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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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 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.

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 has limited experience
with crypto asset ETPs, which may adversely affect the Fund.

The
Sponsor is newly established, has limited operating or performance history, and does not have experience sponsoring ETPs that hold crypto
assets. The Sponsor benefits from the experience of certain shared employees who have traded the Firm’s proprietary crypto assets
since 2023. Also, the Sponsor is supported by the Administrator, which provides management services to more than 30 ETFs operating under
the Investment Company Act of 1940 with approximately $23 billion in assets and another $1.5 trillion in assets under management in other
vehicles as of February 27, 2026. Crypto asset markets require specialized knowledge of blockchain technology and security, and have evolving
regulatory requirements that differ materially from traditional asset markets. The Sponsor’s limited experience may not fully equip
it to effectively navigate these complexities or risks such as cyber threats, technological failures, or operational errors related to
digital asset transactions or custody. This limited experience could result in suboptimal decision-making, increased operational risks,
potential legal or regulatory non-compliance, or unsuccessful implementation of the Fund’s investment objective. These factors could
adversely affect the Fund’s operations, leading to potential losses for investors or a decrease in the Fund’s overall value.

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.