T. Rowe Price launches the first actively managed multi-token crypto ETF in the US

Asset manager T. Rowe Price, which oversees $1.9 trillion, listed the T. Rowe Price Active Crypto ETF (ticker TKNZ) on NYSE Arca on July 16 — the industry's first actively managed spot ETF investing across multiple cryptocurrencies at once.

What Exactly Makes TKNZ a First

One important clarification: spot ETFs offering exposure to several cryptocurrencies at once have existed in the US for a while — the Hashdex Nasdaq CME Crypto Index ETF, for instance, launched back in February 2025. But every fund like it before TKNZ was passive, simply tracking a predetermined index. TKNZ works differently: its management team actively decides how to allocate the portfolio based on research and risk analysis, rather than following a fixed formula.

What's in the Portfolio

The fund's eligible investment universe includes 17 cryptocurrencies: Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Litecoin, Polkadot, Dogecoin, Hedera, Bitcoin Cash, Chainlink, Stellar, Shiba Inu, Sui, Hyperliquid, and BNB. At launch, Bitcoin holds the largest slice of the portfolio at nearly 41%. The fund is managed by Blue Macellari, T. Rowe Price's head of digital assets, alongside four co-portfolio managers; she has led the firm's digital asset strategy since 2022.

Macellari explained the firm's bet on active management as a response to investors needing more than raw market exposure:

“Active management plays an incredibly meaningful role because investors may need professional help building crypto exposure.”

— Blue Macellari, Head of Digital Assets, T. Rowe Price

Quote source: CoinDesk

Fees and Early Numbers

The net management fee is 0.75% annually — but that's a temporary discounted rate in effect through the end of May 2027, after which it's set to rise to 0.90%. The fund launched with a relatively modest amount of assets under management: around $15 million.

What This Means in Practice

TKNZ's launch signals that major traditional asset managers are moving beyond simply mirroring the crypto market through passive index products, toward more complex, tailored investment strategies within it. For investors, that means more of a choice between cheap passive exposure and pricier active management — but also greater accountability for the management team's actual results, rather than just tracking an index precisely.

This material is for informational purposes only and is not investment advice.