T. Rowe Price Joins Crypto ETF Race With SEC Filing for Active Fund
Bitcoin MagazineT. Rowe Price Joins Crypto ETF Race With SEC Filing for Active Fund T. Rowe Price, one of the largest U.S. asset management firms, has filed for an active crypto ETF. This post T. Rowe Price Joins Crypto ETF Race With SEC Filing for Active Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Bitcoin Magazine
T. Rowe Price Joins Crypto ETF Race With SEC Filing for Active Fund
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 and may invest in crypto not included in it, though all holdings must meet eligibility criteria, according to the SEC filing.
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.
Shares will trade on NYSE Arca. Investors can buy and sell shares like a stock, but it still carries the usual crypto risks.
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