date+14.0%
1 month+2.7%
3 months+3.9%
1 year+16.5%
3 yearsper year+20.3%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TCAF
YearReturn barTCAF
2026 YTD+14.0%
2025+15.5%
2024+20.9%
2023+8.4%

History from Jun 15, 2023

TCAF in the news

Filtered to TCAF · US Active Equity

TCAF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
0.44%Last 12 months
Payout per share
$0.19Last 12 months
Last payment
$0.19 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 20, 2023 $0.07; Dec 23, 2024 $0.14; Dec 23, 2025 $0.19. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 26, 2025$0.19
Dec 23, 2024Dec 26, 2024$0.14
Dec 20, 2023Dec 26, 2023$0.07

TCAF Risk

How much the fund’s monthly returns vary, scaled to a year.
12.0%
Annualised · 36 months to Sep 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.21
vs 3-month T-bills · to Sep 2026
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.

The largest fall from a peak to the low that followed.
−16.4%
39 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.94
vs its asset-class index
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

Expense ratio0.31%
  • The middle half of US Active Equity funds
  • Median 0.70%

20 of the 123 US Active Equity funds charge less.

TCAF costs $31.00 a year on $10,000. The median US Active Equity fund costs $70.00.

Other funds in US Active Equity

See others