Which is cheaper, PCOV or TCAL?

PCOV and TCAL both charge 0.34% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PCOV vs TCAL: Dividend Yield & Total Return

PCOV and TCAL both write options for income.

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Net assets: $10m on Nov 2, 2026 for Principal Equity Premium Income ETF, and $324m on Nov 3, 2026 for T. Rowe Price Capital Appreciation Premium Income ETF.

PCOV on its own →TCAL on its own →

At a glance

1.9%

PCOV cash paid, since launch, Aug 19, 2026

11.4%

TCAL cash paid, 1 year

−0.1%

PCOV total return, since launch, Aug 19, 2026

+11.2%

TCAL total return, 1 year

PCOV · since launch to Nov 4, 2026 Not measured

PCOV

−0.1%

none

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

Total return, distributions reinvested

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

1.9% of it arrived as cash. Total return, distributions reinvested. PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% as cash

11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.34% a year; TCAL is far larger, $324m against $10m.

Points (pts) are percentage points.

PCOV vs TCAL: Dividend Yield & Total Return
Measure	PCOV	TCAL
Paid and earned
Measure	PCOV	TCAL
Total return, 1 year	not published	+11.2%
Price change	fell 2.0% (since Aug 19, 2026)	fell 1.2% (1 year)
Against its benchmark
Measure	PCOV	TCAL
Benchmark	not published	its own stocks
Cost and size
Measure	PCOV	TCAL
Expense ratio	0.34%	0.34%
Net assets, as of Nov 3, 2026	$10m	$324m
Holdings
Measure	PCOV	TCAL
Holdings in common	not published

Method

Side by side

PCOV Principal Equity Premium Income ETF · Covered call TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly

Issuer Principal T. Rowe Price

Strategy covered call covered call

Benchmark none TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Pays not established monthly

Payout rate, annualized 7.2% 13.0%

Expense ratio 0.34% 0.34%

Cash paid, 1 year 1.9% (since launch, Aug 19, 2026) 11.4%

Price change, 1 year −2.0% (since launch, Aug 19, 2026) −1.2%

Total return, 1 year −0.1% (since launch, Aug 19, 2026) +11.2%

Benchmark return, 1 year not published +14.6%

Ahead or behind not available −3.4 pts

Return of capital, latest estimate not published not published

Age 77 days 1.6 years

Net assets, PCOV as of Nov 2, 2026 and TCAL as of Nov 3, 2026 $10m $324m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: PCOV vs TCAL: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PCOV	TCAL	PCOV	TCAL	PCOV	TCAL
3 months	–	+5.3%	–	2.6%	–	−1.8 pts
6 months	–	+12.3%	–	6.3%	–	−0.9 pts
1 year	–	+11.2%	–	11.4%	–	−3.5 pts
Since launchNot the same days: PCOV Aug 2026 · TCAL Mar 2025	−0.1%	+12.0%	1.9%	16.9%	not measured	not measured

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Alert

About each fund

PCOV

Over the period from its first trade on Aug 19, 2026 to Nov 4, 2026, PCOV paid 1.9% of its starting value in cash distributions while its price fell 2.0%. With every distribution reinvested, the fund returned −0.1%. At its price on Nov 4, 2026 the latest distribution annualizes to 7.2%, paid periodically.

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

Questions people ask

Which is cheaper, PCOV or TCAL?: PCOV and TCAL both charge 0.34% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PCOV vs SCEP PCOV vs RNTY PCOV vs HEMI PCOV vs CVRD TCAL vs FDND TCAL vs XSHP TCAL vs DDDD TCAL vs YQQQ

Where to next

All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →PCOV on its own →TCAL on its own →PCOV dividend history →TCAL dividend history →TCAL holdings →Method →Standards and sources →

Sources and dates

PCOV filings on SEC EDGAR ↗

PCOV prospectus with the expense ratio (SEC) ↗

Principal website ↗

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, PCOV against TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/pcov-vs-tcal

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