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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Any disruption in the Fund’s ability to obtain exposure to the Eligible Assets may negatively impact the Fund’s performance. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at any time or from time to time. In addition, the Fund does not intend at this time to establish a credit facility, which would provide an additional source of liquidity, but instead will rely only on the cash and cash equivalents that it holds to meet its liquidity needs. The anticipated value of the positions in the Eligible Assets that the Sponsor will acquire or enter into for the Fund increases the liquidity risk. Buying and selling activity associated with the purchase and redemption of Shares may adversely affect an investment in the Shares

The Sponsor’s purchase of assets,
including in connection with creation orders, may cause the price of the Eligible Assets to increase, which will result in higher prices
for the Shares. Increases in the Eligible Assets’ prices may also occur as a result of purchases by other market participants who
attempt to benefit from an increase in the market price of crypto assets. The market price of Eligible Assets may therefore decline immediately
after such assets are purchased or Creation Units are created.

Selling activity associated with sales
of assets by the Sponsor, including in connection with redemption orders, may decrease the Eligible Assets’ prices, which will result
in lower prices for the Shares. Decreases in the Eligible Assets’ prices may also occur as a result of selling activity by other
market participants.

In addition to the effect that purchases
and sales of the Eligible Assets by the Sponsor and other market participants may have on the price of the Eligible Assets, other exchange-traded
products or large private investment vehicles with similar investment vehicles (if developed) could represent a substantial portion of
demand for the Eligible Assets at any given time and the sales and purchases by such investments may impact the price of the Eligible
Assets. If the price of the Eligible Assets declines, the trading price of the Shares will generally also decline.

The inability of Authorized Participants
and market makers to hedge their crypto exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares

Authorized Participants and market
makers will generally want to hedge their exposure in connection with creation and redemption orders. To the extent Authorized Participants
and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient liquidity in the market, inability to
locate an appropriate hedge counterparty, extreme volatility in the price of the Eligible Assets, wide spreads between prices quotes on
different crypto platforms, etc.), such conditions may make it difficult to create or redeem Creation Units or cause them to not create
or redeem Creation Units. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure
to the Eligible Assets may not function as intended, which may make it more difficult for them to enter into such transactions. Such events
could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the extent Authorized Participants
wish to use futures to hedge their exposure, note that while growing in recent years, the market for exchange-traded crypto futures contracts
has a limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic, market
and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the adoption
of crypto assets and the commercial and speculative interest in the market.

Arbitrage transactions intended
to keep the price of Shares closely linked to the price of the Eligible Assets may be problematic if the process for creations and redemptions
encounter difficulties, which may adversely affect an investment in the Shares

If the processes of creation and redemption
of the Shares encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem
Creation Units to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price
of the underlying assets may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they
expect. If this is the case, the liquidity of Shares may decline, and the price of the Shares may fluctuate independently of the price
of the Eligible Assets and may fall.

Examples of such unanticipated
difficulties in the creation and redemption process might include, but are not limited to, operational failures such as
technological malfunctions in the trade execution or settlement systems, delays or inaccuracies in data feeds, or disruptions in the
communication channels used to transmit creation and redemption orders. Regulatory changes or legal challenges could also impose
unforeseen hurdles, potentially leading to delays or restrictions in the processing of creation and redemption orders. Furthermore,
liquidity issues in the crypto asset market itself could impede the ability to acquire or dispose of the Eligible Assets
efficiently, thereby affecting the creation and redemption of Creation Units.

The liquidity of the Shares may
be adversely affected by changes in participation by Authorized Participants, market makers, or minimum share levels

The liquidity and market price of
the Shares depend significantly on the continued participation of Authorized Participants, market makers, and other key secondary-market
participants. Only Authorized Participants may engage in direct creation or redemption transactions with the Fund, and the Fund has a
limited number of such institutions. If one or more Authorized Participants or major market makers withdraw, become unable to process
orders, or cease activities, the Fund may experience trading halts, increased bid/ask spreads, or Shares trading at a discount to NAV,
potentially leading to limited liquidity or even delisting.

Additionally, there may be instances
where an Authorized Participant is unable to proceed with or complete a redemption order, particularly during periods of market disruption,
exchange suspensions, or emergencies. In such cases, declining asset values may result in reduced cash distributions or a loss to Authorized
Participants, which can further decrease secondary market liquidity. During these periods, fewer buyers may be available and overall trading
in Shares may decline.

Furthermore, the Fund may specify
a minimum number of Shares that must remain outstanding. If redemptions reduce the number of outstanding Shares to this minimum, additional
redemptions cannot occur until new Shares are created. This restriction may make market makers less willing to purchase Shares, potentially
limiting the ability to sell Shares in the secondary market. The minimum levels for Shares are subject to change and will be posted daily
on the Fund’s website. The Sponsor cannot guarantee ongoing participation by Authorized Participants, market makers, or the maintenance
of adequate liquidity in the secondary market.

The Fund may experience low trading
volume and wide bid/ask spreads. Bid/ask spreads vary over time based on trading volume and market liquidity (including for the underlying
Eligible Assets held by the Fund) and are generally lower if Shares have more trading volume and market liquidity and higher if Shares
have little trading volume and market liquidity. Additionally, in stressed market conditions, the market for Shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market
price of the Shares and their underlying value.

The postponement, suspension
or rejection of purchase or redemption orders could adversely affect a Shareholder redeeming their Shares in the Fund

The postponement, suspension or rejection
of creation or redemption orders may adversely affect an investment in the Shares of the Fund. To the extent orders are suspended or rejected,
the arbitrage mechanism resulting from the process through which Authorized Participants create and redeem Shares directly with the Fund
may fail to closely link the price of the Shares to the value of the Eligible Assets. If this is the case, the liquidity of the Shares
may decline, and the price of the Shares may fluctuate and may fall.

There are no limitations on the Sponsor’s
discretion to postpone, suspend or reject purchase or redemption orders under the Securities Act or SEC listing orders permitting the
listing and trading of the Fund’s Shares on the Exchange. In addition, Shareholders of the Fund will not have the protections provided
in this regard that are applicable to Funds regulated under the Investment Company Act.

Loss of a critical banking relationship
for, or the failure of a bank used by, the Fund could adversely impact the Fund’s ability to create or redeem or could cause losses
to the Fund