Vault-13

T ROWE PRICE ETF INC TCAF

CAP APPRECIATION · ETP · CUSIP 87283Q867

332 institutional holders +37 vs Q3 2025
122,381,177122.4m shares reported held*
$4.6bnreported value*
30 new 197 added 62 reduced 13 sold out net bought ≈ $205.2m (+8.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $37.19.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q2 23: 12Q3 23: 49Q4 23: 124Q1 24: 165Q2 24: 204Q3 24: 214Q4 24: 248Q1 25: 255Q2 25: 278Q3 25: 295Q4 25: 332332Q2 23Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 202312
Q3 202349
Q4 2023124
Q1 2024165
Q2 2024204
Q3 2024214
Q4 2024248
Q1 2025255
Q2 2025278
Q3 2025295
Q4 2025332

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q1 24: 136 bought or addedQ1 24: 28 cut or sold outQ2 24: 160 bought or addedQ2 24: 34 cut or sold outQ2 24Q3 24: 163 bought or addedQ3 24: 44 cut or sold outQ4 24: 185 bought or addedQ4 24: 43 cut or sold outQ4 24Q1 25: 196 bought or addedQ1 25: 63 cut or sold outQ2 25: 199 bought or addedQ2 25: 74 cut or sold outQ2 25Q3 25: 205 bought or addedQ3 25: 73 cut or sold outQ4 25: 227 bought or addedQ4 25: 75 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202413628
Q2 202416034
Q3 202416344
Q4 202418543
Q1 202519663
Q2 202519974
Q3 202520573
Q4 202522775

Biggest buyers

Corient Private Wealth LP Added +3,227,537+3.2m
LPL Financial LLC Added +1,969,844+2.0m
PRICE T ROWE ASSOCIATES INC /MD/ Added +1,799,525+1.8m
KINTRA WEALTH, LLC New +1,029,276+1.0m
Aprio Wealth Management, LLC New +474,940+474.9k
GREAT VALLEY ADVISOR GROUP, INC. Added +402,298+402.3k
JONES FINANCIAL COMPANIES LLLP Added +328,144+328.1k
Cetera Investment Advisers Added +303,211+303.2k
BANK OF AMERICA CORP /DE/ Added +268,135+268.1k
UBS Group AG Added +267,154+267.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,780,038-2.8m
McCarthy & Cox Reduced -1,016,207-1.0m
TTP Investments, Inc. Reduced -733,702-733.7k
RAYMOND JAMES FINANCIAL INC Reduced -462,171-462.2k
Mesirow Financial Investment Management, Inc. Reduced -366,614-366.6k
Cambridge Investment Research Advisors, Inc. Reduced -120,293-120.3k
Fortis Group Advisors, LLC Reduced -114,770-114.8k
Strategic Financial Concepts, LLC Sold out -113,905-113.9k
HRT FINANCIAL LP Sold out -107,525-107.5k
Sharkey, Howes & Javer Reduced -73,235-73.2k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio BALTIMORE, MD 19,069,10719.1m $730.3m $730.3m 0.08% Added +1.8m +1,799,525
2 LPL Financial LLC 0.16% of their portfolio FORT MILL, SC 14,929,03814.9m $570.6m $570.6m 0.16% Added +2.0m +1,969,844
3 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 5,415,9945.4m $207.0m $207.0m 0.06% Reduced -462.2k -462,171
4 COMMONWEALTH EQUITY SERVICES, LLC 0.27% of their portfolio WALTHAM, MA 5,233,6385.2m $200.0m $200.0m 0.27% Added +240.4k +240,368
5 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 3,531,4733.5m $135.0m $135.0m 0.03% Added +242.3k +242,301
