SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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and analysis leverages insights from diverse sources, including external research, to develop and refine its investment selections and identify and take advantage of trends within the crypto assets industry that have ramifications for the crypto assets to be held by the Fund. The Sponsor will select investments for the Fund that represent the Sponsor’s highest-conviction investment ideas in constructing the Fund’s portfolio. The Sponsor’s highest-conviction investment ideas are those that it believes present the best risk-reward opportunities. The investment process is implemented using an assessment and rating of each asset on an ongoing basis across multiple factors, such as intrinsic value of crypto assets by examining their underlying fundamental characteristics, momentum characteristics, and assessing potential for long-term growth and short-term performance. Additionally, a quantitative model, which includes the Sponsor’s portfolio analytics using numerical data and risk controls, is then used to size and manage positions within the disciplined risk framework.

Under normal circumstances, the Fund
is expected to hold between five and fifteen (5 – 15) crypto assets; however, the Fund may hold more than fifteen or less than five
crypto assets at any time. Based on the Sponsor’s views on one or more Eligible Assets, the Sponsor may actively trade any or all
such Eligible Assets from time to time. Such active trading of one or more Eligible Assets may take place at any time during the life
of the Fund, including outside the Fund’s regular creation and redemption processes. The Fund may use one or more of its Eligible
Assets to purchase other Eligible Assets. While the Fund generally trades during the hours that the Shares are traded on the Exchange,
the Fund may engage in trading of Eligible Assets on both U.S. and non-U.S. crypto trading platforms through 24-hour trading. The Sponsor
has adopted policies and procedures governing active trading of Eligible Assets, such as a best execution policy.

Under normal circumstances, the Fund
may also hold cash, cash equivalents, and stablecoins to cover expenses, buy crypto assets, and allow for efficient trading. The cash
equivalents (1) may not be securities and (2) include, but are not limited to: currency, demand deposits with banks or other financial
institutions, bank money market accounts, time deposits, and CDs with maturities of three months or less. Stablecoins are like tokenized
cash. The Fund will only hold stablecoins in the form of USDC, a U.S. dollar denominated stablecoin issued by Circle Internet Financial,
LLC, as it meets the “payment stablecoin” definition of Guiding and Establishing National Innovation for U.S. Stablecoins
Act (GENIUS Act), as enacted on July 18, 2025. The Fund may continue to hold USDC unless or until any rules promulgated under the GENIUS
Act no longer permit such holding.

The Fund may also hold cash, cash
equivalents, and stablecoins as a temporary defensive position, which may be inconsistent with the Fund’s principal investment objectives
and/or strategies and may impact the Fund’s returns. The Fund may assume a temporary defensive position by deploying 100% of its
assets in cash, cash equivalents and stablecoins to respond to adverse market, economic, political, or other conditions, such as providing
flexibility in meeting redemptions, pay expenses, or manage cash flows. As a result, depending upon prevailing market conditions and/or
other investment considerations, at any time, the Fund may hold as little as 0%, and as much as 100% of its assets in Eligible Assets,
with the remainder of its assets in cash, cash equivalents and stablecoins. The Fund may not invest in any asset considered a security
under the federal securities laws, at any time.

Incidental Rights, IR Virtual
Currency, Forks, Airdrops, and Similar Events

From time to time, the Fund may be
entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset (for avoidance
of doubt, other than crypto assets held by the Fund) or other asset or right, which rights are incident to the Fund’s ownership
of crypto assets and arise without any action of the Fund, or of the Sponsor on behalf of the Fund (Incidental Rights). Additionally,
the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto
asset (for avoidance of doubt, other than crypto assets held by the Fund) or other asset or right, acquired by the Fund through the exercise
of any Incidental Right (IR Virtual Currency). Such events involving Incidental Rights and IR Virtual Currencies include a fork in a crypto
asset blockchain, an airdrop offered to holders of crypto assets, or other similar event. A fork occurs when developers of one or more
networks underlying the Eligible Assets may suggest changes to the network and a sufficient number of users and/or miners elect not to
adopt the changes, creating a new crypto asset. In an airdrop, the promoters of a new crypto asset announce to holders of another crypto
asset that such holders will be entitled to claim a certain amount of the new crypto asset for free, based on the fact that they hold
such other crypto asset.

With respect to any Incidental Right,
IR Virtual Currency, fork, airdrop, or similar event, the Sponsor shall, in its sole discretion, decide what action the Fund shall take.
Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental Right, or IR Virtual
Currency, so long as such action is consistent with the Fund’s policies and custodial policies, does not adversely affect the status
of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited by law. In the event of a fork or airdrop,
the Sponsor will determine which network it believes is the appropriate network for the new crypto asset, and whether the new crypto asset
qualifies as an Eligible Asset for the Fund’s purposes.

Asset Eligibility

The only crypto assets that the Fund
may hold are Eligible Assets, which meet the following eligibility criteria. Specifically, each crypto asset must (1) be a commodity and
(2) either:

●	trades on a market that is an Intermarket Surveillance Group (ISG) member from which the Exchange may
obtain information about trading in such crypto asset from the ISG member, at all times such crypto asset is in the Fund’s portfolio;

●	underlies a futures contract that has been made available to trade on a designated contract market regulated
by the CFTC for at least six months, provided that the Exchange has a comprehensive surveillance sharing agreement, at all times such
crypto asset is in the Fund’s portfolio; or

●	when the crypto asset is acquired, the economic exposure to such crypto asset commodity represents at
least 40% of the NAV of an exchange-traded fund that lists and trades on any national securities exchange.

As of the date of this prospectus,
based on the Sponsor’s assessment of available data, the following crypto assets are considered Eligible Assets (ticker symbols
in parenthesis): bitcoin (BTC), ether (ETH), SOL (SOL), XRP (XRP), ada (ADA), AVAX (AVAX), litecoin (LTC), DOT (DOT), Dogecoin (DOGE),
HBAR (HBAR), Bitcoin Cash (BCH), LINK (LINK), lumen (XLM), Shiba Inu (SHIB), and sui (SUI). The Fund may invest in other Eligible Assets
not listed without prior notice to Shareholders. Shareholders will be informed of any new Eligible Assets on the Fund’s website.
The Fund will not invest in any crypto asset that is not an Eligible Asset. Shareholders will be informed of any material changes to the
eligibility criteria in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K.

Staking

Staking on a crypto asset network
refers to using a crypto asset, or permitting such crypto asset to be used, directly or indirectly, through a service provider or otherwise,
in such crypto asset network’s proof-of-stake (PoS) validation protocol, in exchange for the receipt of consideration, including,
but not limited to, staking rewards paid in-kind (collectively, “Staking”). The Fund, Sponsor, Custodian, or any other service
provider engaged by the Fund, whether associated with the Fund or otherwise, may directly or indirectly, engage in any action that would
result in any portion of the Fund’s crypto assets becoming subject Staking or other validation processes on the Eligible Assets’
underlying networks, in the future. Specifically, the Fund’s crypto assets may be used to engage in Staking, or other related processes
that earn additional crypto assets, generate income, or accrue any form of earnings, in accordance with appropriate risk, tax and regulatory
guidance. Shareholders will be informed in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K,
of a description of the staking program, including a description of related processes, the Eligible Assets applicable and how staking
is managed relevant to the Eligible Assets, material terms of relevant third-party agreements, relevant third-party responsibilities,
how staking rewards are managed, of liquidity risk policies and procedures, and any related risks. Until such descriptions are provided
to Shareholders, none of the Fund, Sponsor, nor Crypto Custodian will engage in Staking.