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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all, then the creation and redemption process of the Fund, the arbitrage mechanism used to keep the Shares in line with the NAV and the Fund’s operations generally could be negatively affected. Authorized Participants may prioritize their resources and trading focus away from the Fund, particularly during periods of market stress or heightened volatility, potentially reducing the liquidity and market efficiency of the Fund’s Shares. This withdrawal could adversely impact the liquidity of the Shares, potentially leading to increased volatility, wider bid-ask spreads, and a deviation of the Share price from its NAV, especially if the Fund fails to attract enough Authorized Participants willing to maintain a market in the Shares. Such impacts could cause the Sponsor to halt or suspend the creation or redemption of Shares during such times, among other consequences. The service providers may not act in the best interest of the Fund and have limited liability

Service providers to the Fund, including
Custodians, do not owe fiduciary duties to the Fund or the Shareholders, are not required to act in their best interest and could resign
or be removed by Sponsor. The service providers, including custodians and security vendors, that the Fund employs or may employ in the
future are not trustees for, and owe no fiduciary duties to, the Fund or the Shareholders. In addition, service providers employed by
the Fund have no duty to continue to act as service providers. However, the Fund and certain of its service providers, including the Custodians,
have contractual obligations to each other, including indemnification, provision of services absent gross negligence, and payment for
such services.

Current or future service providers,
including Custodians and security vendors, can terminate their role as Custodian or security vendor for any reason whatsoever upon the
notice period provided under the relevant custody agreement. A service provider may also be terminated.

Additionally, the key service providers
may have limited liability. For example, the Crypto Custodian has limited liability, impairing the ability of the Fund to recover losses
relating to its crypto assets and any recovery may be limited. In addition, the Crypto Custodian may not be liable for any delay in performance
of any of its custodial obligations by reason of any cause beyond its reasonable control, including force majeure events, such as war
or terrorism, and may not be liable for any system failure or third-party penetration of its systems. As a result, the recourse of the
Fund to the Crypto Custodian may be limited. See “Custody of Fund Assets” section for more details on the limitation of liability
of the Crypto Custodian.

Under the Trust Agreement, neither
the Trustee nor the Sponsor will be liable for any liability or expense incurred absent gross negligence or willful misconduct on the
part of the Trustee or the Sponsor (individually) or breach by the Sponsor of the Trust Agreement. As a result, the recourse of the Fund
or the Shareholders to the Trustee or the Sponsor may be limited.

Third parties may infringe upon
or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property
rights, which may result in significant costs, litigation, and diverted attention of Sponsor’s management

Third parties may assert that the
Sponsor has infringed or otherwise violated their intellectual property rights. Third parties may independently develop business methods,
trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated their intellectual
property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, the Sponsor
may have to litigate in the future to determine the validity and scope of other parties’ proprietary rights or defend itself against
claims that it has infringed or otherwise violated other parties’ rights. Any litigation of this type, even if the Sponsor is successful
and regardless of the merits, may result in significant costs, divert resources from the Fund, or require the Sponsor to change its proprietary
software and other technology or enter into royalty or licensing agreements.

The Fund may experience substantial
losses on transactions if the computer or communications system fails

The Fund’s trading activities
depend on the integrity and performance of the computer and communications systems supporting them. Extraordinary transaction volume,
hardware or software failure, power or telecommunications failure, a natural disaster, cyber-attack or other catastrophe could cause the
computer systems to operate at an unacceptably slow speed or even fail. Any significant degradation or failure of the systems that the
Sponsor uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in trading activities
may result in substantial losses on transactions, liability to other parties, lost profit opportunities, damages to the Sponsor’s
and Fund’s reputations, increased operational expenses and diversion of technical resources.

If the computer and communications
systems are not upgraded when necessary, the Fund’s financial condition could be harmed

The development of complex computer
and communications systems and new technologies may render the existing computer and communications systems supporting the Fund’s
trading activities obsolete. In addition, these computer and communications systems must be compatible with those of third parties, such
as the systems of exchanges, clearing brokers and the executing brokers. As a result, if these third parties upgrade their systems, the
Sponsor will need to make corresponding upgrades to effectively continue its trading activities. The Sponsor may have limited financial
resources for these upgrades or other technological changes. The Fund’s future success may depend on the Sponsor’s ability
to respond to changing technologies on a timely and cost-effective basis.

The Fund depends on the reliable
performance of the computer and communications systems of third parties, such as brokers, and may experience substantial losses on transactions
if they fail

The Fund depends on the proper
and timely function of complex computer and communications systems maintained and operated by crypto asset market makers, exchanges
and Custodians, brokers and other data providers that the Sponsor uses to conduct trading activities. Failure or inadequate
performance of any of these systems could adversely affect the Sponsor’s ability to complete transactions, including its
ability to close out positions, and result in lost profit opportunities and significant losses. This could have a material adverse
effect on revenues and materially reduce the Fund’s available capital. Unavailability of records from brokerage firms may make
it difficult or impossible for the Sponsor to accurately determine which transactions have been executed or the details, including
price and time, of any transaction executed. This unavailability of information also may make it difficult or impossible for the
Sponsor to reconcile its records of transactions with those of another party or to accomplish settlement of executed
transactions.

An investment in the Fund faces
numerous risks from its Shares being traded in the secondary market, any of which may lead to the Fund’s Shares trading at a premium
or discount to NAV

Although the Fund’s Shares are
listed for trading on the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained.
Trading in the Fund’s Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading
in Shares inadvisable. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will
continue to be met or will remain unchanged or that the Shares will trade with any volume, or at all. The NAV of the Fund’s Shares
will generally fluctuate with changes in the market value of the Fund’s portfolio holdings. The market prices of Shares will generally
fluctuate in accordance with changes in the Fund’s NAV and supply and demand of Shares on the Exchange. It cannot be predicted whether
the Fund’s Shares will trade below at or above their NAV. Investors who buy the Fund’s Shares at a market price that is a
premium to NAV face a risk of loss if the market price of their Shares subsequently converges with NAV per Share. Investors buying or
selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker.
Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively
small amounts of Shares.

The Exchange may halt trading
in the Shares, which would adversely impact the ability to sell Shares