T. Rowe Price Capital Appreciation Premium Income ETF
$22.56+0.01 (+0.04%)
- 0.34%
- $309M
- +4.3%
- 12.20%
- 0.1M sh
- $22.37
- low $21.73high $25.08
The ETF.net TCAL Grade
A
Score 76 out of 100
- 3 of 51
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.A97 out of 100Rank 2 of 51Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C48 out of 100Rank 26 of 46Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B55 out of 100Rank 21 of 51Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A86 out of 100Rank 2 of 42Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A84 out of 100Rank 8 of 51
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
- 105
- 17%
- DHR
Sectors
- Health Care23.1%
- Industrials17.6%
- Technology14.4%
- Financials13.4%
- Utilities9.9%
- Consumer Staples8.9%
- Consumer Discretionary6.8%
- Communication3.0%
- Energy2.0%
- Materials0.9%
Geography
- United States92.63%
- United Kingdom2.01%
- Taiwan (Province of China)1.52%
- Canada1.41%
- Ireland0.97%
- Switzerland0.94%
- Denmark0.52%
TCAL Performance
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.Not enough history yet.
TCAL$10,425
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.
| Period | TCAL |
|---|---|
| Year to date | +4.6% |
| 1 month | +1.7% |
| 3 months | +1.7% |
| 1 year | +4.3% |
| 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 | +4.6% | |
| 2025 | +1.6% |
TCAL in the news
Category Review
The payout and the result came apart in option-income funds
TCAL Dividends
- 12.20%
- $2.75
- $0.18 per share
- Monthly
Distribution history
TCAL Risk
- 7.9%
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.
- −0.26
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
0.34%
TCAL0.34%
- The middle half of Active Option Income funds
- Median 0.95%
1 of the 51 Active Option Income funds charge less.
Other funds in Active Option Income
- ARDVIFT Vest Rising Dividend Achievers Target Income ETFExpense ratio 0.75%1 year return +23.2%
- ASEPIShelton Equity Premium Income ETFExpense ratio 0.54%1 year return +24.9%
- AACIOAptus Collared Income Opportunity ETFExpense ratio 0.79%1 year return +11.1%
- ASTOXHorizon Funds - Horizon Core Equity ETFExpense ratio 0.70%1 year return +20.7%
- AIINCAlki Consolidated Income ETFExpense ratio 0.75%1 year return —