What Is TCAF? T. Rowe Price Capital Appreciation Equity ETF

TCAF is T. Rowe Price Capital Appreciation Equity ETF, an ETF that tracks Actively managed, no tracked index at a 0.31% expense ratio. TCAF is actively managed rather than tracking an index, and invests in broad US large-cap equities. At 0.31% it costs more than the typical large blend fund, nearer 0.15%. The distribution yield is about 0.47%. It is relatively new, launched in 2023. The ten largest positions are roughly 41% of assets, with AMZN the biggest at 5.9%.

TCAF is issued by T. Rowe Price and tracks Actively managed, no tracked index, so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.

TCAF is weighted toward its largest constituents. As of August 2026, the top holdings are:

The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.

There are three common ways to get TCAF exposure. Buy shares (or fractional shares) of TCAF directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so TCAF sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. TCAF trades like a stock during market hours, so you buy it the same way you would any listed share.

New to buying funds? See how to buy an ETF, step by step.

Whether TCAF is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Actively managed, no tracked index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is TCAF a buy?

TCAF gives you Actively managed, no tracked index exposure in one ticker at a 0.31% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.

Whether TCAF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is TCAF a buy?

TCAF yields 0.47% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see TCAF dividend: yield and schedule.

New to funds like TCAF? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.