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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charter, without charge, to any shareholder who requests one. The members of the Audit Committee are Messrs. Smith and Birch and Ms. Callanan, each of whom is considered independent as described in the “Director Independence” section. The Board has determined that each member of the Audit Committee is financially literate, as defined by the Exchange. The Board has determined that Mr. Smtih qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation Director Independence. The Board has undertaken a review of the independence of each director. In connection with this review, the Board has considered transactions, relationships and arrangements between each director or any member of his or her immediate family and the Sponsor and its subsidiaries and affiliates, including the Fund. The purpose of this review was to determine whether any such relationships or arrangements were inconsistent with a determination that the director is independent.

In making its independence determinations,
the Board applied the independence standards set forth in the applicable rules of the Exchange and Rule 10A-3, including the additional
independence requirements for Audit Committee members set forth therein. After reasonable evaluation under such standards, the Board determined
that each of member of the Audit Committee qualifies as “independent.”

Key Personnel of the Sponsor
– Officers

The Fund does not have any officers
or employees. The following persons, in their capacities as executive officers of the Sponsor, a Delaware limited liability company, perform
certain functions with respect to the Fund that, if the Fund had directors or executive officers, would typically be performed by them:
David Oestreicher, Chief Executive Officer of the Sponsor, and Alan Dupski, Chief Financial Officer and Principal Accounting Officer of
the Sponsor.

Key Personnel of the Sponsor
– Investment Policy

The lead portfolio manager listed
below has material influence over the Fund’s investment policies and program, as described in the Fund’s prospectus. The lead
portfolio manager works with co-portfolio managers in developing and executing the Fund’s investment program. The co-portfolio managers
are David Kroger, Stefan Hubrich, Sean McWilliams, and Dante Pearson.

●	Blue Macellari (born 1978) serves as the lead portfolio manager for the Fund since inception. As Head
of Digital Assets for the Firm, she oversees the Firm’s crypto asset strategy and implementation and manages the Firm’s 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.