T. Rowe Price launches actively managed multi-token crypto ETF with six digital assets

T. Rowe Price has brought the T. Rowe Price Active Crypto ETF, ticker TKNZ, to market, positioning it as the industry’s first actively managed multi-token spot crypto exchange-traded fund. The Baltimore-based firm, which oversees $1.9 trillion in assets, began trading the fund on Thursday, offering exposure to a basket that includes bitcoin, ether, BNB, XRP, solana, and Hyperliquid, among other digital assets.

The structural distinction matters: rather than replicating a fixed index, TKNZ gives portfolio managers discretion to shift allocations in response to market conditions, research outputs, and risk assessments. T. Rowe Price framed the mandate explicitly around capturing rotations in market leadership and momentum across tokens. The fund is managed by Blue Macellari, the firm’s head of digital assets since 2022, alongside four co-portfolio managers. T. Rowe Price also noted it built proprietary digital asset trading infrastructure and secured institutional service provider partnerships ahead of the launch.

Fee structure is a live variable for allocators to model. TKNZ carries a net management fee of 0.75% through May 2027 under a temporary waiver, rising to 0.90% thereafter. That premium over passive crypto products is the standard tension in actively managed fund economics: the fee is defensible only if active allocation consistently adds net value against a rapidly rotating, high-volatility asset class. The launch follows BlackRock‘s bitcoin income ETF earlier in the month, suggesting the product layer above single-token spot ETFs is developing faster than many anticipated.