T. Rowe Price Active Crypto ETF

What they do

The Trust is a Delaware statutory trust that issues shares on NYSE Arca under the symbol TKNZ. It employs an actively-managed, model-based strategy to invest in a diversified basket of commodity crypto assets (expected 5-15 assets) and does not track or replicate the FTSE Crypto US Listed Index. It may hold cash, cash equivalents, and payment stablecoins. It does not use leverage, derivatives, or invest in securities.

Revenue drivers

• Management fee — Annual fee of 0.90% of average daily net assets, with a contractual waiver of 0.15% until May 31, 2027, resulting in a net fee of 0.75%. Fee is computed daily and paid monthly.
• Asset growth — Revenue is directly tied to the Trust's net assets; no asset base was reported in the latest 10-Q beyond total assets of $20,000, indicating minimal scale at inception.

Recent performance

As of June 30, 2026, the Trust reported total assets of $20,000 and no liabilities. The Trust has not generated any revenue or operating income in the period. The Trust is newly formed and had not yet engaged in significant investment activity. The financials reflect the Trust's early-stage operations.

Strategy

The Trust seeks to outperform the crypto asset market as measured by the FTSE Crypto US Listed Index through a fundamentally informed, model-based process. It will take active views on crypto assets based on fundamentals, valuation, and momentum within a risk-based framework. The Trust can hold cash and stablecoins for expenses and efficient trading, and may take temporary defensive positions. It does not currently utilize in-kind creations/redemptions despite SEC authorization received on June 12, 2026.

Risks

• Crypto market volatility — Investments in crypto assets are subject to extreme price volatility, which could lead to significant fluctuations in the Trust's net asset value.
• Limited operating history — The Trust is newly formed with minimal assets ($20,000), and there is no track record of performance or operational results.
• Regulatory uncertainty — Crypto assets are subject to evolving and uncertain regulatory oversight, which could adversely affect the Trust's operations and the value of its investments.
• Concentration risk — Holding a small number of crypto assets (5-15) may concentrate exposure and increase the impact of a decline in any single asset.

Outlook

Management does not provide specific forward-looking guidance in the latest 10-Q. The Trust is focused on establishing operations and commencing active crypto investing. The Sponsor has agreed to waive a portion of the management fee through May 31, 2027, suggesting near-term support for growth. The SEC order permitting in-kind creations may allow for more efficient trading in the future, though not currently used.