T. Rowe Price Active Crypto ETF
T. Rowe Price Active Crypto ETF is a Delaware statutory trust offering an actively managed exchange-traded product focused on long-term capital growth through investments in crypto assets. Sponsored by T. Rowe Price Sponsor LLC and administered by affiliated T. Rowe Price entities, the Trust holds a diversified portfolio of commodity crypto assets and trades on NYSE Arca under the symbol TKNZ.
Business
Share of revenueA diversified, actively selected basket of eligible commodity crypto assets.
Cash, cash equivalents, and payment stablecoins support expenses and trading.
Exchange-listed shares provide investors with regulated market access to the strategy.
Customers
The Trust serves investors seeking diversified exposure to crypto assets through a single exchange-traded security rather than directly holding multiple digital assets. Retail and institutional investors can buy and sell shares on NYSE Arca, while authorized participants create or redeem 10,000-share Creation Units for cash or in-kind transactions. The structure also appeals to investors seeking professional portfolio construction, custody, valuation, and operational support from T. Rowe Price and its service providers.
Buy exchange-listed shares for diversified crypto exposure without directly custodying individual assets.
Use the ETF structure for portfolio allocation, trading access, and operational simplicity.
Use a managed listed vehicle to incorporate crypto exposure into client portfolios.
Create and redeem Creation Units to support primary-market liquidity and ETF trading.
Strategy
The Trust seeks to outperform the FTSE Crypto US Listed Index through active selection rather than index replication. Its process combines a fundamentally informed model with views on crypto asset fundamentals, valuation, and momentum within a disciplined risk framework. The portfolio generally targets five to fifteen eligible crypto assets, while retaining flexibility to hold cash, stablecoins, or a temporary defensive position when market or liquidity conditions warrant.
Differentiates the Trust from passive products by seeking excess returns over its benchmark.
Spreading exposure across eligible crypto assets can reduce dependence on a single token.
Exchange trading and Creation Unit processing make crypto exposure easier to transact and administer.
Geography
The Trust is organized in Delaware and operates within the U.S. exchange-traded fund and custody infrastructure, with shares listed on NYSE Arca. Its investment exposure is global because the portfolio values crypto assets traded across spot exchange platforms, while custody and administration are provided by U.S.-based service providers including Anchorage Digital Bank, State Street, and T. Rowe Price affiliates.
Risks
The Trust’s performance is directly exposed to extreme crypto asset price volatility, market liquidity, custody, cybersecurity, and regulatory risks. Active management may underperform the benchmark, while the limited portfolio and prohibition on leverage or derivatives constrain available risk-management tools. Valuation differences between shareholder NAV and GAAP fair value can also affect reported results and investor comparability.
The Trust concentrates exposure in highly volatile digital assets, creating substantial NAV fluctuation and potential capital loss.
Exposure: Portfolio holdings
Fragmented or stressed spot markets may make assets difficult to value, buy, sell, or use for redemptions.
Exposure: Crypto markets and ETF liquidity
Loss, theft, private-key compromise, or service disruption at crypto custodians could impair portfolio assets.
Exposure: Anchorage Digital Bank and digital asset infrastructure
Changes in crypto asset regulation, classification, trading access, or taxation could limit the strategy or investor demand.
Exposure: U.S. and international crypto markets
Security selection and portfolio positioning may fail to outperform the FTSE Crypto US Listed Index.
Exposure: Investment process
Accounting
Judgemental itemsCrypto assets are measured using principal-market prices under ASC 820, making market selection and valuation timing material.
Impact: Affects total assets, NAV, unrealized gains and losses, and reported investment performance.
Lukka reference rates used for shareholder transactions differ in timing and methodology from GAAP financial-statement prices.
Impact: Creates potential differences between shareholder NAV and period-end GAAP NAV.
The Administrator may use alternate sources or fair value crypto assets when primary reference rates are unavailable or unreliable.
Impact: Introduces judgment and estimation risk into reported valuations.
ASC 946 determines presentation of investment income, realized and unrealized gains, and fund-level expenses.
Impact: Shapes comparability with operating companies and other investment vehicles.
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Last updated: 08/09/2026