T. Rowe Price’s TCAF ETF Tops $7 Billion in AUM

T. Rowe Price’s actively managed Capital Appreciation Equity ETF (TCAF) has surpassed $7 billion in assets under management, up from about $4 billion in May 2025. The fund added roughly $400 million in net assets since the start of 2026.

The ETF is led by portfolio manager David Giroux and launched nearly three years ago. It is the largest ETF by assets on T. Rowe Price’s ETF platform and is structured as an active, core-plus equity strategy.

TCAF uses a quality-focused, bottom-up stock selection approach targeting large-cap companies. Portfolio decisions emphasize market position, consistent valuation discipline and experienced corporate management. The strategy draws on T. Rowe Price’s fundamental research in making stock picks and constructing the portfolio.

Performance has contributed to asset growth. The ETF posted a 23.7% return over the most recent 12 months and has returned about 59% since inception. The fund charges an expense ratio of 31 basis points.

The active ETF market expanded after 2019 regulatory changes that simplified the process for launching active exchange-traded funds, allowing asset managers to introduce more actively managed strategies in ETF form. Industrywide flows into active ETFs have risen as managers launch differentiated products.

Equity markets have generally advanced while investors continue to weigh geopolitical tensions and the uncertain near-term effects of artificial intelligence on corporate earnings and valuations.