T. Rowe Price filed a free writing prospectus on November 5, 2026, consisting of a transcript from a VettaFi webinar held November 2, 2026, in which T. Rowe Price's head of digital asset strategy discussed the T. Rowe Price Active Crypto ETF (NYSE:TKNZ) and its actively managed, multi-token approach to digital assets.

Key Highlights

  • Multi-token active management: According to the filing, the T. Rowe Price Active Crypto ETF is described as "a multi-token, actively managed ETF" with an investible universe of anything meeting the SEC's generic listing standards for retail ETPs.
  • Bitcoin not a top-five performer: The filing states that since the fund launched in July, "Bitcoin has not been among our top five performing positions," with other more specialized technologies ranking higher.
  • Portfolio allocation guidance cited: The filing references a recommendation of "between a one and 3% allocation" to digital assets within a broader portfolio, with some advisors going "as high as 5%."
  • Sharpe ratio data referenced: According to the filing, adding a 5% allocation of diversified digital assets to a 60/40 portfolio over a three-year period ending December 2025 raised the Sharpe ratio from approximately 0.76 to 0.83.
  • Blockchain examples cited: The filing names Hyperliquid, Solana, and Chainlink as examples of specialized blockchain tokens the fund considers within its investible universe.
  • Webinar sponsor identified: The session was described in the filing as "sponsored by T. Rowe Price" and hosted by Todd Rosenbluth of TMX VettaFi, with Blue Macellari, head of digital asset strategy at T. Rowe Price, as the featured speaker.

T. Rowe Price Active Crypto ETF: Active Strategy and Asset Class Framing

The free writing prospectus consists of a transcript from a November 2, 2026 webinar in which Blue Macellari, described in the filing as head of digital asset strategy at T. Rowe Price, outlined the firm's approach to digital assets. According to the filing, T. Rowe Price has "taken an asset class perspective to digital assets," looking beyond Bitcoin and Ethereum from the outset and treating many other tokens as "largely disruptive technologies" that perform distinct functions on their respective blockchains.

Macellari, as quoted in the filing, explained that the fund's investible universe covers any token meeting the SEC's generic listing standards for retail exchange-traded products. The filing notes that since the fund's July launch, Bitcoin had not ranked among the top five performing positions. Tokens referenced in the discussion as examples of specialized technologies include Hyperliquid, described as "a highly specialized decentralized exchange for trading perpetual futures," Solana, cited as suited for payments and what the speaker called "internet capital markets," and Chainlink, described as "solely focused on institutional finance" and positioned as a potential competitor to Swift for managing tokenized assets.

On portfolio construction, the filing records a discussion of Sharpe ratio impact, noting that a zero digital-asset allocation in a 60/40 portfolio produced a Sharpe ratio of approximately 0.76 over a three-year period ending December 2025, while adding a 5% diversified digital assets allocation raised that figure to approximately 0.83. The filing also records the view, attributed to Macellari, that "volatility is a feature" of cryptocurrency in a portfolio context because even a small allocation to a reliably high-volatility asset "can move the needle" on overall portfolio performance.

What Was Disclosed

T. Rowe Price filed a free writing prospectus containing a webinar transcript promoting the T. Rowe Price Active Crypto ETF (NYSE:TKNZ). The filing covers the fund's active, multi-token strategy, its investible universe, portfolio construction considerations, and specific blockchain examples discussed by T. Rowe Price's head of digital asset strategy.