T. Rowe Price Capital Appreciation Equity ETF

TCAF • ARCA

T. Rowe Price Capital Appreciation Equity ETF is an exchange-traded fund on ARCA. As of Q3 2025, 289 institutional investors hold shares in this ETF, with total holdings valued at $4.2B. PRICE T ROWE ASSOCIATES INC /MD/ is the largest holder with a position valued at $651.1M.

Overview

Overview of institutional ownership in TCAF as of Q3 2025

All Institutions

Institutions: 289
Value Held: $4.2B
Shares Held: 110.4M
Avg Position: $14.4M
Median Position: $2.0M

Hedge Funds

Hedge Funds: 5
Value Held: $5.4M
Shares Held: 142.4K
Avg Position: $1.1M
Median Position: $856.9K

Biggest Investors

Institutions with the largest positions in TCAF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$651.1M 0.07% of portfolio	17.3M shares	Q2 2024 Held for 1y 5m	$912.31B
L LPL Financial LLC Institution	-	$488.6M 0.14% of portfolio	13.0M shares	Q3 2023 Held for 2y 2m	$340.07B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$221.6M 0.07% of portfolio	5.9M shares	Q4 2024 Held for 11 months	$310.43B
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	Wayne Michael Bloom CEO	$188.2M 0.26% of portfolio	5.0M shares	Q3 2023 Held for 2y 2m	$71.1B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$124.0M 0.03% of portfolio	3.3M shares	Q3 2024 Held for 1y 2m	$488.50B
A Advisor Group Holdings, Inc. Institution	-	$117.1M 0.16% of portfolio	3.2M shares	Q2 2023 Held for 2y 5m	$71.0B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$115.0M 0.01% of portfolio	3.1M shares	Q2 2024 Held for 1y 5m	$1.65T
Baird Financial Group, Inc. Private Equity	Paul Lee Schultz General Counsel	$104.3M 0.17% of portfolio	2.8M shares	Q1 2024 Held for 1y 8m	$62.0B
ING INVESTMENT MANAGEMENT LLC Insurance Manager	Matthew Nmn Toms CEO	$96.2M 0.11% of portfolio	2.6M shares	Q1 2024 Held for 1y 8m	$88.4B
R ROYAL BANK OF CANADA Institution	-	$87.6M 0.02% of portfolio	2.3M shares	Q4 2023 Held for 1y 11m	$542.04B

Net Capital Flow

Institutional buying and selling activity for TCAF in Q3 2025

Traded: +$536.6M
Buyers: 208
Sellers: 68
Total Bought: +$571.2M
Total Sold: −$34.6M
Avg Position: $13.8M

Biggest Buyers

Institution	Net Bought	Current Position
L LPL Financial LLC Institution	+$84.1M +2.2M shares	$488.6M 13.0M shares
JPMORGAN CHASE & CO Institution	+$76.1M +2.0M shares	$78.3M 2.1M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$66.1M +1.8M shares	$651.1M 17.3M shares
AMERIPRISE FINANCIAL INC Institution	+$43.9M +1.2M shares	$44.1M 1.2M shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	+$27.5M +730.6K shares	$188.2M 5.0M shares
WELLS FARGO & COMPANY/MN Institution	+$26.0M +689.0K shares	$124.0M 3.3M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$19.9M +526.8K shares	$221.6M 5.9M shares
S SageView Advisory Group, LLC RIA/Wealth	+$18.8M +498.3K shares	$18.8M 498.3K shares
A Advisor Group Holdings, Inc. Institution	+$13.9M +375.9K shares	$117.1M 3.2M shares
Cetera Investment Advisers RIA/Wealth	+$11.5M +304.3K shares	$40.8M 1.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$8.0M −211.7K shares	$96.2M 2.6M shares
Presper Financial Architects, LLC RIA/Wealth	−$4.4M −115.7K shares	$928.9K 24.6K shares
TTP Investments, Inc. RIA/Wealth	−$3.6M −95.4K shares	$59.2M 1.6M shares
Diversified Trust Co RIA/Wealth	−$3.2M −89.7K shares	Sold Off 0 shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$2.5M −66.0K shares	$11.4M 301.3K shares
FINANCIAL CONSULATE, INC RIA/Wealth	−$2.2M −58.3K shares	$17.2M 456.5K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$1.0M −29.4K shares	Sold Off 0 shares
B Beaumont Financial Advisors, LLC Institution	−$844.7K −22.4K shares	$19.9M 528.9K shares
N N.E.W. Advisory Services LLC RIA/Wealth	−$834.0K −22.1K shares	$245.8K 6.5K shares
R Resources Investment Advisors, Inc. Pension/Endowment	−$787.3K −20.9K shares	$28.6M 759.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TCAF in Q3 2025

