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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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 These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in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