T. Rowe Price, the asset manager overseeing nearly $2 trillion, has launched TKNZ, the first actively managed multi-token spot crypto ETF. The fund began trading on NYSE Arca on July 16 under the ticker TKNZ, holding nine digital assets led by Bitcoin at nearly 41% of the portfolio.
Active management sets TKNZ apart
Unlike passive single-coin or index-based crypto ETFs, TKNZ allows its management team to adjust allocations based on market conditions. T. Rowe Price said the fund uses research, valuation data, momentum signals, and risk controls to decide positions. Bitcoin holds the largest weight at roughly 41%, followed by Ethereum at about 18% and BNB at approximately 11%.
The portfolio also includes Solana, XRP, Hyperliquid, Dogecoin, Stellar's XLM, and the USDC stablecoin. This mix places established coins alongside newer tokens and a dollar-pegged asset within one actively managed product. Blue Macellari, who has led T. Rowe Price's digital asset efforts since 2022, serves as the fund's portfolio manager, supported by four co-portfolio managers.
Fee structure and custody
TKNZ carries a management fee of 0.75%, with a net fee waiver in place until May 31, 2027. The fund uses Anchorage Digital Bank as its crypto custodian. T. Rowe Price Sponsor LLC acts as sponsor, while T. Rowe Price Associates serves as administrator.
Analysts praise launch timing
Bloomberg senior ETF analyst Eric Balchunas praised the launch timing, noting that T. Rowe Price waited until after the October 2025 crypto selloff before bringing the fund to market. The SEC approved NYSE Arca's listing proposal in June 2026. Balchunas called the move smart, saying the firm let the selloff dust settle before launching.
TKNZ enters a U.S. market already hosting several single-asset crypto ETFs, but T. Rowe Price positions active allocation as its key differentiator. The fund can select from an approved pool of 17 eligible tokens, giving managers flexibility to rotate between assets as opportunities arise.