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: 2026-02-11
Accession Number: 0001999371-26-003054
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126003054/active-s1a_021126.htm

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timely meet excessive redemption requests in amounts that are greater than the portion of the Fund’s stakeable Eligible Assets that remain un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Fund’s redemption program. Moreover, any staked Eligible Assets which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Fund’s Eligible Assets that have not been staked, or through another mechanism to manage liquidity in connection with redemption orders) will be un-staked only after the redemption request is approved by the Fund, the Sponsor executes an un-stake or withdrawal transaction through the Crypto Custodian, and such transaction is processed by the network on which the Eligible Asset is based. The Staking Provider will not be able to transfer unstaked Eligible Assets or Staking Provider Consideration to another address on the network.

In addition, depending on
the anticipated length of the unbonding period, the staked Eligible Assets may be classified as illiquid under the Fund’s
liquidity risk management program. In addition, if staked Eligible Assets are determined to be offered or sold as a security under
the Securities Act, they could be subject to significant constraints in terms of any transfer or disposal of such Eligible Assets.
In such event, the Fund may consider one or more Eligible Assets to be an “illiquid security”, which it defines as
a security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or
less without the sale or disposition significantly changing the market value of the security.

Rewards for staked Eligible
Assets may be accrued even before the staked Eligible Assets are unbonded. Once accrued, such rewards are considered part of the
Fund’s assets, even if unbonding has not occurred. The Sponsor and the Fund will manage liquidity in accordance with the
Fund’s liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily
basis.

Risks Related to Shareholder Voting
Rights and Liability

Shareholders have only
very limited voting rights and generally will not have the power to replace the Sponsor. Shareholders will not participate in the
management of the Fund and do not control the Sponsor so they will not have influence over basic matters that affect the Fund

Shareholders will have very
limited voting rights with respect to the Fund’s affairs. Shareholders may elect a replacement sponsor only if the current
Sponsor resigns voluntarily or loses its corporate charter. Shareholders will not be permitted to participate in the management
or control of the Fund or the conduct of its business. Shareholders must therefore rely upon the duties and judgment of the Sponsor
to manage the Fund’s affairs.

Shareholders will not
have the rights enjoyed by investors in certain other types of entities

As interests in a Delaware
statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including,
for example, the right to bring Shareholder oppression and derivative actions). In addition, the Shares have limited voting and
distribution rights (for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors,
and generally will not receive regular distributions of the net income and capital gains earned by the Fund). The Fund is also
not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and Exchange governance rules (for example,
independent audit committee requirements).

CALCULATING
NAV

The NAV of the Fund will
be equal to the total assets of the Fund, including but not limited to, all crypto assets, stablecoins, cash, and cash equivalents
less total liabilities of the Fund. The NAV per share is calculated by dividing NAV of the Fund by the number of shares currently
outstanding. The methodology used to calculate the price of the crypto assets in determining the NAV of the Fund may not be deemed
consistent with U.S. GAAP (GAAP).

The Sponsor has the authority
to determine the Fund’s NAV. Subject to the oversight of the Sponsor, the Sponsor has delegated to the Administrator the
responsibility to calculate the NAV of the Fund as well as the daily valuation process, based on pricing sources selected by the
Sponsor. The Fund’s investment team may provide pricing inputs. No investment team may provide pricing instructions.

determining the Fund’s NAV, the Administrator values each crypto asset and stablecoin held by the Fund based on a reference
rate. The Administrator has engaged Lukka, Inc., a third-party vendor, to provide a reference rate for each Eligible Asset held
by the Fund. The Lukka Digital Asset Median Reference Rate for each crypto asset (as shown in the table below) shall be the primary
reference rate used for valuing the Fund’s crypto assets, unless the Administrator determines that one or more reference
rates is not available or is unreliable (each a “Reference Rate”). Each Reference Rate aggregates the trade flow of
the respective crypto asset on spot exchange platforms, during an observation window between 3:00 p.m. and 4:00 p.m. E.T. into
the U.S. dollar price of the respective crypto asset, at 4:00 p.m. E.T.

Eligible Asset	Lukka Digital Asset Median Reference Rate Full Name

ADA	Lukka Digital Asset Median Reference Rate - Cardano - U.S. Dollar

BTC	Lukka Digital Asset Median Reference Rate - Bitcoin - U.S. Dollar

DOT	Lukka Digital Asset Median Reference Rate - Polkadot - U.S. Dollar

ETH	Lukka Digital Asset Median Reference Rate - Ether - U.S. Dollar

LTC	Lukka Digital Asset Median Reference Rate - Litecoin - U.S. Dollar

SOL	Lukka Digital Asset Median Reference Rate - Solana Token - U.S. Dollar

XRP	Lukka Digital Asset Median Reference Rate - Ripple - U.S. Dollar

AVAX	Lukka Digital Asset Median Reference Rate - Avalanche - U.S. Dollar

DOGE	Lukka Digital Asset Median Reference Rate - Dogecoin - U.S. Dollar

HBAR	Lukka Digital Asset Median Reference Rate - Hedera Hashgraph - U.S. Dollar

BCH	Lukka Digital Asset Median Reference Rate - Bitcoin Cash - U.S. Dollar

LINK	Lukka Digital Asset Median Reference Rate - ChainLink - U.S. Dollar

XLM	Lukka Digital Asset Median Reference Rate - Stellar Lumens - U.S. Dollar

SHIB	Lukka Digital Asset Median Reference Rate - SHIBA INU - U.S. Dollar

SUI	Lukka Digital Asset Median Reference Rate - Sui - U.S. Dollar

USDC	Lukka Digital Asset Median Reference Rate - USD Coin - U.S. Dollar

The Reference Rates are
calculated based on the transactions that take place on crypto asset trading platforms approved by the Reference Rate provider
(Eligible Transactions). The methodology (or calculation steps) for each Reference Rate is as follows:

●	All Eligible Transactions are added to a joint list, recording the trade price and size for
each transaction.

●	The joint list is partitioned into a number of equally-sized time intervals.

●	For each partition separately, the volume-weighted median trade price is calculated from the
trade prices and sizes of all Eligible Transactions, i.e., across all relevant trading platforms. A volume-weighted median differs
from a standard median in that a weighting factor, in this case trade size, is factored into the calculation.

●	Each Reference Rate is then determined by the equally weighted average of the volume-weighted
medians of all partitions.

The Administrator believes
that the use of the Reference Rates is reflective of a reasonable valuation of the spot price of the Fund’s crypto assets
and are reasonably designed to be resistant to manipulation. For example, under this methodology, crypto asset transactions conducted
at outlier prices, large trades or clusters of trades transacted over a short period of time, and large trades at prices that deviate
from the prevailing price are mitigated from having an undue influence on the Reference Rates. The Administrator requires the Reference
Rate provider(s) to have a control framework that is consistent with relevant regulations and designed to ensure the integrity
of its Reference Rates.

If one or more Reference
Rates from the primary vendor are not available or the Administrator determines that one or more Reference Rates are unreliable,
then reference rates from another source may be used. Alternately, the Fund’s holdings may be fair valued by the Administrator
(referred to herein as a “Fair Value Event”). Additionally, the Administrator will monitor for unusual prices and escalate
to the Sponsor if detected. Notification of a material change to the Reference Rate will be made in a prospectus supplement or
the Fund’s periodic reports.

The Fund’s cash equivalents
are valued at the close of the NYSE and are reported at fair value, as determined by the Administrator. The Administrator will
fair value by taking into account various, adopted factors, and methodologies for determining fair value. This value may differ
from the value the Fund receives upon sale of the cash equivalents.