T. Rowe Price has launched the first actively managed spot crypto ETF that holds several digital assets in one fund. Bitcoin, Ethereum, and BNB account for about 70.6% of the portfolio, and the fund charges 0.75% a year after a fee waiver. It arrives in a market where the largest spot crypto ETFs each track a single coin.
T. Rowe Price started offering the T. Rowe Price Active Crypto ETF, ticker TKNZ, in July — the first actively managed ETF providing exposure to multiple digital assets under one umbrella. By contrast, all of the largest spot crypto ETFs on the market today focus on a single coin, usually Bitcoin or Ethereum.
Eight coins in one fund
This is not a dedicated Bitcoin ETF. Excluding cash reserves and a small stake in a stablecoin, the fund holds eight cryptocurrencies, with Bitcoin, Ethereum, and BNB accounting for about 70.6% of the portfolio.
It also avoids dubious digital currencies: seven of the eight holdings rank among the top 10 cryptocurrencies by market capitalization, the exception being Stellar Lumen, the 15th-largest. The methodology could catch on with crypto investors who want to position for a rebound by the asset class but don’t want to make individual bets — closer to holding an equity index fund than to stock-picking.
Active management and the fee
A team with years of experience backs the fund, and manager Blue Macellari has more than two decades in alternative assets. Active management could prove virtuous for investors in crypto ETFs that hold multiple tokens, though how that heritage pans out for TKNZ remains to be seen.
The fund is the 34th ETF in the issuer’s actively managed suite, and dozens of the firm’s actively managed mutual funds are highly rated. Thanks to a 0.15% fee waiver expiring on May 31, 2027, it charges 0.75% annually, or $75 on a $10,000 position.
A crowded year for new ETFs
Nearly 5,300 exchange-traded products, including ETFs, were available in the U.S. as of the end of June. Issuers keep adding to that count: the 2026 new ETF launch tally reached 730 at the end of Q2, and that is just the U.S. figure.
Amid that field, and at a time when some investors are pensive about what’s next for Bitcoin and other major digital currencies, the new ETF may have its work cut out for it — though it may also gain traction with investors.
Source: The Motley Fool
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