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TCAL T. Rowe Price Capital Appreciation Premium Income ETF

Covered call on SPY, paying monthly

Over the year to Sep 11, 2026, TCAL paid 11.3% in cash and still finished 15.0 points behind SPY.

T. Rowe Price · Income ETFs · data as of

Key facts

11.3%Cash paid, 1 year, on its starting price
+2.5%Total return, 1 year
−15.0 ptsAgainst SPY
9.3%Latest payout, annualized

Method

ETFIQ Return Stability Score

20.8145th of 161

TCAL paid 11.3% in cash. Its price fell 9.0%, so 80% of what you were paid came back out of your own capital.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −38.1 ptsMDST −30.2 ptsSLTY −29.1 ptsBLOX −27.8 ptsEIPI −27.8 ptsYQQQ −27.6 ptsULTY −23.3 ptsGDXY −22.0 ptsHIGH −20.8 ptsTOPW −18.6 ptsTDVI −18.3 ptsYMAX −18.1 ptsHISF −17.3 ptsACKY −17.2 ptsWEEI −16.9 ptsNDIV −16.6 ptsLQDW −16.2 ptsOARK −15.8 ptsFDND −15.5 ptsQRMI −14.8 ptsSDVD −14.8 ptsLFGY −14.5 ptsSLJY −14.5 ptsSCLZ −14.1 ptsYFYA −13.9 ptsQUSA −13.5 ptsHYGW −13.0 ptsJULH −13.0 ptsXLRI −13.0 ptsMAGY −12.9 ptsYYY −12.7 ptsXLKI −12.6 ptsJULJ −12.4 ptsLJUL −12.4 ptsJANJ −12.3 ptsLJAN −12.3 ptsFGSI −12.2 ptsLOCT −12.1 ptsRNTY −12.1 ptsAIPI −12.0 ptsIWMY −12.0 ptsOCTJ −11.9 ptsHIPS −11.7 ptsJUCY −11.6 ptsXLEI −11.6 ptsAPRJ −11.3 ptsLAPR −11.3 ptsXISE −11.3 ptsXIJN −11.1 ptsCVRD −11.0 ptsJANH −11.0 ptsAPRH −10.9 ptsXBTY −10.7 ptsXIDE −10.7 ptsOCTH −10.6 ptsJEPI −10.3 ptsXIMR −10.1 ptsSRHR −9.7 ptsXRMI −8.7 ptsVEGA −8.3 ptsBUYW −8.2 ptsIAUI −7.9 ptsBAGY −7.7 ptsXV −7.5 ptsKHPI −7.3 ptsYBTC −7.3 ptsFTHI −7.0 ptsYLDE −6.8 ptsIGLD −6.1 ptsQQQI −6.1 ptsRDVI −6.0 ptsSPIN −5.9 ptsFEPI −5.8 ptsIWMW −5.8 ptsTYLG −5.7 ptsBITY −5.6 ptsSPUT −5.4 ptsWTPI −5.2 ptsPAPI −4.7 ptsXLVI −4.7 ptsETCO −4.3 ptsJEPQ −4.1 ptsCAIE −4.0 ptsFTKI −3.9 ptsGPTY −3.7 ptsIQQQ −3.7 ptsGIAX −3.4 ptsBIGY −3.3 ptsISPY −3.1 ptsRYLD −3.1 ptsWEEL −2.9 ptsYMAG −2.9 ptsRDTY −2.6 ptsXLBI −2.5 ptsNBOS −1.8 ptsRYLG −1.8 ptsSPYI −1.7 ptsFTQI −1.6 ptsKNG −1.6 ptsTSPY −1.6 ptsTHTA −1.5 ptsQQQY −1.3 ptsRDTE −1.3 ptsDIVO −1.2 ptsSIXH −1.2 ptsXYLD −1.2 ptsDFII −1.1 ptsGPIQ −1.1 ptsQDTY −1.1 ptsXYLG −1.1 ptsXDTE −0.9 ptsQDTE −0.7 ptsQYLD −0.7 ptsXLII −0.7 ptsXPAY −0.7 ptsEGGY −0.6 ptsJOYT −0.6 ptsSDTY −0.6 ptsWDTE −0.4 ptsBTCC −0.3 ptsQYLG −0.3 ptsGPIX 0.0 ptsDJIA +0.1 ptsDYLG +0.3 ptsIWMI +0.3 ptsKGLD +0.3 ptsXLFI +0.3 ptsIVVW +0.4 ptsLTTI +0.5 ptsLQTI +0.6 ptsPBP +0.6 ptsHYTI +0.9 ptsTDAQ +0.9 ptsCSHI +1.3 ptsBALI +1.4 ptsYETH +1.5 ptsHYBL +1.6 ptsXLUI +1.6 ptsCHPY +1.9 ptsBTCI +2.1 ptsSOXY +2.3 ptsITWO +2.5 ptsDOGG +2.7 ptsCEPI +2.9 ptsXLYI +2.9 ptsYBIT +2.9 ptsTLTP +3.4 ptsDUBS +4.0 ptsSEPI +4.7 ptsXLCI +5.2 ptsIDVO +5.4 ptsTLTW +5.4 ptsBCCC +6.3 ptsOMAH +6.5 ptsIDUB +6.9 ptsXLSI +8.8 ptsUSOY +10.5 ptsBUCK +10.9 ptsKLIP +20.9 ptsNVYY +24.6 ptsTCAL −15.0 ptsTCAL −15.0 pts−38.1 pts+24.6 pts

