The active ETF market split along strategy lines in 2025, with discretionary equity funds gaining 3.3% market share while systematic equity funds lost 1.1%, according to Morningstar data shared by Ben Johnson, head of client solutions and asset management at the firm. The divergence shows not all active strategies performed equally, with the T. Rowe Price Capital Appreciation Equity ETF (TCAF) capturing $2.59 billion in one-year flows and delivering a 14.3% return, according to ETF Database, highlighting di ...