T. Rowe Price, the $1.9 trillion asset manager, has launched what it calls the industry's first actively managed multi-token spot crypto ETF. The T. Rowe Price Active Crypto ETF (TKNZ) began trading on Thursday, offering investors diversified exposure to a basket of digital assets including bitcoin, ether, BNB, XRP, solana and Hyperliquid.
Active management approach
Unlike most crypto ETFs that track a single token or a fixed index, TKNZ is actively managed. Portfolio managers can adjust allocations based on market conditions, research and risk assessments. T. Rowe Price said the strategy aims to capture changes in market leadership and momentum as capital rotates among different cryptocurrencies. The fund is managed by Blue Macellari, the firm's head of digital assets, alongside four co-portfolio managers.
Growing digital asset offerings
The launch comes as asset managers broaden their digital asset product lines beyond single-token funds. BlackRock recently introduced a bitcoin income ETF that generates yield from its spot bitcoin ETF through options strategies, showing a trend toward specialized crypto products. T. Rowe Price built its own digital asset trading infrastructure and partnered with institutional service providers over several years before bringing the product to market.
Fees and context
TKNZ carries a net management fee of 0.75% through May 2027 under a temporary fee waiver, after which it rises to 0.90%. Actively managed crypto funds may help investors navigate volatile markets, but they typically charge higher fees and must consistently outperform passive alternatives to justify their costs.