At a glance
TCAF charges 0.31% a year, above the 0.23% average of the 8 funds most like it (the 7th cheapest of 9). It has $7.40B in assets, the 5th largest of that group; it paid 0.44% of its price in distributions over the past 12 months, annual. Over the past year it returned +12.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +22.4% a year. Its ten largest positions make up 40.9% of the fund, out of 91 in all.
The short version
T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an actively managed fund. T. Rowe Price picks about 90 mostly large U.S. stocks for it instead of tracking an index. It aims for long-term growth with a "core" style that leans toward neither growth nor value stocks. At 0.31% a year, it costs more than the index funds it most resembles, such as Vanguard Mega Cap ETF at 0.07%.
Price history
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TCAF +12.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TCAF official prospectus, to Dec 31, 2025 | — | +15.54% | — | — | — | +18.61% |
| TCAF price data to Oct 27, 2026 | +14.0% | +12.0% | +22.4% | — | — | +17.6% |
- Over the year to Oct 27, 2026, TCAF returned +12.0%, 4th of 9 among similar funds.
- Its worst full calendar year was 2025 (+15.4%); its best was 2024 (+20.9%).
- The deepest fall in its price history was 16.4% (Jan 28, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +15.4% | +15.54% |
| 2024 | +20.9% | +20.94% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1900 | +35.7% |
| 2024 | $0.1400 |
What's inside
As of Jun 30, 2026, the fund held 91 securities; the ten largest made up 40.94% of assets.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 5.83% | |
| NVIDIA CORP | 5.30% | |
| MICROSOFT CORP | 5.14% | |
| APPLE INC | 4.70% | |
| ALPHABET INC CL A | 4.36% | |
| META PLATFORMS INC-CLASS A | 4.18% | |
| BROADCOM INC | 3.14% | |
| CENTERPOINT ENERGY INC | 3.03% | |
| ADVANCED MICRO DEVICES | 2.65% | |
| KEURIG DR PEPPER INC | 2.60% | |
| NISOURCE INC | 2.42% | |
| TAIWAN SEMICONDUCTOR-SP ADR | 2.18% | |
| MICRON TECHNOLOGY INC | 2.06% | |
| MASTERCARD INC - A | 2.04% | |
| CENCORA INC | 2.00% |
By country
United States 93.37%Taiwan 2.18%Canada 1.58%Denmark 1.26%Ireland 0.86%By asset type
Stocks 98.08%Preferred stock 1.76%By sector
Sectors of the companies held, for the 76% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $192.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.49%, +4.63%, -0.07%.
How it works
TCAF does not follow an index. T. Rowe Price, the fund's adviser, normally keeps at least 80% of net assets in stocks. It can buy companies of any size but typically focuses on large U.S. companies. The prospectus calls the approach "core," meaning it does not favor growth or value stocks. Stock selection is "bottom up": the adviser studies individual companies, looking at management, potential return for the risk taken, market position and valuation, rather than forecasting the economy.
Sector weights come from those stock picks, so the fund can hold a large share of one sector, such as information technology. It is also nondiversified, which means it can put more of its money into a single company than a diversified fund can. As of June 30, 2026, it held 91 stocks, and the top 10 made up about 41% of assets. The largest were Amazon (5.8%), Nvidia (5.3%), Microsoft (5.1%), Apple (4.7%) and Alphabet (4.4%). Less typical large positions included the utilities CenterPoint Energy (3.0%) and NiSource (2.4%), and Keurig Dr Pepper (2.6%).
The portfolio changes whenever the adviser buys or sells, not on an index schedule. Turnover was 29.3% according to the February 2026 prospectus. The June 2026 report showed no derivatives and 0.12% in cash. Like any ETF, shares trade at market prices, which can differ slightly from the value of the holdings.
What it really costs
- TCAF charges 0.31% a year, versus an average of 0.23% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $32 in the first year and $393 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TCAF | $32 | $100 | $174 | $393 |
In a retirement portfolio
It is a broad, core-style fund of large U.S. stocks that could anchor the stock portion of a portfolio, though its active approach and short record set it apart from index funds.
