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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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market value of the Fund’s portfolio holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund’s NAV and supply and demand of Shares on the Exchange. It cannot be predicted whether the Fund’s Shares will trade below at or above their NAV. Investors who buy the Fund’s Shares at a market price that is a premium to NAV face a risk of loss if the market price of their Shares subsequently converges with NAV per Share. Investors buying or selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. The Exchange may halt trading in the Shares, which would adversely impact the ability to sell Shares

Trading in Shares of the Fund
may be halted by the Exchange due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in
view of the Exchange, make trading in Shares inadvisable. These may include: (1) the extent to which trading is not occurring in
the Eligible Assets underlying the Shares; or (2) whether other unusual conditions or circumstances detrimental to the maintenance
of a fair and orderly market are present. In addition, market conditions that would result in trading halts may also include extraordinary
market volatility that trigger rules requiring trading to be halted for a specified period based on a specified market decline.
There can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will
remain unchanged. The Fund will be terminated if its Shares are delisted.

An investment in the Fund
may be adversely affected by competition from other investment vehicles focused on crypto assets

The Fund will compete with
direct investments in crypto assets, investment vehicles that include securities backed by or linked to crypto assets, and other
investment vehicles that focus on crypto assets. Market and financial conditions, and other conditions beyond the Fund’s
control, such as the timing of reaching the market and the Fund’s fee structure relative to other investment vehicles, may
make it more attractive to invest in other vehicles. To the extent that the Fund has relatively higher fees than other such investment
vehicles, this could impede growth of the Fund, possibly result in a lower NAV per Share. The competition from other investment
vehicles focused on crypto assets could have a detrimental effect on the scale and sustainability of the Fund.

Anonymity and illicit
financing risk of crypto assets could harm the Fund

Although transaction details
of peer-to-peer transactions are recorded on the crypto assets blockchain, a buyer or seller of crypto assets on a peer-to-peer
basis directly on the network may never know to whom the public key belongs or the true identity of the party with whom it is transacting.
Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information
to identify users. In addition, certain technologies may obscure the origin or chain of custody of crypto assets. The opaque nature
of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased
risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes.

Certain crypto assets have
in the past been used to facilitate illicit activities. If a crypto asset was used to facilitate illicit activities, businesses
that facilitate transactions in such crypto assets could be at increased risk of potential criminal or civil liability or lawsuits,
or of having banking or other services cut off, and such crypto asset could be removed from crypto platforms. Any of the aforementioned
occurrences could adversely affect the price of the relevant crypto asset, the attractiveness of the respective blockchain network
and an investment in the Shares. If the Fund, the Sponsor were to transact with a sanctioned entity, the Fund or the Sponsor or
its affiliates would be at risk of potential criminal or civil lawsuits or liability.

The Fund takes measures with
the objective of reducing illicit financing risks in connection with the Fund’s activities. However, illicit financing risks
are present in the crypto asset markets. There can be no assurance that the measures employed by the Fund will prove successful
in reducing illicit financing risks, and the Fund is subject to the complex illicit financing risks and vulnerabilities present
in the crypto asset markets. If such risks arise, the Fund or the Sponsor or its affiliates could face civil or criminal liability,
fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking services
or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect
the Fund’s ability to operate or cause losses in value of the Shares.

The Fund, the Sponsor and its
affiliates have adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering
laws and sanctions laws and regulations, including applicable know your customer (KYC) laws and regulations. The Sponsor and its
affiliates and the Fund will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates
have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants, Crypto Trading Counterparty,
and Crypto Custodian. Each service provider must undergo onboarding prior to placing creation or redemption orders with respect
to the Fund. As a result, the Sponsor and the Fund have instituted procedures designed to ensure that a situation would not arise
where the Fund would engage in transactions with a counterparty whose identity the Sponsor and the Fund did not know.

Furthermore, Authorized
Participants, as broker-dealers, and the Crypto Custodian, as an entity licensed to conduct virtual currency business activity,
respectively, are “financial institutions” subject to the U.S. Bank Secrecy Act, as amended (BSA), and U.S. economic
sanctions laws. The Fund will only accept creation and redemption requests from Authorized Participants who have represented to
the Fund that they have implemented compliance programs that are designed to ensure compliance with applicable sanctions and anti-money
laundering laws. The Custodians have adopted and implemented anti-money laundering and sanctions compliance programs, which provides
additional protections to ensure that the Sponsor and the Fund do not transact with a sanctioned party.

However, there is no guarantee
that such procedures will always prove to be effective or that the Fund’s service providers will always perform their obligations.
If the Authorized Participants or Crypto Trading Counterparties have inadequate policies, procedures and controls for complying
with applicable anti-money laundering and applicable sanctions laws or the Fund’s procedures or diligence prove to be ineffective,
violations of such laws could result, which could result in regulatory liability for the Fund, the Sponsor, or its affiliates under
such laws, including governmental fines, penalties, and other punishments, as well as potential liability to or cessation of services
by the Fund’s service providers. Any of the foregoing could result in losses to the Shareholders or negatively affect the
Fund’s ability to operate.

The market for crypto-based
ETFs may reach saturation

The market for crypto-based
ETFs like the Fund may reach a point where there is little or no additional investor demand. If this happens, there can be no assurance
that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’s expenses
and its portfolio transaction costs may be higher than those of a Fund with a larger asset base. To the extent that the Fund does
not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation
may not be favorable to some Shareholders.

To the extent that the
Fund engages in staking activities, the Fund will be exposed to increased liquidity risk

Staking typically requires
that the Fund lock up the staked Eligible Assets for a specified period. During the staking period and the subsequent unbonding
period required to unstake the Eligible Assets, the Fund typically cannot transfer such assets. The unbonding period varies by
asset and may exceed historical averages based on network activity. For a detailed discussion of the Fund’s staking activities
and procedures, see ’Business of the Fund—Staking.’