6 OSAIC HOLDINGS, INC. 0.19% of their portfolio SCOTTSDALE, AZ 3,381,3373.4m $129.3m $129.3m 0.19% Added +217.0k +216,958
7 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 3,326,6903.3m $7.5m $7.5m 0.01% Added +3.2m +3,227,537
8 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 3,290,8683.3m $125.8m $125.8m 0.01% Added +239.6k +239,586
9 Baird Financial Group, Inc. 0.17% of their portfolio MILWAUKEE, WI 2,796,8162.8m $106.9m $106.9m 0.17% Added +31.0k +30,965
10 VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio ATLANTA, GA 2,545,9992.5m $97.3m $97.3m 0.10% Reduced -5.2k -5,202
11 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,444,6542.4m $93.4m $93.4m 0.02% Added +121.4k +121,440
12 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.11% of their portfolio PLYMOUTH, MN 2,151,8012.2m $83.3m $83.3m 0.11% Added +177.5k +177,483
13 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,769,9731.8m $67.6m $67.6m 0.01% Reduced -44.2k -44,168
14 Cambridge Investment Research Advisors, Inc. 0.17% of their portfolio FAIRFIELD, IA 1,725,3521.7m $65.9m $65.9m 0.17% Reduced -120.3k -120,293
15 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,713,3451.7m $65.5m $65.5m 0.00% Added +268.1k +268,135
16 JONES FINANCIAL COMPANIES LLLP 0.04% of their portfolio DES PERES, MO 1,634,7401.6m $62.5m $62.5m 0.04% Added +328.1k +328,144
17 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 1,440,1751.4m $55.0m $55.0m 0.05% Added +10.9k +10,909
18 Cetera Investment Advisers 0.06% of their portfolio SCHAUMBURG, IL 1,384,5221.4m $52.9m $52.9m 0.06% Added +303.2k +303,211
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,373,2961.4m $52.5m $52.5m 0.00% Reduced -2.8m -2,780,038
20 CPC Advisors, LLC 5.24% of their portfolio Atlanta, GA 1,359,0011.4m $51.9m $51.9m 5.24% Added +3.1k +3,150
21 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 1,314,9301.3m $50.2m $50.2m 0.01% Added +144.2k +144,229
22 Modern Wealth Management, LLC 0.89% of their portfolio KANSAS CITY, MO 1,279,6611.3m $48.9m $48.9m 0.89% Reduced -7.3k -7,281
23 GREAT VALLEY ADVISOR GROUP, INC. 0.87% of their portfolio WILMINGTON, DE 1,187,5821.2m $45.4m $45.4m 0.87% Added +402.3k +402,298
24 LEVEL FOUR ADVISORY SERVICES, LLC 1.45% of their portfolio DALLAS, TX 1,159,9011.2m $44.3m $44.3m 1.45% Added +201.9k +201,929
25 PYA Waltman Capital, LLC 11.25% of their portfolio KNOXVILLE, TN 1,095,8121.1m $41.9m $41.9m 11.25% Added +255.6k +255,566
26 KINTRA WEALTH, LLC 5.49% of their portfolio WILLIAMSPORT, PA 1,029,2761.0m $39.3m $39.3m 5.49% New
27 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,010,8431.0m $38.6m $38.6m 0.01% Added +267.2k +267,154
28 Mesirow Financial Investment Management, Inc. 0.71% of their portfolio CHICAGO, IL 905,301905.3k $34.6m $34.6m 0.71% Reduced -366.6k -366,614
29 CORA CAPITAL ADVISORS LLC 13.43% of their portfolio MARLTON, NJ 902,349902.3k $34.5m $34.5m 13.43% Added +52.6k +52,612
