T. Rowe Price Capital Appreciation Equity ETF
TCAF
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- T. Rowe Price Exchange-Traded Funds, Inc. is a Maryland corporation that serves as the issuer for a suite of actively managed exchange-traded funds (ETFs) sponsored and advised by T. Rowe Price Associates, Inc., a global investment management firm. The company offers equity, fixed income, and multi-asset ETFs designed for individual investors, financial intermediaries, and institutions seeking tax-efficient, actively managed strategies; core products include the T. Rowe Price Capital Appreciation Equity ETF (TCAF), which launched on June 14, 2023, and pursues long-term capital appreciation through a bottom-up approach targeting approximately 100 high-quality U.S. large-cap stocks across growth and value styles with strong management, market positions, and valuations, alongside other offerings such as innovation leaders, technology equity, floating rate, municipal income, and multi-sector fixed income ETFs. TCAF, with approximately $5.4 billion in assets under management as of late 2025, exemplifies the firm's focus on large-blend strategies blending technology, healthcare, consumer discretionary, and financials sectors; additional ETFs span short municipal income (TMNS), long municipal income (TMNL), high income municipal (THYM), multi-sector income (TMSF), and international equity funds, bringing the total lineup to 28 active ETFs listed primarily on Nasdaq and NYSE Arca. Headquartered at 1307 Point Street in Baltimore, Maryland, the company operates under the umbrella of T. Rowe Price Group, Inc., which traces its roots to 1937 and manages over $1.5 trillion in assets across global offices serving clients in 55 countries. The ETFs target U.S. and global developed markets, including exposure to emerging markets in select funds, with principal investments in common stocks, depositary receipts, floating rate loans, high-yield bonds, and municipal securities for income, growth, and diversification. In recent developments, T. Rowe Price Exchange-Traded Funds, Inc. expanded its fixed income offerings in November 2025 with the launch of four new active ETFs—TMNS, TMNL, THYM, and TMSF—complementing the 2024 debut of the Intermediate Municipal Income ETF (TAXE) and enhancing tax-exempt and multi-sector strategies. The firm also introduced international equity ETFs in June 2025 and filed for its first cryptocurrency ETF in October 2025, reflecting accelerated product diversification amid ETF assets reaching $16.2 billion in Q2 2025. Strategic alliances include a September 2025 partnership with Goldman Sachs Asset Management, involving a $1 billion investment for a 3.5% stake in T. Rowe Price Group to co-develop private market solutions such as target-date strategies and multi-asset portfolios with private equity and infrastructure access, followed by joint product launches in December 2025. These initiatives underscore the company's shift toward broader active ETF adoption, private market integration, and innovation amid market complexity.