T. Rowe Price, which manages about $1.9 trillion, said excluding established memecoins simply because they belong to that category would run counter to its active approach to crypto investing.

The asset manager has launched what it describes as the first actively managed spot ETF in the industry to provide exposure to multiple cryptocurrencies.

The T. Rowe Price Active Crypto ETF (TKNZ) began trading Thursday, giving investors access to a diversified group of digital assets rather than a single cryptocurrency. The launch represents a major expansion of the Baltimore-based firm’s presence in the digital-asset market.

While spot bitcoin and ether ETFs have dominated the crypto fund sector, TKNZ takes a broader approach by investing across several tokens. Its portfolio includes bitcoin, ether, BNB, XRP, Solana (SOL), Hyperliquid (HYPE), and other cryptocurrencies.

The fund also differs through its active management structure. Instead of following a predetermined index, its managers can adjust holdings in response to market conditions, research, and risk factors. T. Rowe Price said this flexibility is intended to capture changes in market leadership and momentum as investors shift capital among various digital assets.

TKNZ arrives as major financial firms expand their crypto offerings beyond single-asset investment products. BlackRock recently launched a bitcoin income ETF that uses options strategies connected to its spot bitcoin ETF, highlighting the growing sophistication of crypto-focused investment products.

Active management may offer investors greater flexibility in navigating a market known for sharp volatility and rapidly changing trends. However, actively managed funds generally have higher costs and must outperform passive alternatives to justify those expenses.

TKNZ currently charges a 0.75% net management fee through May 2027 under a temporary waiver. Once the waiver expires, the fee is scheduled to rise to 0.90%.

The fund is managed by Blue Macellari, T. Rowe Price’s head of digital assets, together with four co-portfolio managers. Macellari has led the firm’s digital-asset strategy since 2022, overseeing research into cryptocurrencies, blockchain networks, and related investment products.

The launch follows several years of preparation. T. Rowe Price said it developed proprietary infrastructure for digital-asset trading and partnered with institutional service providers to build the operational capabilities needed to support the ETF before bringing the product to market.