T. Rowe Price launches active multi-token crypto ETF

T. Rowe Price launched the T. Rowe Price Active Crypto ETF (TKNZ) on July 16, marking the firm’s first actively managed exchange-traded product that holds direct spot positions in more than one cryptocurrency.

The fund maintains a multi-coin portfolio that includes Bitcoin, Ethereum, XRP, Solana and other tokens. Unlike products that track a single token or an index, TKNZ holds physical spot positions in the assets it lists and allows managers to adjust allocations.

T. Rowe Price says the strategy draws on the firm’s fundamental research and active management to target emerging trends, momentum rallies and market rotations within the crypto market. The firm describes TKNZ as the first exchange-traded product to offer spot exposure to multiple tokens under active management.

Blue Macellari leads the fund. She has been head of digital assets at T. Rowe Price since 2022 and has more than 20 years of investment experience. The team includes four co-portfolio managers with an average of more than a decade of experience. The fund carries a net expense ratio of 75 basis points, a figure that includes a fee waiver.

Macellari noted that, given the rapidly evolving and potentially volatile nature of crypto assets, active management is important. She added the ETF provides a thoughtfully curated, professionally managed multi-coin portfolio intended to simplify building a crypto allocation.

Tim Coyne, global head of exchange-traded funds at T. Rowe Price, described the launch as a natural extension of the firm’s research-driven approach. Todd Rosenbluth, head of research at VettaFi, expressed support for the firm’s entry into the cryptocurrency market.

TKNZ expands T. Rowe Price’s active ETF lineup to 34 funds across equity, fixed income and multi-asset strategies and is the firm’s first product to offer direct exposure to digital assets. The company released product details in a July 16 press release.

The fund is positioned for investors seeking exposure to a range of crypto tokens through a single actively managed vehicle rather than assembling individual holdings. Managers can change allocations in response to market developments based on the firm’s research.