12.1% of the 161 sit at or below TCAL on this measure.

What happened to the principal
ETCO −75.0%XBTY −74.7%YETH −67.4%YBTC −61.4%BTCC −59.9%YBIT −58.9%BAGY −58.0%SLTY −54.4%ULTY −53.3%NVYY −52.4%BITY −51.9%BCCC −49.4%BTCI −46.9%DFII −44.8%LFGY −43.0%YMAX −41.0%BLOX −38.8%TOPW −36.6%OARK −33.3%KLIP −32.8%GDXY −32.5%YMAG −27.1%YQQQ −26.3%MAGY −25.8%IWMY −23.1%CEPI −21.0%RDTY −19.9%RDTE −19.4%QDTE −18.5%EGGY −15.1%TLTP −14.5%XLYI −14.1%LTTI −13.8%ACKY −13.7%WDTE −13.7%QQQY −13.0%QDTY −12.8%XDTE −12.8%AIPI −12.2%QUSA −11.8%LQTI −10.4%TLTW −10.3%SDTY −9.9%GIAX −9.8%XLUI −9.5%HIGH −9.3%LQDW −9.3%FEPI −8.5%XV −8.4%IGLD −8.1%XLRI −8.0%XLCI −7.9%FDND −7.6%YYY −7.5%XLSI −7.3%RNTY −6.5%HYTI −6.3%GPTY −6.0%OMAH −6.0%XLBI −5.7%HYGW −5.6%IWMW −5.3%HIPS −5.2%XPAY −4.9%HISF −4.7%QRMI −4.2%USOY −4.0%XLFI −3.8%FGSI −3.2%BUCK −2.5%HYBL −2.5%JUCY −2.3%XRMI −2.3%MLPD −1.7%CAIE −1.6%IAUI −1.6%YFYA −1.6%IVVW −1.4%CVRD −1.3%JEPI −1.1%KNG −0.9%XIJN −0.7%JULJ −0.6%WTPI −0.5%CSHI −0.4%JULH −0.3%LJUL −0.2%XISE 0.0%JANH +0.1%JANJ +0.1%LAPR +0.1%LOCT +0.1%LJAN +0.2%OCTJ +0.2%XLII +0.2%APRJ +0.3%OCTH +0.3%XIDE +0.3%XIMR +0.4%APRH +0.5%TSPY +0.6%KHPI +0.7%BIGY +0.8%WEEL +0.9%SRHR +1.0%FTHI +1.1%QQQI +1.5%XLVI +2.1%SPYI +2.6%QYLG +2.8%YLDE +2.8%BUYW +2.9%SDVD +3.0%XYLG +3.4%KGLD +3.8%THTA +3.9%DJIA +4.2%FTKI +4.3%SCLZ +4.4%PAPI +4.5%RYLD +4.7%XLKI +5.0%PBP +5.1%IWMI +5.3%DYLG +5.4%TDAQ +5.9%XYLD +5.9%JEPQ +6.0%SPIN +6.1%NBOS +6.5%SPUT +6.5%RYLG +7.1%GPIX +7.9%FTQI +8.0%DOGG +8.2%ISPY +8.4%QYLD +8.4%DIVO +8.9%MDST +9.3%VEGA +9.4%BALI +9.5%GPIQ +9.8%SLJY +11.0%RDVI +11.7%TDVI +11.7%IQQQ +12.3%SEPI +13.8%XLEI +13.8%SIXH +14.1%ITWO +14.3%EIPI +14.6%JOYT +16.1%IDVO +16.4%DUBS +18.9%WEEI +18.9%IDUB +19.0%TYLG +21.2%NDIV +22.9%CHPY +24.9%SOXY +68.6%TCAL −9.0%TCAL −9.0%−75.0%+68.6%

29.5% of the 161 sit at or below TCAL on this measure.

