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The T. Rowe Price Active Crypto ETF, designed to provide diversified exposure to the leading crypto assets, began trading today

, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Active Crypto ETF (Ticker: TKNZ). The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace. It began trading on NYSE Arca today.

T. Rowe Price Active Crypto ETF offers a transparent portfolio designed to provide diversified exposure to leading crypto assets from an eligible universe, such as Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others. While many other digital asset exchange-traded products in market are focused on a single token or are passively managed, multi-token TKNZ uniquely employs T. Rowe Price's research-driven, risk-aware active management approach. It is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets.

The fund is managed by Blue Macellari, who has more than 20 years of investment experience in alternative asset management, along with four co-portfolio managers. Macellari has served as head of Digital Assets at T. Rowe Price since 2022 and has been responsible for developing and leading the implementation and execution of the firm's digital asset strategy across the universe of crypto tokens, protocols, and exchange-traded funds related to blockchain. Her four co-portfolio managers are Stefan Hubrich, with 21 years of investing experience, David Kroger, with 9 years, Sean McWilliams with 17 years, and Dante Pearson, with 13. Net of a fee waiver effective until May 31, 2027, the management fee is 0.75%1.

"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," said Macellari. "Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own."

T. Rowe Price has closely monitored developments in the digital assets space for several years, including in-depth research into the impacts of blockchain technology and digital assets on markets and investment portfolios. Under Macellari's leadership, T. Rowe Price has developed its own resilient, modular infrastructure to trade digital assets and has partnered with institutional service providers to cultivate operational capacity.

"As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry's first actively managed multi-token exchange-traded product," said Tim Coyne, Global Head of Exchange-Traded Funds.
"This launch represents a new and distinctive way for investors to harness T. Rowe Price's deep investing expertise and rigorous research."

The T. Rowe Price Active Crypto ETF brings the firm's roster of active exchange-traded offerings to 34, which includes a range of equity, multi-asset and fixed income exchange-traded funds (ETFs). TKNZ marks the first of the firm's lineup that provides access to the rapidly growing digital assets category. Each exchange-traded offering delivers key features associated with ETFs such as competitive expense ratios and the flexibility to buy and sell shares throughout the trading day. In each, portfolio managers apply the firm's rigorous research practice of asking better questions, as they strive to deliver better investment outcomes for clients.

* An exchange-traded product (ETP) is a broad category that includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other investments that trade on exchanges. The key distinction between ETPs and ETFs is that ETFs are typically registered under the Investment Company Act of 1940 and invest primarily in securities, while ETPs like TKNZ may not be registered as investment companies and can hold non-security assets, such as cryptocurrencies or commodities. ETPs may have different regulatory structures, risk profiles, and disclosure requirements compared to traditional ETFs.

The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus click here or go to troweprice.com. Read it carefully.

ETFs/ETPs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust. The sponsor of the Trust is T. Rowe Price Sponsor LLC (the "Sponsor"). T. Rowe Price Investment Services, Inc. ("TRPIS") serves as the distributor of the Trust.

Investment Risks
All investments are subject to market risk, including the possible loss of principal. The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. To the extent that the fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the fund. See the prospectus for more detail on the fund's principal risks.

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1 The management fee is scheduled to revert back to the gross of 0.90%, effective June 1, 2027.

SOURCE T. Rowe Price Group

In the latest trading session, T. Rowe Price (TROW - Free Report) closed at $118.55, marking a +1.28% move from the previous day. This move outpaced the S&P 500's daily gain of 0.42%. On the other hand, the Dow registered a gain of 0.29%, and the technology-centric Nasdaq increased by 0.29%.

Coming into today, shares of the financial services firm had gained 8.11% in the past month. In that same time, the Finance sector gained 4.33%, while the S&P 500 gained 2.2%.

Market participants will be closely following the financial results of T. Rowe Price in its upcoming release. The company plans to announce its earnings on July 31, 2026. In that report, analysts expect T. Rowe Price to post earnings of $2.37 per share. This would mark year-over-year growth of 5.8%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.88 billion, indicating a 8.85% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $9.76 per share and revenue of $7.59 billion, which would represent changes of +0.41% and +3.73%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.4% higher within the past month. T. Rowe Price is currently a Zacks Rank #3 (Hold).

