ETF Evaluator:
T. Rowe Price Capital Apprec Eq ETF ()
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(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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ETF Details
T. Rowe Price Capital Apprec Eq ETF Overview
T. Rowe Price Capital Apprec Eq ETF (TCAF) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2023.
The investment seeks to provide long-term capital growth.
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities. The fund may purchase the stocks of companies of any size, but typically focuses on large U.S. companies. The fund may at times invest significantly in certain sectors, including the information technology and healthcare sectors. It is non-diversified.
About T. Rowe Price Capital Apprec Eq ETF (TCAF)
There are 4 members of the management team with an average tenure of 1.59 years: David Giroux (2023), Brian Solomon (2025), Mike Signore (2025) and Vivek Rajeswaran (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. T. Rowe Price Capital Apprec Eq ETF has 105 securities in its portfolio. The top 10 holdings constitute 39.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Capital Apprec Eq ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price Capital Apprec Eq ETF has 6.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.2% There is 6.1% allocated to foreign stock, and 1.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Capital Apprec Eq ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $8 billion in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TCAF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Capital Apprec Eq ETF expense ratio is below average compared to funds in the Large Blend category. T. Rowe Price Capital Apprec Eq ETF has an expense ratio of 0.31%, which is 25% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Capital Apprec Eq ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, T. Rowe Price Capital Apprec Eq ETF returned 1.0%, which earned it a grade of B, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price Capital Apprec Eq ETF has a trailing yield of 0.46%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Capital Apprec Eq ETF Grades
Year to date, the ETF has returned 8.7%, 0.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.9% over the past year (grade of D) and 17.0% over the past three years (grade of D).
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TCAF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TCAF Return (NAV) | 1.0% | 5.6% | 13.9% | 17.0% | na | na |
| TCAF Return (Price) | 0.9% | 5.6% | 13.8% | 16.9% | na | na |
| NAV +/- Price Return | 0.025% | -0.054% | 0.093% | 0.030% | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| TCAF Grade (NAV) | B | A | D | D | na | na |
| +/- Category (NAV) | 1.8% | 1.8% | -3.7% | -0.5% | na | na |
| TCAF Tax-Cost Ratio | na | na | 0.2% | 0.2% | na | na |
TCAF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TCAF Return (NAV) | 8.7% | 15.5% | 20.9% | na | na | na | na | na | na | na | na |
| TCAF Return (Price) | 8.6% | 15.5% | 20.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.016% | -0.006% | -0.000% | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| TCAF Grade (NAV) | D | C | D | na | na | na | na | na | na | na | na |
| +/- Category | -0.8% | 0.2% | -1.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.93 |
| R-Squared: | 95% |
| Standard Deviation: | 12.5% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.02 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 8,028 Mil |
| Share Class Assets: | $ 8,028 Mil |
| Turnover: | 29.3% |
| Expense Ratio: | 0.31% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Giroux David (2023), Solomon Brian (2025), Signore Mike (2025), Rajeswaran Vivek (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 105 |
| % in Top 10 Holdings: | 39.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 6.1% |
Portfolio Allocation |
|
| Domestic Stock: | 92.2% |
| Foreign Stock: | 6.1% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.7% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | June 14, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.31% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.41% |