30 TTP Investments, Inc. 10.29% of their portfolio San Jose, CA 824,289824.3k $31.5m $31.5m 10.29% Reduced -733.7k -733,702
31 Private Advisor Group, LLC 0.14% of their portfolio MORRISTOWN, NJ 787,017787.0k $30.1m $30.1m 0.14% Added +148.4k +148,360
32 Souders Financial Advisors 3.25% of their portfolio CINCINNATI, OH 741,865741.9k $28.4m $28.4m 3.25% Added +16.7k +16,739
33 OneDigital Investment Advisors LLC 0.27% of their portfolio OVERLAND PARK, KS 732,336732.3k $28.0m $28.0m 0.27% Reduced -26.7k -26,669
34 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 706,012706.0k $27.0m $27.0m 0.11% Added +24.0k +23,963
35 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.02% of their portfolio MILWAUKEE, WI 691,712691.7k $26.4m $26.4m 0.02% Added +124.1k +124,134
36 McCarthy Asset Management, Inc. 11.48% of their portfolio REDWOOD SHORES, CA 575,554575.6k $22.0m $22.0m 11.48% Added +34.4k +34,382
37 ADE, LLC 10.29% of their portfolio BALTIMORE, MD 556,039556.0k $21.3m $21.3m 10.29% Added +25.9k +25,883
38 Cornerstone Advisory, LLC 1.99% of their portfolio HUNT VALLEY, MD 546,080546.1k $20.9m $20.9m 1.99% Added +6.0k +6,046
39 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 528,188528.2k $20.2m $20.2m 0.05% Added +90.7k +90,653
40 Beaumont Financial Advisors, LLC 1.32% of their portfolio NEEDHAM, MA 525,983526.0k $20.1m $20.1m 1.32% Reduced -2.9k -2,880
41 Arcus Capital Partners, LLC 6.78% of their portfolio ATLANTA, GA 494,343494.3k $18.9m $18.9m 6.78% Added +173.5k +173,476
42 SageView Advisory Group, LLC 0.63% of their portfolio Newport Beach, CA 485,896485.9k $18.6m $18.6m 0.63% Reduced -12.4k -12,358
43 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 484,204484.2k $10.3m $10.3m 0.02% Added +236.5k +236,513
44 Aprio Wealth Management, LLC 1.04% of their portfolio ATLANTA, GA 474,940474.9k $18.2m $18.2m 1.04% New
45 Ausdal Financial Partners, Inc. 0.83% of their portfolio Davenport, IA 470,461470.5k $18.0m $18.0m 0.83% Added +75.9k +75,947
46 FINANCIAL CONSULATE, INC 2.31% of their portfolio HUNT VALLEY, MD 441,925441.9k $16.9m $16.9m 2.31% Reduced -14.6k -14,566
47 EASTERN BANK 0.29% of their portfolio BOSTON, MA 435,603435.6k $16.6m $16.6m 0.29% Added +16.6k +16,648
48 DKM Wealth Management, Inc. 11.72% of their portfolio STOCKTON, CA 410,943410.9k $15.7m $15.7m 11.72% Added +30.5k +30,545
49 Capital Analysts, LLC 0.41% of their portfolio FORT WASHINGTON, PA 391,792391.8k $15.0m $15.0m 0.41% Added +31.8k +31,752
50 Composition Wealth, LLC 0.21% of their portfolio LOS ANGELES, CA 391,530391.5k $15.0m $15.0m 0.21% Added +9.2k +9,190
51 MENORA MIVTACHIM HOLDINGS LTD. 0.07% of their portfolio Ramat Gan, L3 390,873390.9k $14.9m $14.9m 0.07% Added +36.5k +36,544
52 D.A. DAVIDSON & CO. 0.09% of their portfolio GREAT FALLS, MT 383,875383.9k $14.7m $14.7m 0.09% Added +8.5k +8,466
53 ARS Wealth Advisors Group, LLC 1.32% of their portfolio St. Petersburg, FL 383,326383.3k $14.7m $14.7m 1.32% Added +31.6k +31,560
54 Prospera Financial Services Inc 0.23% of their portfolio Dallas, TX 365,403365.4k $14.0m $14.0m 0.23% Added +34.1k +34,087
55 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 361,577361.6k $13.8m $13.8m 0.02% Added +23.6k +23,551
56 Harfst & Associates, Inc. 2.45% of their portfolio Sheridan, WY 355,221355.2k $13.6m $13.6m 2.45% Added +34.4k +34,417
57 National Wealth Management Group, LLC 4.66% of their portfolio CINCINNATI, OH 351,421351.4k $13.4m $13.4m 4.66% Reduced -14.6k -14,609
58 IFG Advisory, LLC 0.57% of their portfolio ATLANTA, GA 344,120344.1k $13.2m $13.2m 0.57% Reduced -9.3k -9,269
59 Principle Wealth Partners LLC 0.74% of their portfolio MADISON, CT 342,637342.6k $13.1m $13.1m 0.74% Reduced -499 -499
60 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 338,943338.9k $13.0m $13.0m 0.00% Added +37.7k +37,682
61 PARSONS CAPITAL MANAGEMENT INC/RI 0.69% of their portfolio PROVIDENCE, RI 329,503329.5k $12.6m $12.6m 0.69% Added +6.5k +6,465
62 Forge Financial Services LLC 5.17% of their portfolio EDMOND, OK 316,641316.6k $12.1m $12.1m 5.17% Added +1.6k +1,596
63 Onyx Bridge Wealth Group LLC 1.26% of their portfolio TARRYTOWN, NY 309,197309.2k $11.8m $11.8m 1.26% Added +17.0k +16,977
64 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 304,262304.3k $11.6m $11.6m 0.03% Added +174.2k +174,188
65 Waverly Advisors, LLC 0.09% of their portfolio BIRMINGHAM, AL 299,867299.9k $11.5m $11.5m 0.09% Added +208 +208
66 Allworth Financial LP 0.05% of their portfolio FOLSOM, CA 294,828294.8k $11.3m $11.3m 0.05% Added +8.1k +8,093
67 Advocate Investing Services LLC 9.72% of their portfolio WOODBINE, MD 283,904283.9k $10.9m $10.9m 9.72% First filing
68 MTM Investment Management, LLC 3.45% of their portfolio SPARTANBURG, SC 282,873282.9k $10.8m $10.8m 3.45% Reduced -3.1k -3,117
69 4J Wealth Management LLC 6.12% of their portfolio MCLEAN, VA 279,558279.6k $10.7m $10.7m 6.12% Added +12.0k +11,974
70 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 278,571278.6k $10.6m $10.6m 0.01% Added +24.7k +24,671
71 NewEdge Advisors, LLC 0.04% of their portfolio NEW ORLEANS, LA 264,933264.9k $10.1m $10.1m 0.04% Added +136.0k +135,997
72 World Investment Advisors 0.16% of their portfolio LINCROFT, NJ 253,340253.3k $9.7m $9.7m 0.16% Added +10.4k +10,390
73 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.51% of their portfolio CEDAR RAPIDS, IA 253,235253.2k $9.7m $9.7m 0.51% Added +4.0k +3,997
74 Keystone Financial Group 0.71% of their portfolio LEXINGTON, KY 252,587252.6k $9.7m $9.7m 0.71% Added +6.0k +6,034
75 Beacon Financial Advisory LLC 2.20% of their portfolio CLEVELAND, OH 248,183248.2k $9.5m $9.5m 2.20% Added +3.8k +3,826
76 Ledyard National Bank 0.76% of their portfolio HANOVER, NH 230,427230.4k $8.8m $8.8m 0.76% Added +1.0k +1,028
