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Launched

T. Rowe Capital Appreciation Equity ETF

TCAFNYSE ArcaT. Rowe PriceA

$42.63−0.19 (−0.44%)

At close: Nov 2, 2026, 4:00 PM ET

A76/ 100

Rank 10 of 126 in US Active Equity

A76/100Rank 10 of 126inUS Active Equity
Intraday session: down, 79 prints from 42.82 to 42.63. Range 42.63 to 43.20. Use the arrow keys to read each point.42.7042.9043.0043.1043.2010 AM12 PM2 PM4 PM
Expense ratio
0.31%
Fund size
$8.02B
1Y total return
+11.5%
Yield · Last 12 months
0.45%
Holdings
96
Avg volume · 30D
572K sh
52W range
low $34.43high $43.83
Launched

The ETF.net TCAF Grade

A

Score 76 out of 100

Category
US Active Equity⁠
Rank
10 of 126
Six-pillar profile for TCAF. Scores out of 100: Cost 82, Risk 63, Mission 82, Tradability 82, Holdings 68, Durability 80. Strongest: Cost (82). Weakest: Risk (63). No single pillar leads.

Score 76 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.
    A82 out of 100
    Rank 23 of 126

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A82 out of 100
    Rank 9 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B63 out of 100
    Rank 39 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 14 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B68 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 126

Our read on TCAF

ETF.net Research

In short

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

  • 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 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$11,146
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TCAF $11,146. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+12.0%
1 month+1.3%
3 months+3.2%
1 year+11.5%
3 yearsper year+21.1%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+12.0%
2025+15.5%
2024+20.9%
2023+8.4%

History from Jun 15, 2023

TCAF in the news

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 30, 2026.
0.45%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

$10,000 in TCAF 3 years ago paid $161 in dividends.

TCAF Risk

Risk pillarB63 out of 100Rank 39 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
11.8%
Annualised · 36 months to Oct 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.
1.32
vs 3-month T-bills · to Oct 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%
40 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.

FMP measures it over up to five years of monthly returns.

TCAF Cost

Compare TCAF and TACU

Overpaying vs TACU, cheapest in US Active Equity

$6,346

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TCAF 0.31%

    $6,346

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • TCAF 0.31%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530TCAF $6,346TACU $0

Year by year

YearTCAFTACUOverpaying
10$563$0$563
20$2,182$0$2,182
30$6,346$0$6,346

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