New Positions: 26
New Value: $30.6M
Exited Positions: 12
Exited Value: $5.6M

New Positions

Institution	Position Value
S SageView Advisory Group, LLC RIA/Wealth	$18.8M 498.3K shares
Summit Financial, LLC RIA/Wealth	$2.4M 64.9K shares
G GTS SECURITIES LLC Institution	$1.9M 50.9K shares
Peak Asset Management, LLC RIA/Wealth	$1.7M 44.0K shares
NGAM ADVISORS, L.P. Long Only Manager	$1.2M 31.9K shares
Kingsview Wealth Management, LLC RIA/Wealth	$796.5K 21.1K shares
Gateway Wealth Partners, LLC RIA/Wealth	$565.0K 15.0K shares
PFG Financial Advisors RIA/Wealth	$390.3K 10.4K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$374.8K 9.9K shares
Vestmark Advisory Solutions, Inc. Fund of Funds	$374.8K 9.9K shares

Exited Positions

Institution	Previous Position
Diversified Trust Co RIA/Wealth	$3.2M 89.7K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	$1.0M 29.4K shares
A Annex Advisory Services, LLC Institution	$286.5K 8.1K shares
D D. E. Shaw & Co., Inc. Institution	$277.2K 7.9K shares
Strategic Blueprint, LLC RIA/Wealth	$237.3K 6.7K shares
X XTX Topco Ltd Institution	$234.2K 6.6K shares
AssuredPartners Investment Advisors, LLC RIA/Wealth	$212.1K 6.0K shares
WINNOW WEALTH LLC RIA/Wealth	$121.7K 3.5K shares
F First Pacific Financial RIA/Wealth	$16.2K 459.0 shares
PNC FINANCIAL SERVICES GROUP, INC. Institution	$8.2K 233.0 shares

Options Activity

Institutions with the largest Call and Put options positions in TCAF as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with TCAF as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
TTP Investments, Inc. RIA/Wealth	Harris Wayne Willner President	18.97% $59.2M	1.6M shares	Q4 2023 Held for 1y 11m	$312.0M
McCarthy & Cox RIA/Wealth	James B Cox CEO	15.92% $38.9M	1.0M shares	Q1 2024 Held for 1y 8m	$244.5M
C CORA CAPITAL ADVISORS LLC RIA/Wealth	Salvatore John Cocivera President	13.70% $32.0M	849.7K shares	Q2 2023 Held for 2y 5m	$233.9M
McCarthy Asset Management, Inc. RIA/Wealth	Stephen Peter Mccarthy President	13.10% $20.4M	541.2K shares	Q2 2023 Held for 2y 5m	$155.8M
D DKM Wealth Management, Inc. RIA/Wealth	Daniel Miladinovich CEO	12.99% $14.3M	380.4K shares	Q4 2024 Held for 11 months	$110.4M
A ADE, LLC Institution	-	10.10% $20.0M	530.2K shares	Q4 2023 Held for 1y 11m	$197.8M
PYA Waltman Capital, LLC RIA/Wealth	Jack William Waltman President	8.49% $31.7M	840.2K shares	Q3 2023 Held for 2y 2m	$373.2M
4J Wealth Management LLC RIA/Wealth	Jennifer Rose Hutton Managing Partner	6.15% $10.1M	267.6K shares	Q3 2023 Held for 2y 2m	$164.0M
CERTIOR FINANCIAL GROUP, LLC RIA/Wealth	Avi No Middle Name Kantor Managing Partner	5.69% $8.2M	218.3K shares	Q4 2024 Held for 11 months	$144.5M
Forge Financial Services LLC RIA/Wealth	Charlotte Nanette Shaw CEO	5.61% $12.0M	315.0K shares	Q4 2024 Held for 11 months	$213.4M

Hedge Fund Spotlight

Discover hedge funds investing in TCAF

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in T. Rowe Price Capital Appreciation Equity ETF

Market Value: $354.4K
Shares Held: 9.4K
Portfolio Weight: 0.00%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$4.1B	2.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%