A famous, or should I say infamous, example of ETF pseudo-clones diverging from the originals is Pimco's Total Return ETF (BOND, originally TRXT). Out of the gate, it outperformed PTTRX by using odd lots (only practical for small funds) and mispricing its holdings, for which it paid a $20M settlement.
https://www.ft.com/content/5db6b962-3c81-33a2-86c3-6b2d58bedcc8
In addition, divergence was expected because because regulations at the time restricted what the ETF could do with derivatives; PTTRX did not have those restrictions. (The ETFchanged its objective, name, and managers in 2017.)
The point is there may be many reasons that an ETF performs differently from the "original" fund. Even if their asset allocations are similar. I haven't looked closely at TBLD vs TIBIX, but whatever the cause, TBLD sure hasn't measured up to TIBIX.
Portfolio Visualizer comparison - stats and graphs

I am not in a fully-invested 100% equity camp. In retirement, my tactical asset allocation (TAA) is 40-60% equity, and due to my buys in 2022, it became higher than that. So, I am in profit-taking mode now to adjust my TAA.
My short-term fixed-income includes stable-value (SVs; 5.50% from TIAA-SRA annuity), T-Bills (rolls will continue, as posted elsewhere), m-mkt funds, ultra-ST bond funds, even some short-term bond funds.
In that context, TCAF is new to my potential buy list for future. I may add it later with cash, or shift $s from SCHD or SCHB.
I have also been watching another cousin pair, global-allocation CEF TBLD and OEF TIBAX / TIBIX. Let us say, politely, that TBLD has been a disaster even with some bond allocation. Of course, there are other factors in play for CEfs (premiums/discounts; leverage, but none for TBLD), but the success of the so-called "cousins" isn't guaranteed. And, here, ETF TCAF with 100% equity is at best a "second cousin" of moderate-allocation OEF PRWCX.

From @msf - For anyone who "may add it during the next selloff", I wish you good luck but also wonder whether one might have done better by having already bought.

The fund flows should be looked at in the context of the US IPO levels. In a bad year, there were 62 IPOs (2008), in a good year 1,035 (2021) IPOs. These were the numbers of IPOs, and I will later find the $amounts of IPOs.
So, $150 billion will have some impact. The effect of fund flows is different from that of the total market-cap.
https://stockanalysis.com/ipos/statistics/
Edit/Add: $amounts $23.1 billion (2008), $130.9 billion (2021). Lower $amounts after 2008 were $19.2 billion (2009), $18.5 billion (2016).
https://www.statista.com/statistics/264607/ipo-volume-in-the-us/

Well! TCAF exceeded PRWCX today. What could be merrier?
TCAF +1.21%
PRWCX +0.95%

Don't forget PRWCX has a lot of fixed income in it --- so it won't ever move in tandem with a pure equity fund. But sure, it's nice to see on its opening day. :)

Yogi said it well: "As TCAF is 100% equity, but PRWCZ is moderate allocation, tracking will be poor for performance, beta and volatility (SD); but correlation (r) may be good."
One expects these two securities to move in tandem (good correlation), though the size of movements (related to volatility and beta) of PRWCX should be muted relative to TCAF.
Bonds are often referred to as "ballast" or dead weight in portfolios. Thinking about PRWCX as TCAF plus "ballast", it's not hard to envision it moving like TCAF. Except instead of moving through water, PWRCX moves through molasses with more resistance - both up and down.
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For anyone who "may add it during the next selloff", I wish you good luck but also wonder whether one might have done better by having already bought. Dips look like buying opportunities at the moment (short term reduced price) but as the saying goes, "the best time to invest is yesterday, the next best time is today." It depends on whether one is a trader or a long term investor.
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Regarding Merrill: The problem alluded to is that one could research TCAF there (it recognized the ticker) and click "buy" to get to a prefilled order page. But the system responded "ticker not found" when submitting the actual trade order. kings53man said he was able to buy at Fidelity. Vanguard likewise would accept a trade.
Merrill has fixed that problem this morning. And substituted a new obstacle:

Trading of this security is generally not permitted on the Merrill platform as it carries unique risks, as further described in the prospectus. Merrill maintains a Block List for certain Exchanged Traded products and this has been identified as one of them. This order has potential for volatile performance and/or significant tracking error and may have higher expense ratios, lower liquidity or higher risk of fund closure than other similar funds in the same peer group.

