Active ETFs Gain in April as Fed Dissent, UAE Exits OPEC+

Active equity ETFs posted double-digit returns in April, with T. Rowe Price’s Active Core U.S. Equity ETF (TACU) rising about 10.6% amid mixed central-bank signals and shifts in global oil alliances.

Three members of the Federal Open Market Committee dissented from the decision to keep easing language in the April policy statement, the largest number of dissents during Jerome Powell’s tenure, according to T. Rowe Price’s weekly update. The S&P 500 also advanced more than 10% for the month, its strongest monthly performance since November 2020.

T. Rowe Price traders pointed to companies that beat earnings expectations as contributors to active managers’ gains. Alphabet’s results, driven by strong demand for artificial intelligence and cloud services, were cited as a factor behind TACU’s April performance.

TACU returned roughly 10.6% in April, had about $13.7 million in assets and carries a 0.00% expense ratio through Jan. 30, 2027, according to T. Rowe Price and fund disclosures. The fund uses an earnings-focused, high-conviction approach to overweight companies that meet or exceed forecasts.

The United Arab Emirates’ announced exit from OPEC+ disrupted the alliance and pushed oil prices higher; Brent and other benchmarks rose more than 7% over the week following the announcement, T. Rowe Price reported. That shift raised questions about coordinated supply levels and affected active natural-resource strategies.

The T. Rowe Price Natural Resources ETF (TURF), which concentrates on upstream exploration, extraction and development across oil, gas, metals, minerals and agriculture, was up 19.7% year to date through April while declining about 0.92% for the month.

On policy abroad, the European Central Bank and the Bank of Japan held interest rates steady in April and referenced heightened economic risks related to the Middle East conflict, the update said. The T. Rowe Price Active Core International Equity ETF (TACN) returned nearly 5% in April and 6.5% year to date; TACN also carries a 0.00% fee through Jan. 30, 2027.

Fixed-income markets saw volatility as Treasury yields climbed over the week, with rising energy prices and renewed inflation concerns cited as drivers of selling pressure. In that environment, the T. Rowe Price Value ETF (TVAL), which seeks undervalued companies, returned 8.8% in April and held about $685.8 million in assets.

T. Rowe Price noted that Jerome Powell plans to remain on the Federal Reserve’s Board of Governors for an undetermined period after his term as chair ends, citing legal actions against the central bank. The firm linked the combination of Fed dissents, strong equity returns and the UAE’s OPEC+ exit to the recent performance patterns among several active ETFs.