Weighted evenly, those two positions are what the score combines, across the 161 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark−15.0 pts12.150%
what happened to the principal−9.0%29.550%

All income ETFs ranked by this score · How it is computed

60th of 68 income ETFs writing on SPY, by return against it 65th of 354 income ETFs by net assets

What a holder got

TCAL against SPYTCAL returned +2.5% with distributions reinvested against +17.5% for S&P 500 (SPY), used as a default proxy, a gap of −15.0 pts. Of that, 11.3% arrived as cash rather than price.+2.5%TCAL total return+17.5%S&P 500 (SPY), used as a default proxy11.3% as cash

Over the year to Sep 11, 2026, TCAL returned +2.5% with distributions reinvested and S&P 500 (SPY), used as a default proxy returned +17.5%, so a holder came out behind it by 15.0 points. The lighter segment is the 11.3% that arrived as cash rather than as price.

Its ten largest equity positions

TCAL top ten by weight, 17.6% of its 99 equity positions, from the holdings filed for Jun 30, 2026. The options the fund writes are not positions of this kind and are not listed. Source: the fund’s SEC filing.
HoldingWeight
DANAHER CORP2.01%
WATERS CORP1.97%
VERALTO CORP1.87%
WASTE CONNECTIONS INC1.80%
YUM BRANDS INC1.72%
MCDONALD S CORP1.70%
VISA INC-CLASS A SHARES1.69%
LINDE PLC1.63%
LOCKHEED MARTIN CORP1.60%
NORTHROP GRUMMAN CORP1.56%

Method

Period by period

TCAL over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnSPYAhead or behind
3 months3.5%+0.5%+4.0%+3.3%+0.7 pts
6 months6.1%−2.8%+3.4%+16.0%−12.6 pts
1 year11.3%−9.0%+2.5%+17.5%−15.0 pts
Since launch15.2%−11.1%+4.5%+36.7%−32.2 pts

Method

When TCAL pays

TCAL pays monthly. The last distribution was $0.1739 a share, which went ex on Aug 31, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 30 days the ex-date falls near Sep 30, 2026; that date is an ETFIQ projection, not the issuer’s.

Expected distributions for TCAL. Where the basis is a projection, ETFIQ has carried the fund’s own spacing forward from its last ex-date and held the amount at the last one paid; neither is an issuer statement. Source: ETFIQ.
Ex-datePay dateAmountBasis
Sep 30, 2026Oct 2, 2026$0.1739ETFIQ projection from the fund’s own cadence
Every distribution ETFIQ holds for TCAL (13, most recent first)
Cash distributions per share for TCAL. Source: ETFIQ from Tiingo end-of-day distributions.
Ex-dateAmount
Aug 31, 2026$0.1739
Jul 31, 2026$0.2502
Jun 30, 2026$0.1801
Jun 25, 2026$0.18
May 26, 2026$0.193
Apr 27, 2026$0.21
Mar 26, 2026$0.2205
Feb 24, 2026$0.1792
Jan 27, 2026$0.2568
Dec 23, 2025$0.2215
Nov 24, 2025$0.2116
Oct 28, 2025$0.2969
Sep 25, 2025$0.1991

Every income ETF going ex-dividend in the next fortnight

Method

In plain words

Since it launched on Mar 27, 2025, TCAL has returned +4.5% with distributions reinvested, against +36.7% for S&P 500 (SPY), used as a default proxy, and has paid out 15.2% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 9.3%. No Rule 19a-1 notice has been published for this fund, so there is no issuer estimate of how much of its distributions was a return of capital.

TCAL (T. Rowe Price Capital Appreciation Premium Income ETF), income ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Strategycovered call
BenchmarkS&P 500 (SPY), used as a default proxy (proxy)
Paysmonthly
Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$276m
Latest payout, annualized (ETFIQ)9.3%
Expense ratio (485BPOS XBRL, Feb 25, 2026)0.34%
Cash paid, last 12 months, over today’s price (ETFIQ)12.4%
LaunchedMar 27, 2025
Paysmonthly
Typical gap between ex-dates30 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.1739 ex Aug 31, 2026
Sum of the last 12 distributions$2.5737

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has TCAL paid over the last year?
Over the year to Sep 11, 2026, TCAL paid 11.3% of its starting price in cash distributions, while the price fell 9.0%.
Is TCAL ahead of SPY?
Over the year to Sep 11, 2026, with every distribution reinvested, TCAL returned +2.5% against +17.5% for S&P 500 (SPY), used as a default proxy, so a holder was behind it by 15.0 points.
How often does TCAL pay, and how much?
TCAL pays monthly. The latest distribution annualizes to 9.3% at its price on Sep 11, 2026, which is not a promise; the next one can differ.
When does TCAL next pay a distribution?
TCAL pays monthly. The last distribution went ex on Aug 31, 2026 at $0.1739 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Sep 30, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does TCAL cost?
The prospectus expense ratio is 0.34% a year.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

Funds near this one

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TCAL payout bar, ETFIQ

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Where TCAL is written about

TCAL, Income ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open TCAL live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, TCAL, income ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/tcal Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources