I just bought 100 shares and will track quarterly before adding more.

That is a typical creation/redemption mechanism for ETFs (affecting the AUM). Once the introduction hoopla is out of the way, most of the trading will be just among the retail customers (not affecting the AUM), as is typical for other ETFs.
As TCAF is 100% equity, but PRWCZ is moderate allocation, tracking will be poor for performance, beta and volatility (SD); but correlation (r) may be good.
Note that SD/SDbenchmark = beta/r.
Beware that M* may have different benchmarks for them, so the MPT stats at M* (and probably elsewhere) won't be comparable.

@BenWP +1. Looks highly concentrated with the same stuff as any LC index.

The preliminary list of holdings in TRP link above looks like a plain vanilla USLCG fund to my eye. In the event, Schwab is not trading it as of 1:09 PM EDT. The holdup is due to one of our enthusiastic MFO traders who is tying to buy all 500,000 shares right now. LOL

I might be wrong, but I believe it was commented here (somewhere) that the new ETF will track the stocks Giroux holds, but not necessarily the bond / fixed income holdings. I’d also be interested in hearing how closely the ETF tracks the mutual fund. Is there any time-lag between when the fund buys / sells something and when the ETF does?
Does the huge market capitalization involved here bother anyone? Realize that “buys” and “sells” which meaningfully change the allocation for a fund of that size must very much “drive” the prices of the stocks they invest in.
d

The preliminary list of holdings in TRP link above looks like a plain vanilla USLCG fund to my eye. In the event, Schwab is not trading it as of 1:09 PM EDT. The holdup is due to one of our enthusiastic MFO traders who is tying to buy all 500,000 shares right now. LOL

If you want to try and understand gold / gold miners I might suggest subscribing to Bill Fleckenstein’s “Market Rap.” That’s something he knows a lot about and frequently addresses in commentary or in answer to questions submitted by readers (see “Ask Fleck” link). Just take care not to drink his bearish Kool-Aid re the stock market.
I’m “agnostic” as far as metal / miners go. Beyond my understanding. Recently exited a long time exposure to the miners (1 mutual fund and 1 stock). Risk mitigation move tied to an age-related portfolio revamp - not a market call. Continue to hold a “smidgen” in GLTR, an ETF with derivative exposure to gold, silver, platinum and palladium. It’s a tiny allocation viewed as a possible hedge against equity volatility. Also own one CEF focused on gold and natural resources.
Back to Bill - My sense, having followed him a number of years now, is that while he very much likes the physical precious metals, he has felt for a long time that the miners are grossly undervalued / under-priced in relation to the metals. Not all miners are equal however. Depends on the quality of the mines / gold fields they own. That’s not always easy to discern (in the same way that seemingly profitable oil discoveries can end up being unprofitable). Like I said, best to get it directly from him.

The subject of this thread is specifically focused on Floating Rate/Bank Loan funds, in varying kinds of interest rate environments. The thread was started by Junkster, a very well known trader. Several other posters commented, with a variety of investing styles, some similar to Junkster and some very different from Junkster. Before I retired in 2013, my only exposure to FR/BL was as a component of a multisector, nontraditional, or HY bond oef. After I retired, for varying reasons, I increased my exposure to a variety of bond oef categories, including a focused FR/BL fund (SPFLX). Interest rates were not rising during this period of time, and interest rates had been very low for several years. In short, it was a flat interest rate environment. I decided that the SPFLX fund had established an attractive recent performance history, in a flat rate interest rate environment. I made some very attractive returns for several years under these conditions. Yes FR/BL funds, including SPFLX, got clobbered in 2022, as part of a market crash that took no mercy on junk bond funds such as SPFLX. That market crash is over, and we are now a little over a year out since interest rates have gone through a history increase for over a year. Now the Feds want to hold rates steady for an evaluation of the impact of their rate increases--they want to hold down inflation, and avoid a recession if possible. I think it is very feasible that rates will not change much going forward, and it is more likely we will see small and gradual interest rate increases. Under those conditions, FR/BL could be excellent performers for the forseeable future. But everyone can look at their crystal ball, make their own market forecasts, but I don't see any immediate threat to those holding FR/BL and may still be a very good option to those who want to wade in with a portion of their portfolio. I don't think I will be one of them for now, because MMs and CDs are still attractive for a retiree, choosing to stay with very low risk options.

https://www.etftrends.com/active-etf-channel/t-rowe-prices-new-etf-tcaf-worthy-of-appreciation/
"The newly launched T. Rowe Price Capital Appreciation Equity ETF (TCAF) is not a clone strategy of PRCWX. Giroux’s mutual fund uses a blend of equities and fixed income securities, but TCAF will only own equities and nearly double the number found in PRWCX.
According to the ETF’s prospectus, TCAF will own approximately 100 stocks.
TCAF will disclose its holdings daily."

anybody know inception NAV price?