In the context of valuation, T. Rowe Price is at present trading with a Forward P/E ratio of 11.99. For comparison, its industry has an average Forward P/E of 11.67, which means T. Rowe Price is trading at a premium to the group.

It is also worth noting that TROW currently has a PEG ratio of 5.91. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Financial - Investment Management industry was having an average PEG ratio of 1.04.

The Financial - Investment Management industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 181, positioning it in the bottom 27% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Key Takeaways T. Rowe Price grew average AUM 9.1% to $1.71T in Q1'26, supporting higher net revenues.TROW saw positive flows in multi-asset, fixed income and alternatives despite equity outflows.T. Rowe Price's disciplined risk management is the key to supporting its long-term AUM growth. Assets under management (AUM) remain one of the most important growth drivers for T. Rowe Price Group (TROW - Free Report) , as the company generates the bulk of its revenues from investment advisory fees tied to the AUM levels. As of March 31, 2026, 90.6% of its net revenues were generated from investment advisory fees.

In the first quarter of 2026, T. Rowe Price’s average AUM increased 9.1% year over year to $1.71 trillion, supporting a 5.3% rise in net revenues to $1.86 billion. This highlights how a larger asset base can directly benefit the company’s top line. The AUM balance witnessed a compound annual growth rate (CAGR) of 9.7% over 2011-2025.

AUM Growth Trend

Image Source: T. Rowe Price Group

A key strength for T. Rowe Price is its diversified AUM mix across equities, fixed income, multi-asset products and alternatives. While equity strategies, especially U.S. growth-oriented offerings, continued to face outflows, other asset classes showed resilience. Multi-asset, fixed income and alternative products recorded positive net flows, helping reduce the impacts of weakness in equities. This diversification is important because it gives the company more than one avenue for growth, especially at a time when active equity managers face pressure from the rising popularity of passive products.

TROW is also working to expand its investment capabilities through product innovation and strategic partnerships. Its alternative credit offerings, supported by Oak Hill Advisors, including private credit and flexible credit income products, are aimed at meeting investor demand for income and diversification. These initiatives could help strengthen future AUM growth and reduce the dependence on traditional equity strategies.

However, challenges remain. T. Rowe Price recorded firmwide net outflows of $13.7 billion in the first quarter of 2026, showing that client redemptions are still concerning. Continued pressure in U.S. equity products may weigh on organic growth if inflows in other categories are not strong enough to offset the decline. In addition, stress in private credit markets could dampen investor appetite for alternative credit strategies and increase redemption risks, particularly if concerns around liquidity, valuations, leverage and credit quality intensify.

Overall, TROW’s diversified AUM base remains a meaningful strength. Although equity outflows remain a near-term challenge, growth in multi-asset, fixed income and alternatives could help stabilize revenues. However, the company’s expansion into private credit will require disciplined risk management to sustain investor confidence and support long-term AUM growth.

AUM Performance of Other Asset ManagersFranklin Resources’ (BEN - Free Report) AUM witnessed a CAGR of 3.1% over the past five fiscal years (2021-2025), with the rising trend continuing in the first quarter of fiscal 2026. The gain was driven by its efforts to diversify into high-demand asset classes, including alternative investments, and by favorable net flows from its regionally focused distribution model. Strategic acquisitions have also supported AUM growth, enabling Franklin Resources to expand its global footprint and strengthen its non-U.S. business.

Apollo Global Management’s (APO - Free Report) AUM saw a CAGR of 19.6% over the past three years (2022-2025), with the uptrend continuing in the first quarter of 2026. The increase in Apollo’s AUM is primarily driven by growth in retirement services client assets, platform subscriptions and new financing facilities. The acquisition of Bridge Investment Group Holding nearly doubled Apollo’s real estate AUM to more than $110 billion. By 2029, Apollo expects its total AUM to reach $1.5 trillion by scaling its private equity business.

TROW’s Price Performance & Zacks RankOver the past three months, shares of T. Rowe Price have gained 21.6% compared with the industry’s rise of 10%.

Price Performance

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy)stocks here.