77 CERTIOR FINANCIAL GROUP, LLC 5.88% of their portfolio KING OF PRUSSIA, PA 225,887225.9k $8.6m $8.6m 5.88% Added +7.6k +7,613
78 NCM Capital Management, LLC 3.16% of their portfolio RAMSEY, NJ 222,971223.0k $8.5m $8.5m 3.16% Added +44.5k +44,490
79 Garden State Investment Advisory Services LLC 2.01% of their portfolio Red Bank, NJ 221,117221.1k $8.5m $8.5m 2.01% Added +2.5k +2,538
80 WCG Wealth Advisors LLC 0.24% of their portfolio LAS VEGAS, NV 220,289220.3k $8.4m $8.4m 0.24% Added +46.0k +46,022
81 Essex Financial Services, Inc. 0.47% of their portfolio ESSEX, CT 217,414217.4k $8.3m $8.3m 0.47% Added +17.0k +16,996
82 Carson Advisory Inc. 4.18% of their portfolio ATHENS, GA 210,373210.4k $8.0m $8.0m 4.18% Added +24.4k +24,393
83 Stratos Wealth Advisors, LLC 0.38% of their portfolio BEACHWOOD, OH 207,235207.2k $7.9m $7.9m 0.38% Added +10.7k +10,689
84 V2 Financial group LLC 3.45% of their portfolio NAPERVILLE, IL 183,047183.0k $7.0m $7.0m 3.45% Added +30.4k +30,357
85 Financial Security Advisor, Inc. 1.32% of their portfolio VIRGINIA BEACH, VA 178,743178.7k $6.8m $6.8m 1.32% Added +6.5k +6,464
86 Chemistry Wealth Management LLC 1.27% of their portfolio NEW YORK, NY 178,235178.2k $6.8m $6.8m 1.27% Added +14.7k +14,711
87 EXCHANGE TRADED CONCEPTS, LLC 0.05% of their portfolio Oklahoma City, OK 168,237168.2k $6.4m $6.4m 0.05% Added +3.3k +3,348
88 THOROUGHBRED FINANCIAL SERVICES, LLC 0.38% of their portfolio BRENTWOOD, TN 168,040168.0k $6.4m $6.4m 0.38% Added +1.8k +1,846
89 ECLECTIC ASSOCIATES INC /ADV 0.97% of their portfolio FULLERTON, CA 162,604162.6k $6.2m $6.2m 0.97% Added +30.6k +30,627
90 Founders Financial Alliance, LLC 1.16% of their portfolio RALEIGH, NC 160,406160.4k $6.1m $6.1m 1.16% Added +8.5k +8,548
91 Paragon Advisors, LLC 1.66% of their portfolio COLLEGE STATION, TX 159,736159.7k $6.1m $6.1m 1.66% Added +31.4k +31,357
92 Integrated Wealth Concepts LLC 0.07% of their portfolio WALTHAM, MA 158,460158.5k $6.1m $6.1m 0.07% Added +8.9k +8,921
93 Global Retirement Partners, LLC 0.11% of their portfolio San Rafael, CA 156,399156.4k $6.0m $6.0m 0.11% Reduced -14.7k -14,659
94 DIVERSIFIED MANAGEMENT INC 1.32% of their portfolio MILWAUKEE, WI 148,268148.3k $5.7m $5.7m 1.32% First filing
95 DAVENPORT & Co LLC 0.03% of their portfolio RICHMOND, VA 146,000146.0k $5.6m $5.6m 0.03% Added +25.6k +25,603
96 CENTAURUS FINANCIAL, INC. 0.25% of their portfolio ANAHEIM, CA 143,571143.6k $5.5m $5.5m 0.25% Added +3.0k +2,964
97 WEDBUSH SECURITIES INC 0.16% of their portfolio PASADENA, CA 141,451141.5k $5.4m $5.4m 0.16% Added +55.1k +55,076
98 Tanglewood Wealth Management, Inc. 0.49% of their portfolio HOUSTON, TX 139,779139.8k $5.3m $5.3m 0.49% Added +7.6k +7,625
99 Southland Equity Partners LLC 1.03% of their portfolio WILDWOOD, MO 137,085137.1k $5.2m $5.2m 1.03% Added +1.3k +1,339
100 Lighthouse Financial LLC 3.40% of their portfolio LARGO, FL 136,143136.1k $5.2m $5.2m 3.40% Added +16.8k +16,788