T. Rowe Price has launched the T. Rowe Price Active Crypto ETF, an actively managed exchange-traded product designed to provide diversified exposure to several leading digital assets. The product began trading on NYSE Arca under the ticker symbol TKNZ.
T. Rowe Price described TKNZ as the industry’s first actively managed multi-token spot exchange-traded product.
Unlike many crypto investment products that focus on one token or track a passive index, TKNZ allows portfolio managers to adjust its holdings based on research, market conditions and changing opportunities across the digital asset market.
The product can invest in an eligible universe that includes Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid and other crypto assets.
The exact portfolio can change over time as the investment team evaluates momentum, market rotations, emerging trends and the relative risks associated with individual tokens.
T. Rowe Price is positioning the product as a professionally managed alternative for investors who want broader crypto exposure without selecting, purchasing and managing several digital assets individually.
TKNZ is managed by Blue Macellari, T. Rowe Price’s head of Digital Assets.
Macellari has more than 20 years of experience in alternative asset management and has led the firm’s digital asset strategy since 2022.
Her responsibilities have included evaluating crypto tokens, blockchain protocols and exchange-traded products connected with digital assets.
Macellari is supported by co-portfolio managers Stefan Hubrich, David Kroger, Sean McWilliams and Dante Pearson.
The management team brings experience across quantitative investing, portfolio construction, risk management and digital asset research.
TKNZ has a net management fee of 0.75% following a temporary fee waiver.
The fee is scheduled to increase to 0.90% beginning June 1, 2027.
T. Rowe Price believes active management may be particularly useful in crypto markets because prices can change rapidly and leadership can rotate among different assets.
The investment team can increase or reduce exposure to individual tokens rather than maintaining fixed allocations regardless of market developments.
This flexibility could allow the managers to respond to changing adoption trends, regulatory developments, market liquidity and momentum.
It also introduces active management risk, as portfolio decisions may not produce better results than a passive strategy.
T. Rowe Price has spent several years researching blockchain technology and the role digital assets may play within investment portfolios.
The firm has developed internal infrastructure for trading digital assets and established relationships with institutional service providers supporting custody, execution and other operational requirements.
The launch represents T. Rowe Price’s first exchange-traded offering providing direct access to the digital asset category.
It expands the firm’s lineup to 34 active exchange-traded products across equity, fixed income and multi-asset strategies.
Although the product is named the T. Rowe Price Active Crypto ETF, it is structured as an exchange-traded product rather than an investment company registered under the Investment Company Act of 1940.
Exchange-traded products can include ETFs, exchange-traded notes and other vehicles whose shares trade on public exchanges.
Products holding non-security assets such as cryptocurrencies or commodities may operate under different regulatory structures than traditional registered ETFs.
TKNZ is organized as a Delaware statutory trust, with T. Rowe Price Sponsor serving as its sponsor and T. Rowe Price Investment Services acting as distributor.
Investors can buy and sell shares during the trading day at market prices, which may differ from the value of the digital assets held by the product.
Shareholders may also incur brokerage commissions and the spread between the prices at which shares can be bought and sold.
The product gives investors access to multiple crypto assets through a traditional brokerage account, eliminating the need to manage separate digital wallets or individual accounts with cryptocurrency trading platforms.
However, TKNZ remains exposed to substantial risks associated with digital assets.
Crypto prices have experienced periods of extreme volatility and can be affected by regulation, fraud, security breaches, market disruptions and failures involving trading or custody platforms.
Regulatory restrictions involving crypto trading, mining, wallets or related services could also affect the value and liquidity of the product’s holdings.
T. Rowe Price managed approximately $1.89 trillion in client assets as of June 30, 2026, with about two-thirds connected to retirement-related accounts.
The launch brings the firm’s active investment approach into the digital asset market as more traditional asset managers expand their crypto offerings.
KEY QUOTES:
“Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space. Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own.”
Blue Macellari, Head of Digital Assets and Portfolio Manager at T. Rowe Price
“As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry’s first actively managed multi-token exchange-traded product. This launch represents a new and distinctive way for investors to harness T. Rowe Price’s deep investing expertise and rigorous research.”
Tim Coyne, Global Head of Exchange-Traded Funds at T. Rowe Price
