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: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/activecrypto-s1a_042726.htm

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proprietary crypto asset investments. She has been with the Firm since 2022. Prior to joining the Firm, Ms. Macellari was a Managing Partner at Dunamis Trading, where she spent four years focused on crypto asset investing. She also has investment experience in emerging markets from Lehman Brothers, Elliott Management, and TD Securities. She earned a B.A. in African Political Economy from Mount Holyoke College and an M.B.A. from Duke University, The Fuqua School of Business. Her favorite dinosaur is the triceratops. The Trustee The sole Trustee of the Trust is CSC Delaware Trust Company. The Trustee’s principal offices are located at 251 Little Falls Drive, Wilmington, DE 19808 and its telephone number is (866) 403-5272. The Trustee is unaffiliated with the Sponsor. The Trustee’s duties and liabilities with respect to the offering of Shares and the management of the Fund are limited to its express obligations under the Trust Agreement.

The Trustee will accept service of
legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee
does not owe any other duties to the Trust, the Sponsor or the Shareholders. The Trustee is permitted to resign upon at least sixty (60)
days’ written notice to the Sponsor. The Trust Agreement provides that the Trustee is entitled to reasonable compensation for its
services from the Sponsor or an affiliate of the Sponsor (including the Fund), and is indemnified by the Fund against any expenses it
incurs relating to or arising out of the formation, operation or termination of the Trust, or any action or inaction of the Trustee under
the Trust Agreement, except to the extent that such expenses result from bad faith, the gross negligence or willful misconduct of the
Trustee. Under the Trust Agreement, in the event the Fund is made a party to a legal proceeding or incurs loss as a result of or in connection
with any Shareholder unrelated to Fund affairs, such Shareholder must indemnify the Fund for such expenses and losses. The Sponsor has
the discretion to replace the Trustee.

The Trustee has not signed the registration
statement of which this prospectus is a part and is not subject to issuer liability under the federal securities laws for the information
contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such laws, neither
the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee
is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the Shares.

Under the Trust Agreement, the Trustee
has delegated to the Sponsor the exclusive management and control of all aspects of the business of the Trust. The Trustee has no duty
or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions
of the Sponsor.

The Trust will dissolve upon the
occurrence of certain events specified in the Trust Agreement, including (a) delisting of the Shares from the Exchange and are not
approved for listing on another national securities exchange within five Business Days of their delisting; (b) failure to appoint a
successor trustee within 180 days of the Trustee’s resignation or removal; (c) regulatory determinations that the Fund is an
investment company, commodity pool, or money transmitter and the Sponsor determines termination is advisable; and (d) circumstances
that prevent the Fund from determining the fair value of Eligible Assets for purposes of calculating net asset value and the
Sponsor’s determination that the Fund’s net assets make continued operation unreasonable or imprudent. In addition, the Fund may be
dissolved at any time for any reason by the Sponsor in its sole discretion. In the event of dissolution, shareholders will receive
cash distributions in U.S. dollars only; no in-kind distributions of Eligible Assets, stablecoins, or other property will be made.
Liquidation proceeds will be applied first to pay all Trust liabilities and expenses (including fees owed to service providers,
transaction costs, and professional fees), and then distributed to Shareholders pro rata based on their percentage interests in the
Trust.

The Administrator

T. Rowe Price Associates, Inc., an
affiliate of the Sponsor, serves as the Administrator, pursuant to the Administration Agreement. The Administrator’s principal address
is 1307 Point Street, Baltimore, MD 21231. The Administrator is responsible for the day-to-day management of the Fund and any of the services
necessary for the operations and administration of the Fund. The Administrator may engage service providers to provide certain of the
services. Under the Administration Agreement, the Administrator acts as a liaison among service providers, assists with regulatory compliance,
tax and accounting services (including valuing the Fund’s crypto assets and calculating the NAV per Share of the Fund), and preparation
of certain regulatory and financial reports. In addition, the Administrator makes available the office space, equipment, personnel and
facilities required to provide such services. The Administrator’s fees are paid by the Sponsor.

The Administrator shall exercise reasonable
care, prudence and diligence in carrying out all of its duties and obligations under the Administration Agreement, and shall be liable
to the Fund only for direct losses suffered or incurred by the Fund resulting from the failure of the Administrator to exercise its standard
of care.

The Administrator shall be responsible
for the performance only of such duties as are set forth in the Administration Agreement and, except as otherwise provided in the Administration
Agreement, shall have no responsibility for the actions or activities of any other party, including other service providers.

The Administrator shall have no liability
in respect of any loss, damage or expense suffered by the Fund insofar as such loss, damage or expense arises from the performance of
the Administrator’s duties hereunder in reliance upon records that were maintained for the Fund by entities other than the Administrator
prior to the Administrator’s appointment as administrator for the Fund. Unless directly caused by or resulting from, the failure
of the Administrator to exercise its standard of care, the Administrator shall have no liability for errors of judgment or for any loss
or damage resulting from the performance or nonperformance of its duties under the Administration Agreement. Neither the Fund nor the
Administrator shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any
kind whatsoever (including, without limitation, attorneys’ fees) arising in connection with the Administration Agreement even if
advised of the possibility of such damages. The Administrator shall not be responsible or liable for any failure or delay in performance
of its obligations under the Administration Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control,
including, without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action
or communication disruption.

The Fund indemnifies the Administrator
against, and hold Administrator harmless from, any loss, damage, or expense that may be imposed on, incurred by, or asserted against the
Administrator as a result of any action or omission taken in accordance with any instruction, except to the extent that such loss, damage,
or expense is caused by the negligence, misfeasance or willful misconduct of the Administrator in the manner in which it carries out the
instruction. The Fund agrees to indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all
loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim,
demand, action or suit in connection with any action or omission by the Administrator in the performance of its duties under the Administration
Agreement, or as a result of the Administrator acting upon any instructions reasonably believed by it to have been communicated to it
or upon reasonable reliance on information or records given or made by the Fund. However, the Fund will not indemnify the Administrator
from losses, damages and expenses occasioned by or resulting from the negligence, misfeasance or willful misconduct of the Administrator,
its officers, employees or agents as the case may be. Under the Administration Agreement, the Sponsor indemnifies and holds harmless the
Fund from any loss, cost, or expense (direct or indirect), incurred by the Fund resulting from any claim, demand, action or suit in connection
with any action or omission by the Sponsor to pay the fees required to be made on behalf of the Administrator and/or the Fund, provided
that the indemnification does not apply to actions or omissions of the Administrator and/or a Fund, its officers or employees in cases
of its or their own bad faith, negligence, or willful misconduct.