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XRP Crypto ETF News
T. Rowe Price entered the crypto ETF market on July 16 by launching TKNZ, an actively managed fund that holds a basket of digital assets. The Baltimore-based asset manager manages approximately $1.9 trillion in client assets and has about 90 years of money management experience. The fund is listed on the New York Stock Exchange Arca under the trading symbol TKNZ.
This product differs from existing spot crypto ETFs in two ways: it holds multiple tokens rather than a single asset, and is proactively managed, which means that portfolio managers can adjust allocations based on research, market conditions and risk assessments, rather than tracking fixed indices. T. Rowe Price said the strategy aims to follow changes in market leadership as funds flow between different cryptocurrencies.
Current Portfolio Configuration
The fund's initial assets are approximately US$15 million. Bitcoin (BTC) accounted for the largest proportion at 40.75%, followed by Ethereum (ETH) at 18.42%, BNB at 11.01%, Solana (SOL) at 9.44%, XRP at 9.37%, and Hyperliquid (HYPE) at 6.45%. Stellar Lumen, Dogecoin, USDC and cash equivalents constitute the remaining positions. 
Eric Balchunas, senior ETF analyst at Bloomberg Industry Research, pointed out that the initial allocation of Bitcoin was underweighted, while most other positions were overweighted, especially HYPE. HYPE hit a record high of about $74.50 last month, trading at about $65.60 when the fund was launched, up about 38% in the past year. Bitcoin fell by about 45% during the same period.
The fund's prospectus shows that no positions will be pledged at the time of launch, but retains the possibility of introducing pledges in the future. The pledge will enable the fund to generate income from the assets it holds proving equity.
Fees, management and launch path
TKNZ will enjoy a temporary rate exemption until May 2027, with a net management fee of 0.75%. The rate is planned to increase to 0.90% thereafter. Actively managed funds usually charge higher fees than passive index products, and must continue to outperform similar products to prove that their additional costs are reasonable.
T. Blue Macellari, head of digital assets at Rowe Price, serves as chief portfolio manager, co-managing with four co-managers. Macellari will be responsible for the company's digital asset strategy since 2022, covering research on cryptocurrencies, blockchain protocols and related investment products.
T. Rowe Price submitted an application for the fund in October 2025, and its launch on July 16 took nearly nine months. Before bringing the product to market, the company built its own digital asset trading infrastructure and worked with institutional service providers to handle transactions and operations. The launch follows BlackRock's Bitcoin Earnings ETF launched earlier this month, which generates revenue from its spot Bitcoin ETF through options strategies, reflecting a broader trend of asset managers expanding beyond single-token crypto products.
