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

Chunk 20 of 66
Word Count: 1389
Character Count: 8851

Document Content:

minted beyond this limit. At network launch, a portion of the total supply (roughly 5% of all tokens) was in circulation, while the remaining tokens are being released progressively over time. The structured emission schedule is designed to support network security, incentivize validators and participants, and sustain the long-term growth of the Sui Network. RISK FACTORS Carefully consider the risks described below before making an investment decision. Refer to the other information included in this prospectus, as well as information found in documents incorporated by reference in this prospectus, before deciding to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. Risks Related to Crypto Asset Markets The Eligible Assets are relatively new technological innovations with a limited operating history

The Eligible Assets have a relatively
limited history of existence and operations compared to traditional commodities. There is a limited established performance record for
the price of the assets and, in turn, a limited basis for evaluating an investment. Although past performance is not necessarily indicative
of future results, if crypto assets had a more established history, such history might (or might not) provide investors with more information
on which to evaluate an investment in the Fund.

The price of many crypto assets,
including the Eligible Assets, has exhibited periods of extreme volatility, which could have a negative impact on the performance of the
Fund

Crypto assets (including the Eligible
Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity
and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. Speculators and investors who
seek to profit from trading and holding crypto assets generate a significant portion of the demand for crypto assets. Such speculation
regarding the potential future appreciation in the value of crypto assets may inflate their price. Conversely, a decrease in demand or
speculation for crypto assets, or a change in regulation and/or the regulatory environment and perceptions thereof, among other things,
may cause a drop in the prices of crypto assets. Developments related to the operations of crypto asset networks may also contribute to
the volatility in the price of the crypto assets. These factors may continue to increase the volatility of the price of crypto assets,
which may have a negative impact on the performance of the Fund.

In the past, developments in the crypto
asset economy have led to extreme volatility and disruption in crypto asset markets, a loss of confidence in participants of the crypto
asset ecosystem, significant negative publicity surrounding crypto assets broadly and market-wide declines in liquidity. For example,
beginning in late 2021 and continuing through 2023, crypto asset prices fell sharply, leading to volatility and disruption in the crypto
asset markets. Several prominent crypto asset firms such as Celsius Network LLC, Voyager Digital Ltd., and Three Arrows Capital declared
bankruptcy. In November 2022, FTX Trading Ltd. (FTX) (a major crypto asset trading platform by volume), and numerous affiliates of FTX
filed for bankruptcy, following which U.S. and other regulators began investigations into FTX, and the U.S. Department of Justice brought
criminal charges against FTX’s founder and former CEO and others. Several other crypto firms have also declared bankruptcy following
the events around FTX, and federal and state regulators in the U.S. have brought charges against a number of crypto firms. These events
have adversely affected confidence among participants in the crypto asset markets, and have generated negative publicity and have caused
market-wide declines in crypto asset trading prices and liquidity.

Federal and state legislatures and
regulatory agencies are expected to introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as crypto
asset trading platforms and custodians, and in May 2025, the House of Representatives passed the Digital Asset Market Clarity Act, although
this is yet to be passed by the Senate. The U.S. regulators have issued reports and releases concerning crypto assets. However, the extent
and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near
future. It is possible that the Fund may be required to comply with new laws and regulations, which could result in new costs for the
Fund. The Fund may have to devote increased time and attention to regulatory matters, which could increase costs to the Fund. New laws,
regulations and regulatory actions could significantly restrict or eliminate the market for, or uses of, crypto assets including the Eligible
Assets, which could have a negative effect on the value of the Eligible Assets, which in turn would have a negative effect on the value
of the Shares.

These events are continuing to develop
at a rapid pace and it is not possible to predict at this time all of the risks that they may pose to the Sponsor, the Fund, their affiliates
and/or the Fund’s third-party service providers, or to the crypto asset industry as a whole.

There is a potential for change in
the price of Shares between the time an investor places an order to purchase or sell and the time of the actual purchase or sale resulting
from the price volatility of crypto assets or (particularly in the case of any Eligible Assets that may have relatively lower market capitalization)
due to the Sponsor actively trading the Eligible Assets. Continued disruption and instability in the crypto asset markets as these events
develop, including further declines in the trading prices and liquidity of the Eligible Assets, could have a material adverse effect on
the value of the Shares and the Shares could lose all or substantially all of their value.

Momentum trading of crypto assets
could adversely affect the price of the Eligible Assets, and, in turn, the value of the Shares and an investment in the Fund

Momentum trading is a strategy where
investors buy or sell an asset based on recent price trends of an asset, rather than its fundamental value. Momentum trading typically
is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation
in value. Crypto assets may be subject to momentum trading. Momentum trading may result in speculation regarding future appreciation in
the value of crypto assets, which may inflate prices and lead to increased volatility. As a result, crypto assets may be more likely to
fluctuate in value due to changing investor perceptions regarding future appreciation or depreciation in prices, which could adversely
affect the price of the Eligible Assets, and, in turn, the value of the Shares in the Fund.

The Reference Rates have a limited
performance history and could fail to track the price of the respective crypto asset which could adversely affect the value of the Shares

The Reference Rates were developed
by the Reference Rate Provider and have a limited performance history. A longer history of actual performance through various economic
and market conditions would provide greater and more reliable information for an investor to assess the performance of the Reference Rates.
The crypto trading platforms used in the Relevant Transactions could also change over time. Although the Reference Rates are intended
to accurately capture the market price of the respective crypto assets, third parties may be able to purchase and sell crypto assets on
public or private markets not included among the Relevant Transactions, and such transactions may take place at prices materially higher
or lower than the Reference Rates’ prices. Moreover, there may be variances in the prices of crypto assets on the various crypto
asset platforms, including as a result of differences in fee structures or administrative procedures.

If the Reference Rate is not available,
the Fund’s holdings may be fair valued. To the extent the valuation determined by the Administrator differs materially from the
actual market price of the crypto assets, the price of the Shares may no longer track, whether temporarily or over time, the global market
price of crypto assets, which could adversely affect an investment in the Fund by reducing investors’ confidence in the Shares’
ability to track the global market price of crypto assets.

Further development and acceptance
of the Eligible Assets is uncertain