TCAF could serve as a main U.S. stock holding in the growth part of a retirement portfolio, but its record is short. It launched in June 2023, so it was not tested in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its weakest calendar year so far, 2025, still gained about 15.5%. Its deepest drop was 16.4%, from January 28 to April 8, 2025. It got back to its previous high by June 24, 2025, about 2.5 months later. Someone who sold at the low would have locked in that loss. Income is small: the trailing yield was 0.44% as of October 27, 2026, paid once a year. Costs are 0.31% a year, or $32 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want T. Rowe Price's managers picking about 90 large U.S. stocks instead of owning a whole index.
- Long-term holders comfortable with about 41% in the top 10 holdings, led by Amazon, Nvidia and Microsoft.
- Those who want some utility and consumer-staples names, such as CenterPoint Energy and Keurig Dr Pepper, alongside big technology companies.
Look elsewhere if
- Cost-focused investors: index funds that share many of its holdings, like Vanguard Mega Cap ETF (0.07%) or Schwab U.S. Large-Cap Growth ETF (0.04%), charge less.
- People who need income: the trailing yield was 0.44% as of October 27, 2026, paid once a year.
- Investors who want a long track record: it launched in June 2023, and its 3-year return trailed all seven similar funds with data.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TCAF this fund | — | 0.31% | $7.40B | +12.0% | +22.4% |
| XLG Invesco S&P 500® Top 50 ETF | 45% | 0.2% | $10.56B | +6.9% | +25.3% |
| OEF iShares S&P 100 ETF | 44% | 0.2% | $20.04B | +8.3% | +23.3% |
| TGRT T. Rowe Price Growth ETF | 44% | 0.38% | $1.48B | +1.0% | +23.5% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 44% | 0.04% | $63.03B | +2.2% | +23.0% |
| WINN Harbor Long-Term Growers ETF | 44% | 0.57% | $1.13B | +5.5% | +25.4% |
| IWL iShares Russell Top 200 ETF | 44% | 0.15% | $2.19B | +12.5% | +25.5% |
| MGC Vanguard Mega Cap ETF | 43% | 0.07% | $10.90B | +13.5% | +26.0% |
Questions investors ask
Is TCAF actively managed?
Yes. TCAF does not track an index. T. Rowe Price's adviser chooses each stock by looking at company management, market position, valuation and potential return for the risk taken. It uses a "core" style that favors neither growth nor value stocks and typically focuses on large U.S. companies. It is also nondiversified, so it can hold larger positions in single companies. As of June 30, 2026, it owned 91 stocks.
What is the TCAF expense ratio?
TCAF's expense ratio is 0.31% a year, according to its prospectus filed February 25, 2026. Under the SEC's standard example ($10,000 invested, 5% annual return), costs would total about $32 after one year, $100 after three, $174 after five and $393 after ten. That is above the 0.23% average for similar funds. It ranks 7th cheapest of 9, and index rivals such as Vanguard Mega Cap ETF charge 0.07%.
TCAF vs MGC: what's the difference?
The main difference is that TCAF is actively managed and MGC (Vanguard Mega Cap ETF) tracks an index. About 43% of their holdings overlap. MGC costs 0.07% a year, compared with TCAF's 0.31%. As of October 27, 2026, MGC returned about 13.5% over one year and 26% a year over three years. TCAF returned 12% and 22.4%. TCAF also holds stocks an index fund weights differently, such as utilities CenterPoint Energy and NiSource.
Does TCAF pay dividends?
Yes, but only once a year, and the amount is small. Over the 12 months to October 27, 2026, TCAF paid about $0.19 per share, a trailing yield of 0.44%. The fund's goal is long-term capital growth, not income. Its largest holdings, such as Amazon, Nvidia and Microsoft, pay little or nothing in dividends. Investors who need regular cash flow would get little from this fund on its own.
How has TCAF performed since launch?
TCAF has gained in every full calendar year since its June 2023 launch. According to its prospectus, it returned 20.94% in 2024 and 15.54% in 2025, and averaged 18.61% a year from inception through December 31, 2025. It was up about 14% for 2026 through October 27, 2026. Its deepest drop was 16.4%, from January to April 2025, and it recovered within about 2.5 months.