T. Rowe Price’s Active Crypto ETF, trading under the ticker TKNZ, started trading on NYSE Arca on July 16, marking the launch of what is being presented as the first US spot exchange-traded fund to hold a basket of cryptocurrencies rather than a single asset.
Launch and regulatory path
The fund’s debut follows a filing made by T. Rowe Price in October 2025. The US Securities and Exchange Commission approved the listing in June 2026, clearing the way for trading to begin this week.
The product stands out from earlier US spot crypto ETFs because it is designed to invest across multiple digital assets. Instead of tracking only bitcoin or another single token, the fund is set up to hold a broader mix that can be adjusted over time.
Portfolio design and active management
According to the prospectus, the ETF may invest in a range of cryptocurrencies including bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Dogecoin, Chainlink, Litecoin and SUI, among others. The composition is not fixed.
TKNZ is described as actively managed, meaning its holdings are selected by the operator rather than tied to a static formula. The source material says the basket can be changed actively and fairly quickly, giving the manager room to alter allocations as it sees fit.
Bloomberg Intelligence analyst Eric Balchunas published details on the initial structure. Based on his data, bitcoin accounts for 40.75% of the portfolio, Ethereum for 18.42%, and BNB for 11.01%. The remaining assets each make up between 1% and 10%.
Fees and custody
The fund will charge a management fee of 0.75% through the end of May 2027. After that, the fee is scheduled to rise to 0.9%.
Anchorage Digital Bank will act as custodian for the ETF’s crypto holdings. Custody arrangements are a central operational component for spot crypto products because the fund holds the underlying assets directly rather than relying on derivatives exposure.
Legal structure and investor protections
From a legal perspective, TKNZ is organized as an investment company under the Investment Company Act of 1940. According to the source article, that structure means investors have fewer protection guarantees than with existing crypto ETFs registered under the Securities Act of 1933.
The launch adds a new format to the US crypto ETF market by combining spot exposure with active management and multi-asset allocation in a single listed product. It also introduces a model in which the manager can shift the fund’s crypto mix relatively quickly, rather than maintaining a single-asset mandate.
Source: incrypted.com