ETF Evaluator:
T. Rowe Price Cap Apprec Prm Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
T. Rowe Price Cap Apprec Prm Inc ETF Overview
T. Rowe Price Cap Apprec Prm Inc ETF (TCAL) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2025.
The investment seeks to provide regular distributions while aiming for capital preservation with potential for capital appreciation.
The fund normally invests in equities, such as common stocks, and implements a covered call options strategy to achieve its investment objective. Specifically, the fund seeks to provide regular distributions that may consist of dividends from stocks and cash from the covered call option premiums.
About T. Rowe Price Cap Apprec Prm Inc ETF (TCAL)
There are 6 members of the management team with an average tenure of 1.35 years: David Giroux (2025), Farris Shuggi (2025), Justin Olsen (2025), Brian Solomon (2025), Mike Signore (2025) and Vivek Rajeswaran (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
T. Rowe Price Cap Apprec Prm Inc ETF has 382 securities in its portfolio. The top 10 holdings constitute 17.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Cap Apprec Prm Inc ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. T. Rowe Price Cap Apprec Prm Inc ETF has 3.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.0% There is 3.7% allocated to foreign stock, and 0.0% 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 Cap Apprec Prm Inc ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $284 million in total assets, which is below the $727 million average for the Derivative Income 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.
TCAL 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 Cap Apprec Prm Inc ETF expense ratio is below average compared to funds in the Derivative Income category. T. Rowe Price Cap Apprec Prm Inc ETF has an expense ratio of 0.34%, which is 59% lower than its category average, making the fund expense ratio grade a A. 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 Cap Apprec Prm Inc ETF has a portfolio turnover rate of 157%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, T. Rowe Price Cap Apprec Prm Inc ETF returned 2.7%, which earned it a grade of A, as the Derivative Income category had an average return of -1.5%. 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 Cap Apprec Prm Inc ETF has a trailing yield of 5.10%, which is below the 19.96% category average.
The fund normally distributes its income monthly 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 Cap Apprec Prm Inc ETF Grades
Year to date, the ETF has returned 1.9%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.4% over the past year (grade of D).
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TCAL 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 |
|
| TCAL Return (NAV) | 2.7% | 3.2% | 3.4% | na | na | na |
| TCAL Return (Price) | 3.2% | 3.5% | 3.3% | na | na | na |
| NAV +/- Price Return | -0.499% | -0.270% | 0.087% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| TCAL Grade (NAV) | A | C | D | na | na | na |
| +/- Category (NAV) | 4.2% | 2.6% | -7.9% | na | na | na |
| TCAL Tax-Cost Ratio | na | na | 2.0% | na | na | na |
TCAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TCAL Return (NAV) | 1.9% | na | na | na | na | na | na | na | na | na | na |
| TCAL Return (Price) | 2.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.339% | na | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| TCAL Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.1% |
| Total Assets: | $ 284 Mil |
| Share Class Assets: | $ 284 Mil |
| Turnover: | 157.4% |
| Expense Ratio: | 0.34% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Giroux David (2025), Shuggi Farris (2025), Olsen Justin (2025), Solomon Brian (2025), Signore Mike (2025), Rajeswaran Vivek (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 382 |
| % in Top 10 Holdings: | 17.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.7% |
Portfolio Allocation |
|
| Domestic Stock: | 95.0% |
| Foreign Stock: | 3.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.4% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | March 26, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.83% |