Clip from Bloomberg:
“The relentless rally in equities faces a fresh threat over the next few weeks with the world’s biggest money managers set to unload as much as $150 billion of stocks. JPMorgan Chase & Co. projects real-money portfolios, including those of sovereign wealth and pension funds, will tilt back in favor of bonds to meet allocation targets, in the largest rebalancing flows to the asset class since the fourth quarter of 2021. The periodic rejigging could knock off as much as 5% from the price of global stocks, according to estimates by JPMorgan strategist Nikolaos Panigirtzoglou.”
(Same article from Yahoo)

Well! TCAF exceeded PRWCX today. What could be merrier?
TCAF +1.21%
PRWCX +0.95%

Don't forget PRWCX has a lot of fixed income in it --- so it won't ever move in tandem with a pure equity fund. But sure, it's nice to see on its opening day. :)

Well! TCAF exceeded PRWCX today. What could be merrier?
TCAF +1.21%
PRWCX +0.95%

I just bought 100 shares and will track quarterly before adding more.

where?
Nothing avail at ML

Both NYSE and Yahoo are reporting day volume as 190,276. So, the activity picked up near or at close.
T Rowe Price is reporting 500,000 shares outstanding. So, there must have been private placement(s) or lots of shares in dealers'/market-makers' hands.

FYI, I just received my first call notice for a 2-year CD I bought in March. The yield was 5.5%, and I found a non-callable replacement yielding 5.15%, so that’s OK. I assume that most of the longer term CDs I bought back will be called sooner or later. However, some of the CDs I bought then were non-callable, even though I wasn’t paying attention to that feature when I first started buying CDs for my ladders.

NYSE (link) volume 34,410. Bid-ask 25.29-25.31. Not bad.

The ask is 25.29, but I don’t see a volume figure at Schwab.

The preliminary list of holdings in TRP link above looks like a plain vanilla USLCG fund to my eye. In the event, Schwab is not trading it as of 1:09 PM EDT. The holdup is due to one of our enthusiastic MFO traders who is tying to buy all 500,000 shares right now. LOL

I might be wrong, but I believe it was commented here (somewhere) that the new ETF will track the stocks Giroux holds, but not necessarily the bond / fixed income holdings. I’d also be interested in hearing how closely the ETF tracks the mutual fund. Is there any time-lag between when the fund buys / sells something and when the ETF does?
Does the huge market capitalization involved here bother anyone? Realize that “buys” and “sells” which meaningfully change the allocation for a fund of that size must very much “drive” the prices of the stocks they invest in.
d

The preliminary list of holdings in TRP link above looks like a plain vanilla USLCG fund to my eye. In the event, Schwab is not trading it as of 1:09 PM EDT. The holdup is due to one of our enthusiastic MFO traders who is tying to buy all 500,000 shares right now. LOL

anybody know inception NAV price?

You will know in less than 10 min (-:).
I have only added it to my Yahoo watchlist. That is why I knew the moment yesterday when its ticker could be recognized by Yahoo. I may add it during the next selloff.
Edit/Add: NYSE is indicating $25. https://www.nyse.com/quote/ARCX:TCAF

AAII Sentiment Survey, 6/14/23
Bullish remained the top sentiment (45.2%; above average) & bearish remained the bottom sentiment (27.7%; below average); neutral remained the middle sentiment (32.1%; above average); Bull-Bear Spread was +17.5% (above average). Investor concerns: Inflation (moderating but high); economy; the Fed (hawkish-pause yesterday - 2 more hikes by 2023YE?); dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (68+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil down, gold up, dollar down. Powell said that rates may not be cut for 2 years. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1071/thread

I hope this is pertinent to the discussion. Clipped from Bloomberg today.
Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession.
“We’re much more cautious about 2024,” the billionaire founder of Citadel said in an interview in Hong Kong, adding that the world’s largest economy is unlikely to avoid a downturn that year. “We’ll look at the credit markets as a source of opportunity. Credit should be a meaningful contributor later this year” and next for Citadel, he said.
Griffin said his hedge fund is particularly focused on the high-yield credit market, with a mixture of long and short strategies. He expects the Federal Reserve to raise interest rates once more this year and then pause hikes for an extended period of time. 
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Yahoo Finance just started recognizing the ticker TCAF.
T. Rowe Price Exchange-Traded F (TCAF)
NYSEArca - NYSEArca Delayed Price. Currency in USD
Quote Lookup
0.0000- (-)
At close: 08:00PM EDT
New Listing
TCAF is newly listed on NYSE Arca effective Jun. 15, 2023
https://finance.yahoo.com/quote/TCAF?p=TCAF&.tsrc=fin-srch

Delayed T Rowe Price ETFs to launch TOMORROW, 6/15/23 - TCAF & 4 other ETFs from T Rowe Price.
https://twitter.com/ETFhearsay/status/1669101617155538945
More
Revised Prospectus https://www.sec.gov/Archives/edgar/data/1795351/000174177323001980/c497.htm
NYSE
https://www.sec.gov/Archives/edgar/data/1795351/000114336223000205/TRPriceETF061323.pdf
T Rowe Price ETF Filings at SEC/Edgar
https://www.sec.gov/edgar/browse/?CIK=0001795351