Key Takeaways
- • Ten Cap will launch its inaugural active ETF (ticker: TCAP) on the Australian Securities Exchange on November 24, 2025, marking the firm's entry into the ASX-listed ETF market.
- • The active ETF is designed to deliver "equity-like" returns with reduced volatility, positioning it as an alternative to traditional passive equity exposure.
- • Ten Cap, founded by Jun Bei Liu and Jason Todd, launched with $1.5 billion in funds under management and is now expanding its product suite beyond its core hedge fund operations.
- • The launch reflects a broader industry pivot toward active ETF strategies, with multiple asset managers expanding their ETF offerings to capture institutional and retail demand for transparent, liquid active management.
Summary
Ten Cap, the investment management firm co-founded by Jun Bei Liu and Jason Todd, is launching its first active exchange-traded fund on the Australian Securities Exchange on November 24, 2025. The ETF, which will trade under the ticker TCAP, represents a strategic product expansion for the firm, which originally launched with $1.5 billion in funds under management focused on hedge fund operations.
The new active ETF is structurally designed to generate "equity-like" returns while delivering lower volatility characteristics compared to traditional equity exposures. This positioning reflects a growing institutional preference for active management strategies housed within the ETF wrapper—a format that combines the transparency and liquidity of exchange-traded products with discretionary portfolio management.
Ten Cap's move into active ETFs aligns with a pronounced industry trend. Multiple established asset managers, including T. Rowe Price, CresAlta, and Robeco, have recently launched or expanded their active ETF lineups. The sector has demonstrated investor appetite for such products; Robeco's active ETFs, for example, accumulated €1 billion within one year of launch, signaling strong demand for actively managed strategies offered through ETF structures rather than traditional mutual fund or separately managed account vehicles.
The November 24 launch date positions Ten Cap among a cohort of managers capitalizing on the active ETF opportunity in late 2025. For institutional investors and advisers, the vehicle offers access to Ten Cap's active management capabilities with the operational efficiencies and intraday pricing flexibility inherent to exchange-traded structures. The launch will be available to investors from November 24 on the ASX.
The new active ETF is structurally designed to generate "equity-like" returns while delivering lower volatility characteristics compared to traditional equity exposures. This positioning reflects a growing institutional preference for active management strategies housed within the ETF wrapper—a format that combines the transparency and liquidity of exchange-traded products with discretionary portfolio management.
Ten Cap's move into active ETFs aligns with a pronounced industry trend. Multiple established asset managers, including T. Rowe Price, CresAlta, and Robeco, have recently launched or expanded their active ETF lineups. The sector has demonstrated investor appetite for such products; Robeco's active ETFs, for example, accumulated €1 billion within one year of launch, signaling strong demand for actively managed strategies offered through ETF structures rather than traditional mutual fund or separately managed account vehicles.
The November 24 launch date positions Ten Cap among a cohort of managers capitalizing on the active ETF opportunity in late 2025. For institutional investors and advisers, the vehicle offers access to Ten Cap's active management capabilities with the operational efficiencies and intraday pricing flexibility inherent to exchange-traded structures. The launch will be available to investors from November 24 on the ASX.
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