When $1.9 trillion asset manager T. Rowe Price launched the industry's first actively managed multi-token spot crypto exchange-traded fund (ETF) in July, investors expected to see familiar names like bitcoin BTC $ 65,252.85, ether ETH $ 1,926.76 and solana (SOL) in the portfolio. For Blue Macellari, T. Rowe Price's head of digital assets and lead portfolio manager for the T. Rowe Price Active Crypto ETF (TKNZ), the decision wasn't about chasing internet hype. Macellari said active management means judging each eligible token on its investment merits, not dismissing it because of its reputation. If an established memecoin has strong momentum or could improve the portfolio, she said, excluding it on principle could leave investors on the sidelines. “I’m not going to stand on principle and say, ‘I’m going to be an intellectual snob,’ and if a memecoin performs, my investors aren’t going to participate.”