"T. Rowe Price, one of the largest U.S. asset management firms, has filed with the Securities and Exchange Commission (SEC) to launch a cryptocurrency-focused exchange-traded fund (ETF). The proposed fund, named the T. Rowe Price Active Crypto ETF, aims to outperform the FTSE US Listed Cryptocurrency Index, which tracks the ten largest U.S.-listed cryptocurrencies by market capitalization that meet SEC listing standards. Unlike passive funds, the ETF can overweight or underweight assets relative to the Index"
"The filing comes as a semi-surprise to market observers. Bloomberg senior ETF analyst Eric Balchunas described it as a "semi-shock," noting that T. Rowe Price, a top-five active manager largely known for traditional mutual funds, is now entering the nascent but increasingly crowded crypto ETF space. "There's going to be a land rush for this space," he tweeted."
T. Rowe Price filed with the SEC to launch the T. Rowe Price Active Crypto ETF, targeting outperformance of the FTSE US Listed Cryptocurrency Index that tracks the ten largest U.S.-listed cryptocurrencies meeting SEC listing standards. The ETF will be actively managed and may overweight or underweight assets relative to the Index and invest in eligible crypto not included in the Index. Shares will trade on NYSE Arca and carry standard cryptocurrency risks. Bloomberg called the filing a "semi-shock" and forecast intense competition, while a T. Rowe Price manager expressed long-term conviction in crypto, DeFi, and stablecoins.
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