T. Rowe Price Capital Appreciation Premium Income ETF
$22.17−0.16 (−0.72%)
- Expense ratio
- 0.34%
- Fund size
- $303M
- 1Y return
- +3.5%
- Yield · Last 12 months
- 12.42%
- Holdings
- 70
- Volume · 30D
- 0.1M sh
- NAV per share
- $22.28
- 52W range
The ETF.net TCAL Grade
Score 77 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 97Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 54Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 54Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 86Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 84Category rank
Our read on TCAL
AAn active stock picker's take on the covered-call trade: roughly 70 hand-chosen holdings, calls written on top, cash paid out monthly, all for 0.34% a year.
The fund seeks regular distributions while aiming to preserve capital and potentially achieve capital appreciation. It invests in equities and writes covered calls to generate cash flow alongside dividends.
Why people hold it
- At 0.34% a year, it undercuts most active options-income funds, including DIVO at 0.56%, so more of the option premium stays in the portfolio instead of the fee line.
- Active all the way down: roughly 70 equities picked by T. Rowe Price, with covered calls layered on to generate cash alongside dividends. No index sitting underneath.
- Pays monthly, and the stated mandate ties those distributions to preserving capital and seeking appreciation rather than maximizing headline yield.
- Ranks among the strongest implementations in a crowded options-income field, with cost the clearest edge.
Worth knowing
- Written calls trade upside for cash. When the stock picks run hard, the calls limit how much of that move the fund keeps.
- Launched in 2025, so there is no full market-cycle record to judge the strategy against yet.
- The fund discloses that distributions can include return of capital, meaning part of a payout may be your own money coming back rather than income earned.
TCAL Holdings
- Stocks
- 70
- 17%
- MSFT.NE
Sectors
- Health Care23.2%
- Industrials16.1%
- Technology14.8%
- Financials13.5%
- Utilities10.2%
- Cons. Staples8.8%
- Consumer Discr.5.9%
- Communication3.6%
- Materials2.2%
- Energy1.9%
Geography
- United States92.86%
- United Kingdom1.99%
- Taiwan (Province of China)1.49%
- Canada1.42%
- Switzerland0.94%
- Ireland0.77%
- Denmark0.54%
TCAL 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 | TCAL |
|---|---|
| Year to date | +2.7% |
| 1 month | −2.9% |
| 3 months | +5.5% |
| 1 year | +3.5% |
| 3 years | — |
| 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 | TCAL |
|---|---|---|
| 2026 YTD | +2.7% | |
| 2025 | +1.6% |
TCAL in the news
ETF.net Research hasn’t filed on TCAL yet — coverage lands here as it’s written.
TCAL Dividends
- 12.42%
- $2.77
- $0.17 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 31, 2026 | Sep 2, 2026 | $0.17 |
| Jul 31, 2026 | Aug 4, 2026 | $0.25 |
| Jun 30, 2026 | Data unavailable | $0.18 |
| Jun 25, 2026 | Jun 29, 2026 | $0.18 |
| May 26, 2026 | May 28, 2026 | $0.19 |
| Apr 27, 2026 | Apr 29, 2026 | $0.21 |
| Mar 26, 2026 | Mar 30, 2026 | $0.22 |
| Feb 24, 2026 | Feb 26, 2026 | $0.18 |
| Jan 27, 2026 | Jan 29, 2026 | $0.26 |
| Dec 23, 2025 | Dec 26, 2025 | $0.22 |
| Nov 24, 2025 | Nov 26, 2025 | $0.21 |
| Oct 28, 2025 | Oct 30, 2025 | $0.30 |
TCAL Risk
- 7.2%
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.
- 0.15
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.
- −7.2%
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.
- 0.20
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TCAL Cost
- The middle half of Active Option Income funds
- Median 0.95%
1 of the 47 Active Option Income funds charge less.