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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and other fraudulent activity. These activities have caused significant, in some cases total, losses for crypto asset investors. Investors in crypto assets may have little or no recourse should such theft, fraud or manipulation occur. There is no central registry showing which individuals or entities own crypto assets or the quantity of crypto assets that is owned by any particular person or entity. There are no regulations in place that would prevent a large holder of crypto assets or a group of holders from selling their crypto assets, which could depress the price of such assets, or otherwise attempting to manipulate the price of such crypto assets or their networks. Events that reduce user confidence in the Eligible Assets, the Eligible Asset Networks and the fairness of crypto platforms could have a negative impact on the price of the Eligible Assets and the value of an investment in the Fund.

Regulatory changes or
actions in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more crypto assets, mining activity
or the operation of their networks in a manner that adversely affects the value of the Shares

Various foreign jurisdictions
have, and may continue to adopt laws, regulations or directives that affect crypto asset networks (including the Eligible Asset
Networks), the crypto asset markets, and their users, particularly crypto platforms and service providers that fall within such
jurisdictions’ regulatory scope. Foreign laws, regulations or directives may conflict with those of the United States and
may negatively impact the acceptance of one or more crypto assets by users, merchants and service providers outside the United
States and may therefore impede the growth or sustainability of the crypto asset economy in the European Union, China, Japan, Russia
and the United States and globally, or otherwise negatively affect the value of the Eligible Assets. The effect of any future regulatory
change is impossible to predict, but such change could be substantial and adverse to the Fund and the value of the Shares.

The Fund’s Operating Risks

The Fund is new and has
no operational history

Because the Fund is new, it
has a more limited operating history, fewer shareholders, and less assets than other investment vehicles that have been in existence
for longer periods. It may be more difficult to evaluate the investment program and Sponsor of a Fund with a limited performance
track record. This limited history poses several potential risks to the effective management and operation of the Fund. Crypto
assets, such as bitcoin, are known for their high volatility, unique technical, legal and regulatory challenges, and rapidly evolving
market dynamics. The Sponsor’s limited experience may not fully equip it to navigate these complexities effectively and it
may not be successful in implementing its investment objective.

Due to the Fund’s relatively concentrated shareholder base, large
shareholder purchases or redemptions could require the Fund to buy or sell holdings at unfavorable times or maintain greater cash reserves
than desired, any of which could have tax implications for the Fund and its Shareholders, make it difficult to invest fully in accordance
with the Fund’s investment program, and limit the Sponsor’s ability to successfully implement the Fund’s investment
strategies. There is no assurance that the Fund will be able to sufficiently increase its assets or number of shareholders in the future,
which could lead to the Fund ultimately being liquidated and ceasing its operations. In such an event, Shareholders may be required to
redeem or transfer their investment in the Fund at an inopportune time. The timing and tax consequences of such liquidation may not be
favorable to some Shareholders.

Due to the Fund’s
relatively small asset base, the Fund’s portfolio transaction costs and any costs that are not paid by the Sponsor pursuant
to the Management Fee, may be relatively higher than those of a Fund with a larger asset base.

The Sponsor or Fund
may change the Management Fee, investment objective, Index or investment strategies at any time without Shareholder approval or
advance notice

Consistent with applicable provisions of the Trust Agreement and Delaware
law, the Sponsor and Fund have broad authority to make changes to its operations. The Sponsor may, in its sole discretion, determine to
amend the Sponsor Agreement, including to increase the Management Fee, and may do so without Shareholder approval. The Sponsor shall determine
the contents and manner of delivery of any notice of such changes. If an amendment imposes new fees and charges or increases existing
fees or charges, including the Management Fee, advance notice of the change will be provided in a prospectus supplement or current report
on Form 8-K. Shareholders that are not registered owners (which most Shareholders will not be) may not receive any other specific notice
of a fee increase. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed to agree
to the fee change.

The Fund may change its
investment objective, the Index, or investment strategies and Shareholders of the Fund will not have any rights with respect to
these changes. Changes are subject to applicable regulatory requirements, including, but not limited to, any requirement to amend
applicable listing rules of the Exchange. The reasons for and circumstances that may trigger any such changes may vary widely and
cannot be predicted. Shareholders may experience losses on their investments in the Fund as a result of such changes.

The crypto assets that
the Fund may invest in can change from time to time as additional Eligible Assets are added

The Fund’s investment
strategy permits it to invest in a range of crypto assets that have been designated as Eligible Assets under its investment guidelines.
The list of Eligible Assets is not fixed, and may expand or change over time as new crypto assets are evaluated and added. As a
result, the Fund’s portfolio composition may change materially and potentially rapidly, subjecting investors to risks associated
with newer or less-established crypto assets, each of which may have distinct technical, regulatory, security, and market risks
that differ from those of the Fund’s initial holdings.

The addition of new Eligible
Assets may expose the Fund to increased volatility, illiquidity, or operational uncertainties specific to newly included Eligible
Assets. Furthermore, investors will not have an opportunity to vote on or approve the inclusion of additional Eligible Assets,
and there is no guarantee that any added Eligible Asset will perform as expected or that the Fund’s risk profile will remain
consistent with past periods. This evolving investment universe may impact the Fund’s investment performance and risk characteristics
in unpredictable ways.

Prospective investors should
consider that the Fund’s exposure may shift both in terms of the particular crypto assets held and the associated risks,
which may change as additional Eligible Assets are included in the Fund’s investment strategy.

The Fund is not a registered
investment company, so Shareholders do not have the protections of the Investment Company Act

The Fund is not an investment
company subject to the Investment Company Act. Accordingly, the Fund’s Shareholders do not have the protections expressly
provided by that statute, including: provisions preventing Fund insiders from managing the Fund to their benefit and to the detriment
of Fund Shareholders; provisions preventing the Fund from issuing securities having inequitable or discriminatory provisions; provisions
preventing Fund management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing
Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions
limiting Fund leverage; provisions imposing a fiduciary duty on the managers with respect to receipt of compensation for services;
and provisions preventing changes in the Fund’s character without the consent of Fund Shareholders.

In addition, the Fund will
not hold or trade in commodity interests regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that
the Fund is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation
by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Fund. Consequently,
Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

There are technical risks
inherent in the trading system the Sponsor intends to employ

The Sponsor’s order management
system is a broadly used and well-known computer-based system that utilizes external data feeds of market information. The Sponsor
can experience business interruptions if its order management system or data feeds are disrupted or corrupted. For further discussion
of technical and business continuity risks to the Fund’s and the Sponsor’s systems, see the discussion under the caption
“Event Risk” below.

Several factors may affect
the Fund’s ability to achieve its investment objective on a consistent basis