It depends on the event classes that are used in trace and the way in which SQL database engine is used. If events classes are occurring frequently then u do have an option to minimize the amount of data that trace collects by setting the maximum number of rows and maximum file size. After specifying all this u can assure that file will not grow beyond the specified limit.

The default file size is 5 MB and upper limit file size is of 1 GB. For more information visit: http://msdn.microsoft.com/en-us/library/ms189034.aspx