TCAF ETF — T. Rowe Price Capital Appreciation Equity ETF

T. Rowe Price Capital Appreciation Equity ETF (TCAF)

Updated October 16, 2026.

TCAF is an ETF. its distribution rate is 0.45%, its trailing-12-month yield is 0.45%, its expense ratio is 0.31%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 70.4% over the past 3.3 years, 9.7 points behind SPY at 80.1%.

T. Rowe Price Capital Appreciation Equity ETF is an equity fund that invests at least 80% of its assets in U.S. stock securities, typically focusing on large-cap companies while maintaining flexibility to concentrate in sectors such as information technology and healthcare. The fund carries a modest current distribution rate, distributes annually, and has a low expense ratio of 0.31%. The fund appeals to growth-oriented equity investors seeking exposure to U.S. large-cap stocks with the ability to shift sector allocations based on market opportunities.

TCAF performance versus SPY

Price and return data through 2026-10-16.

Total return is 70.4% over the past 3.3 years, 9.7 points behind SPY at 80.1%. Over the past year its total return — price change plus distributions reinvested — is 14.4%. Its deepest 1-year drawdown was 11.3%.

TCAF key facts

Distribution Safety Score™

50 · Unproven

Issuer

T. Rowe Price

Asset type

ETF

Asset class

Equity

Inception date

06/14/2023

Expense ratio

0.31%

Distribution rate

0.45%

Distribution frequency

Annual

Trailing yield

0.45%

Last close

$43.02 (as of 2026-10-16)

AUM

$9,110,131,892

Average volume

663195.0

Dividend

$0.192

Ex-dividend date

12/23/2025

Payment date

12/26/2025

Beta

0.94

How Dividend Vision calculates yield and returns

Distribution rate (0.45%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (0.45%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: T. Rowe Price; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TCAF risks and drawbacks

TCAF's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 11.3%.

Who may consider TCAF — and who may not

It is a weaker fit for investors who need monthly cash flow (TCAF pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on TCAF

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Frequently asked questions

More securities from T. Rowe Price.