You will know in less than 10 min (-:).
I have only added it to my Yahoo watchlist. That is why I knew the moment yesterday when its ticker could be recognized by Yahoo. I may add it during the next selloff.
Edit/Add: NYSE is indicating $25. https://www.nyse.com/quote/ARCX:TCAF

AAII Sentiment Survey, 6/14/23
Bullish remained the top sentiment (45.2%; above average) & bearish remained the bottom sentiment (27.7%; below average); neutral remained the middle sentiment (32.1%; above average); Bull-Bear Spread was +17.5% (above average). Investor concerns: Inflation (moderating but high); economy; the Fed (hawkish-pause yesterday - 2 more hikes by 2023YE?); dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (68+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil down, gold up, dollar down. Powell said that rates may not be cut for 2 years. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1071/thread

I hope this is pertinent to the discussion. Clipped from Bloomberg today.
Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession.
“We’re much more cautious about 2024,” the billionaire founder of Citadel said in an interview in Hong Kong, adding that the world’s largest economy is unlikely to avoid a downturn that year. “We’ll look at the credit markets as a source of opportunity. Credit should be a meaningful contributor later this year” and next for Citadel, he said.
Griffin said his hedge fund is particularly focused on the high-yield credit market, with a mixture of long and short strategies. He expects the Federal Reserve to raise interest rates once more this year and then pause hikes for an extended period of time. 
Top Link

Yahoo Finance just started recognizing the ticker TCAF.
T. Rowe Price Exchange-Traded F (TCAF)
NYSEArca - NYSEArca Delayed Price. Currency in USD
Quote Lookup
0.0000- (-)
At close: 08:00PM EDT
New Listing
TCAF is newly listed on NYSE Arca effective Jun. 15, 2023
https://finance.yahoo.com/quote/TCAF?p=TCAF&.tsrc=fin-srch

Delayed T Rowe Price ETFs to launch TOMORROW, 6/15/23 - TCAF & 4 other ETFs from T Rowe Price.
https://twitter.com/ETFhearsay/status/1669101617155538945
More
Revised Prospectus https://www.sec.gov/Archives/edgar/data/1795351/000174177323001980/c497.htm
NYSE
https://www.sec.gov/Archives/edgar/data/1795351/000114336223000205/TRPriceETF061323.pdf
T Rowe Price ETF Filings at SEC/Edgar
https://www.sec.gov/edgar/browse/?CIK=0001795351

YBB Notes
Hawkish-hold, so the fed funds remain at 5.00-5.25%, but it could go up by 25-50 bps by 2023YE; the (bank) reserve balance rate is 5.15%; the discount rate is 5.25%. The pause now is to let the effects of Fed actions so far work given some lag. The 2-yr is a good indicator of where the fed funds may be going. The Fed doesn't want to surprise the markets (so, monitor CME FedWatch). Any Fed rate cuts may not be for 2 years.
The QT continues at -60 billion/mo for Treasuries, -35 billion/mo for MBS. The large Treasury issuance will further reduce financial liquidity. The Fed balance sheet is declining. The Fed is keeping an eye on money-markets. But the Fed only watches the Treasury and fiscal (by Congress) actions.
The economy has slowed. The inflation has moderated but is still high (PCE +4.4%, core PCE +4.7%). The service inflation is sticky. The goal remains average +2% inflation to be achieved without causing much damage the the economy. Soft landing is possible. The labor market is tight and wages will rise, but slower growth will be desirable; labor demand still exceed supply. The consumer spending is also strong. The Fed can only watch the news on labor strikes.
Housing has slowed due to higher mortgage rates and lease renewals have been weak.
Regional banking has stabilized. Credit conditions has tightened. Many small banks have significant CRE exposures and some may have trouble. The Fed is keeping an eye on systemic risks in banks and nonbank financials (that is where problems were during the pandemic).
https://ybbpersonalfinance.proboards.com/post/1070/thread

"The Federal Reserve held interest rates steady Wednesday, but officials signaled they are prepared to raise rates again this year to tame stubborn inflation."
The second part intends to be hawkish to cover their a$$. What matters is actual which was NO CHANGE.
Looking at the 10 year treasury chart for 7 months shows that several times it got to around 3.8-4% and backed off.
BTW, the volatility table per category is deceiving. We have learned since 2020 that volatility is unpredictable in market meltdowns. Sometimes the indexes which trade during the day show more volatility.

Many brokerages charge for both buy and sell fund transactions. Back in the dark days (pre-2019) when most brokerages charged stock commissions, they charged fees on both ends. Should funds be any different?
As I recall, it was in the 1990s that Fidelity first went to a one-way (buy) fee of $75. Schwab took some time to follow before it changed from a $35 two-way fee to a $76 one-way fee. A few other brokerages gradually followed suit.
Some of the brokerages still charging fees on both ends include:
Vanguard: $20/trade. "Fees apply per trade for all purchases, sales, and exchanges, regardless of order size."
T. Rowe Price: $35/trade. "If you purchased a fund and paid a transaction fee, one will be charged upon its sale ..."
Merrill: $19.95/transaction. "Applies to buy, sell and exchanges."

I’ve been rolling my 3,6,12-month t-bills while still holding (for me) considerable cash in a VG money market settlement account. It made sense to me given that t-bills are not subject to state tax and I live in a high tax state (NY).