T. Rowe Price Capital Appreciation Premium Income ETF (TCAL)

The T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is an actively managed exchange-traded fund from T. Rowe Price that combines a multi-asset portfolio with an options-based income strategy.

The fund draws on the approach of T. Rowe Price's Capital Appreciation strategy, which blends stocks, bonds and other income-producing securities with a focus on limiting downside. On top of this core portfolio, the fund writes call options to generate premium income that it can distribute to shareholders, giving up some upside potential in exchange.

Its objective is to provide a high level of income along with the potential for capital appreciation, aiming for a smoother return profile than an all-equity fund.