TCAF Fees and Costs — T. Rowe Price Capital Appreciation Equity ETF
Data updated: 2026-08-27
The net expense ratio is 0.31%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $599K in broker commissions, 0.0125% of average net assets, and portfolio turnover was 29%.
TCAF Fees and Expenses
Annual operating expenses and sales charges of TCAF. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.31% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.31% |
| Fee waiver | — |
| Net expense ratio | 0.31% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TCAF Costs Over Time
On $10,000 invested in TCAF, assuming 5% a year before costs, total costs come to $204 over 5 years, cutting the return by 0.34% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.31%) | $33 | $102 | $179 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $5 | $19 |
| Total costs | $34 | $112 | $204 |
| Value after costs | $10,466 | $11,465 | $12,558 |
| Impact on return, per year | 0.34% | 0.34% | 0.34% |
TCAF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0125%
- Total broker commissions: $599K
- Bought from dealers (principal trades, not a cost): $12.2M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
TCAF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Inc. | $160K | 27.95% |
| MORGAN STANLEY & CO. LLC | $86K | 14.98% |
| J.P. MORGAN SECURITIES LLC | $78K | 13.63% |
| BOFA SECURITIES, INC. | $72K | 12.50% |
| GOLDMAN SACHS & CO. LLC | $68K | 11.77% |
| TD Securities Ltd. | $34K | 5.92% |
| JEFFERIES LLC | $31K | 5.45% |
| BARCLAYS CAPITAL INC. | $24K | 4.16% |
| RBC Capital Markets, LLC | $16K | 2.77% |
| BMO Capital Markets Corp. | $5K | 0.87% |
TCAF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $2.3M | 24.71% |
| GOLDMAN SACHS & CO. LLC | $2.3M | 24.71% |
| J.P. MORGAN SECURITIES LLC | $1.3M | 14.14% |
| BOFA SECURITIES, INC. | $1.2M | 13.48% |
| JEFFERIES LLC | $370K | 4.04% |
| Citigroup Inc. | $370K | 4.04% |
| UBS AG | $370K | 4.04% |
| BARCLAYS CAPITAL INC. | $370K | 4.04% |
| Deutsche Bank Securities Inc. | $370K | 4.04% |
| EVERCORE GROUP L.L.C. | $254K | 2.77% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.