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

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are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan assets” within the meaning of U.S. Department of Labor (the “DOL”) regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Assets Regulation”), of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute “publicly-held offered securities” as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan’s interest in the underlying DOT held in the Fund represented by the Shares, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” and “prohibited transaction” rules of ERISA and the Code.

“Governmental plans” within
the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA and “non-U.S.
plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions
of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that
is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with
their counsel prior to an investment in the Shares.

In contemplating an investment of
a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into
account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether such investment is consistent
with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority
to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt
prohibited transaction with a “party in interest” or “disqualified person” within the meaning of ERISA and Section
4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives; and (4) such investment is
appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall
investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity
to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL’s
regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

By investing, each Plan shall be deemed
to acknowledge and agree that (a) none of the Sponsor, the Administrator, the Trustee, the Custodians or any of their respective affiliates
(the “Transaction Parties”) has through this prospectus and related materials provided any investment advice within the meaning
of Section 3(21) of ERISA to the Plan in connection with the decision to purchase or acquire such Shares and (b) the information provided
in this prospectus and related materials will not make a Transaction Party a fiduciary to the Plan.

Plan
of Distribution and SEED CAPITAL INVESTMENT

Buying and Selling Shares

Most investors buy and sell Shares
of the Fund in secondary market transactions through broker-dealers, at market prices. Shares trade on the Exchange under the Fund’s
ticker symbol. Shares are bought and sold throughout the trading day, like other publicly traded securities. When buying or selling
Shares through a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms
of their brokerage account for details on applicable charges and, any provisions authorizing the broker to borrow shares held on behalf
of an investor.

The Seed Capital Investors and
certain affiliates of the Fund may purchase and resell shares pursuant to this prospectus. In addition to, and independent of the initial
purchase by the Seed Capital Investors, the Fund issues Shares in Creation Units to Authorized Participants on a continuous basis. Only
Authorized Participants may place orders to purchase or redeem Creation Units in exchange for cash (or crypto assets, if in-kind creations
and redemptions are permitted). Because new Shares can be created and issued on an ongoing basis, at any point during the life of the
Fund, a “distribution,” as such term is used in the Securities Act, will be occurring. See, “Primary Market Transactions
of Shares and Authorized Participants.”

The Fund has engaged the Distributor
pursuant to the Underwriting Agreement to provide certain services to the Fund in connection with the sale of Shares. See “Description
of Key Service Providers – The Distributor.”

Seed Capital Investment

The Seed Capital Investors and
certain affiliates of the Fund and the Sponsor may purchase and resell shares pursuant to this prospectus. The Sponsor and Administrator
(each, a “Seed Capital Investor”) each purchased Shares as shown in the table below (the “Initial Seed”), at $25.00
per Share on April 1, 2026. Delivery of the Initial Seed Shares was made on the same day. Total proceeds to the Fund from the sale of
the Initial Seed Shares was $20,000. As of the date of this prospectus, these 800 Shares represent all of the outstanding Shares.

It is expected that the Seed Capital
Investors will purchase additional Seed Shares shortly after the effectiveness of this registration statement that this prospectus forms
a part, as shown in the table below (Operational Seed) at $25.00 per Share. The total proceeds to the Fund from the sale of the Operational
Seed Shares is expected to be $14,980,000. The Initial Seed Shares and Operational Seed Shares total $15,000,000 in Seed Shares and are
expected to be used by the Fund to purchase Eligible Assets at or prior to the listing of Shares on the Exchange. The Sponsor will transact
with one or more Crypto Trading Counterparty to acquire the Eligible Assets on behalf of the Fund in exchange for the cash provided by
the Seed Capital Investors. Following the Fund’s acquisition of the Eligible Assets, the price of the Shares will be determined
as described in this prospectus.

Initial Seed
Purchased April 1, 2026	Operational Seed
Expected	Total ($)	Total (Seed Shares)

Administrator	$10,000	$14,840,000	$14,850,000	594,000

Sponsor	$10,000	$140,000	$150,000	6,000

Total	$20,000	$14,980,000	$15,000,000	600,000

Following the Fund’s initial
listing, the Seed Capital Investors may sell some or all of the Seed Shares, which could be at different prices, and the Fund will not
receive any of the proceeds.

The Seed Capital Investors will
not receive from the Fund, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed
Shares. The Seed Capital Investors will be acting as a statutory underwriter with respect to the Seed Shares. The Seed Capital Investors
will not act as an Authorized Participant with respect to the Seed Shares, and its activities with respect to the Seed Shares will be
distinct from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investors are not in the business
of purchasing and selling securities for their own accounts or the accounts of others.

CONFLICTS
OF INTEREST

There are actual and potential conflicts
of interest in the Fund’s structure and operation to consider before purchasing Shares. By purchasing the Shares, Shareholders agree
and consent to the provisions set forth in the Trust Agreement and consent to such conflicts of interest in the event of any proceeding
alleging that such conflicts violated any duty owed by the Sponsor to the Shareholders.

Potential or Actual Conflicts of Interest

The Fund and the Sponsor or its
Affiliates may have actual or potential conflicts of interest, which may cause them to favor their own interests to the Fund’s detriment.

The Sponsor and its affiliates have
no fiduciary duties to the Fund or its Shareholders, which may permit them to favor their own interests to the detriment of the Fund and
its Shareholders. The Fund and the Sponsor and its affiliates may have inherent conflicts to the extent the Sponsor attempts to make changes
impacting the Management Fee and this may not always be in the best interest of the Fund’s investment performance. The Sponsor’s
officers, delegates, and employees may not devote their time exclusively to the Fund. These persons may be directors, trustees, officers
or employees of other entities, or otherwise work in respect of other clients. They could have a conflict between their responsibilities
to the Fund and to those other entities and/or clients.

The Sponsor and its affiliates
and their principals, officers or employees may trade crypto assets, securities and futures and related contracts for their own accounts
or managed accounts.